Clipper Common Shares. Each Member covenants and agrees with the Managing Member and Clipper that all Tendered Units (and the same number of shares of Clipper Special Stock) shall be delivered to the Managing Member or Clipper, as applicable, free and clear of all liens, claims and encumbrances whatsoever and should any such liens, claims and/or encumbrances exist or arise with respect to such Tendered Units or shares of Clipper Special Stock, neither the Managing Member nor Clipper shall be under any obligation to acquire the same.
Appears in 8 contracts
Samples: Limited Liability Company Agreement, Limited Liability Company Agreement (Clipper Realty Inc.), Limited Liability Company Agreement (Clipper Realty Inc.)
