Common use of Gifts Clause in Contracts

Gifts. The Donor hereby irrevocably transfers to the Foundation the property described in the attached Exhibit A to establish the Fund. Subject to the right of the Foundation to reject any particular gift, the Donor, and parties other than the Donor, may make additional irrevocable gifts to the Foundation for the purposes of the Fund by a transfer to the Foundation of property acceptable to the Foundation. All gifts, bequests, and devises to this Fund shall be the sole property of the Foundation once accepted by the Foundation. All gifts are subject to the legal and fiduciary control of the Foundation. If any gift to the Foundation for the Fund is accepted subject to conditions or restrictions as to the use of the gift or income therefrom, such conditions or restrictions will be honored, subject, however, to the authority of the Board to vary the terms of any gift if continued adherence to any condition or restriction is in the judgment of the Board unnecessary, incapable of fulfillment, or inconsistent with the charitable or other exempt purposes of the Foundation or the needs of the community served by the Foundation.

Gifts. The Donor Beneficiary Charity hereby irrevocably transfers to the Foundation the property described in the attached Exhibit A to establish the Fund. Subject to the right of the Foundation to reject any particular gift, the DonorBeneficiary Charity, and parties other than the DonorBeneficiary Charity, may make additional irrevocable gifts to the Foundation for the purposes of the Fund by a transfer to the Foundation of property acceptable to the Foundation. All gifts, bequests, and devises to this Fund shall be the sole property of the Foundation once accepted by the Foundation. All gifts are subject to the legal and fiduciary control of the Foundation. If any gift to the Foundation for the Fund is accepted subject to conditions or restrictions as to the use of the gift or income therefrom, such conditions or restrictions will be honored, subject, however, to the authority of the Board to vary the terms of any gift if continued adherence to any condition or restriction is in the judgment of the Board unnecessary, incapable of fulfillment, or inconsistent with the charitable or other exempt purposes of the Foundation or the needs of the community served by the Foundation.