Irrevocable Gift Sample Clauses
An Irrevocable Gift clause establishes that a gift, once given, cannot be revoked, reclaimed, or altered by the donor. In practice, this means that the recipient gains full ownership and control over the gifted property or asset immediately upon transfer, and the donor relinquishes all rights to it. This clause is commonly used in estate planning or charitable donations to ensure that the transfer is final and not subject to future disputes or changes. Its core function is to provide certainty and legal assurance to both parties that the gift is permanent and not subject to reversal.
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Irrevocable Gift. The donor understands that the gift described above will become an asset of the Foundation and is irrevocably committed for charitable purposes. (Initial) X The donor understands that, upon the death of the advisors and successor advisors named (if any), the assets of the fund created by this document will be added to the Foundation’s General Fund. (Initial) X Contributions are Irrevocable. All gift contributions made to the Foundation become assets of the Foundation and are irrevocable as tax deductible gifts. All gifts to the Foundation must further the charitable purpose and mission of the Foundation. The Foundation reserves the right to review and approve all contributions. (Initial) X
Irrevocable Gift. The Donors understand and declare that this Agreement and the donations it represents are absolute and irrevocable and that, after the execution of this instrument, the Donors shall have no right, title, interest, or incidents of ownership in the property described in EXHIBIT A or any additional property transferred to this Fund. Further, the Donors shall have no unilateral right to alter, amend or terminate this agreement.
Irrevocable Gift. DONOR understands and declares that this AGREEMENT and the donations it represents are absolute and irrevocable gifts and that, after the execution of this instrument, the DONOR shall have no right, title, interest, or incidents of ownership in the FUND or any additional property transferred to this FUND. Further, DONOR shall have no unilateral right to alter, amend or terminate this AGREEMENT.
Irrevocable Gift. This [Deed] [Agreement] represents an irrevocable and unconditional obligation that is legally binding on the Donor.
Irrevocable Gift. By signing this Agreement, the Developer asserts its present intent to, and does, hereby irrevocably gift to the District the total amount of ($ ) to assist the District in acquiring capital facilities to provide Emergency Services to the Property and other areas within the District's jurisdiction ("Gift"). The Developer shall make the Gift to the District as follows:
a. The Developer shall pay Three Hundred and Fifty Dollars ($350.00) (the “Lot Release Amount”) to the District in cash, wire transfer or certified funds within 10 business days of the Developer closing on the sale of a residential lot within the Property to any individual or entity, but in all events prior to the issuance of a building permit for the construction of a home on the Lot. Under no circumstances shall the Developer assess an "impact fee", "fire services charge", or other similar type of fee, charge or assessment to the purchaser as part of the sale in order to generate the $350.00 payment.
b. The Developer shall pay to an amount equal to $ x (the “Lot Release Amount”) to the District in case, wire transfer or certified funds within 10 business days of the Developer closing on the sale of a commercial lot within the Property to any individual or entity, but in all events prior to the issuance of a building permit for the construction of a commercial building on the Lot. Under no circumstances shall the Developer assess an "impact fee", "fire services charge", or other similar type of fee, charge or assessment to the purchaser as part of the sale in order to generate the payment.
c. The Developer's Gift obligation under this Agreement shall be deemed fully satisfied when the installment payments the Developer has made to the District equal or exceed the total value of the Gift.