Common use of Nonprofit Entities Clause in Contracts

Nonprofit Entities. Developer on its own behalf and on behalf of its respective successors and/or assigns, hereby covenants not to convey fee title to the real property owned by it to any nonprofit entities unless such entities first enter into an agreement, in form and substance acceptable to the Town and the Commission, to make payments in lieu of taxes with respect to such parcel or parcels. Any such conveyance shall be subject to the covenant contained herein and each grantee, by acceptance of a deed for any such property hereby agrees not to convey any portion of the Property subject to the ▇▇▇▇▇▇▇▇ Bonds to a tax-exempt nonprofit entity while the ▇▇▇▇▇▇▇▇ Bonds are still outstanding.