Common use of Building Sale Clause in Contracts

Building Sale. a. Participant will not enter any transaction to sell or transfer ownership or control over the Site without providing City thirty (30) days’ prior written notice of intent to sell. Participant will also provide the City with a written notice of transfer of Site ownership within five (5) days of close of sale. Participant understands the Agreement is a binding obligation for the full term regardless of Site ownership. Participant agrees to include as a term of any purchase and sale agreement, and as a condition of any property transfer, the obligation for the subsequent owner to assume all Participant obligations and rights under this Agreement.

Building Sale. a. Participant will not enter into any transaction to sell or transfer ownership or control over the Site without providing City thirty (30) days’ prior written notice of intent to sell. Participant will also provide the City with a written notice of transfer of Site ownership within five (5) days of close of sale. Participant understands the Agreement is a binding obligation for the full term regardless of Site ownership. Participant agrees to include as a term of any purchase and sale agreement, and as a condition of any property transfer, the obligation for the subsequent owner to assume all Participant obligations and rights under this Agreement.