Future Owners Sample Clauses
The "Future Owners" clause establishes how rights, obligations, or restrictions under an agreement will apply to individuals or entities that acquire ownership of the relevant property or assets in the future. Typically, this clause ensures that any subsequent owners are bound by the same terms as the original parties, such as compliance with use restrictions, maintenance obligations, or payment of fees. Its core practical function is to maintain continuity and enforceability of the agreement across changes in ownership, preventing loopholes or disputes when property is transferred.
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Future Owners. This Agreement is enforceable against and binding upon any and all present and future owners of the Condominium Interests including any mortgagee which, under applicable law, may become owner of a Condominium Interest.
Future Owners. In the event that the Property is sold, transferred, or leased, Developer, or a subsequent owner of the Property, shall provide information to the new owner, operator, or lessee regarding proper inspection, maintenance, and repair of the Stormwater Management System. Said information shall accompany the document of conveyance and include Exhibits B and C and this Agreement.
Future Owners. Successors in interest and future owners of the City Property desiring to use the Driveway for ingress and egress to and from the City Property, shall contribute a pro-rata share of fifty percent (50%) of the maintenance, repair and replacement cost of the Driveway. If the City Property is subdivided creating more than one (1) owner, then the owners of the City Property will divide the fifty percent (50%) share on a pro-rata basis based on acreage. Future owners of the City Property shall reimburse DSI for fifty percent (50%) of the maintenance costs within thirty (30) days of receipt of an invoice within reasonable backup information regarding such costs.
i. For example, if the City Property is subdivided in the future, and a percentage is sold to a non-City entity, then that successor in interest would be responsible for paying the pro-rata share of 50% of the maintenance and/or replacement cost of the Driveway; said pro-rata share being computed as the percent of acreage owned divided by the total acreage of the City Property prior to subdivision.
Future Owners. Legal Owner acknowledges and understands that the terms and conditions contained herein apply uniquely to the public right-of-way adjacent to the Benefitted Property at the above address as legally described in Exhibit A and it is the intent of Legal Owner and the Village to have the terms and conditions of this instrument run with the land and be binding on subsequent owners of the Benefitted Property or any portion thereof. This document shall be notarized and recorded with the ▇▇▇▇ County Recorder of Deeds. The undersigned Legal Owner certifies that they have the authority to bind Legal Owner.