Property Obligations Clause Samples
The Property Obligations clause defines the responsibilities and duties of each party regarding the use, maintenance, and care of the property involved in the agreement. Typically, this clause outlines who is responsible for repairs, upkeep, insurance, and compliance with relevant laws or regulations. For example, it may specify that the tenant must keep the premises clean and report damages, while the landlord is responsible for structural repairs. Its core function is to allocate responsibility clearly between parties, thereby preventing disputes and ensuring the property is properly managed throughout the term of the agreement.
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Property Obligations. 3.1 ODE hereby acknowledges and agrees that it is the responsibility of ODE to provide WKG with the funds to pay the land holding costs necessary to keep the Property in good standing up to and including the Exercise Date.
3.2 ODE hereby covenants and agrees with WKG that while this Agreement is in effect, ODE will not take any action, or fail to take any action, where such action or failure to take action could lead to the termination of the interest of WKG in and to the Property.
3.3 Upon ODE acquiring a 50% interest in and to the Property, WKG shall deliver to ODE duly executed recordable transfers together with such supporting documents, if any, as are required to record and effect the transfer of a 50% interest in and to the Property from WKG to ODE (the “Transfers”). ODE shall be entitled to record the Transfers at its own cost with the appropriate government office or offices to effect legal transfer of a 50% interest in and to the Property into the name of ODE, provided that ODE shall hold its interest in the Property subject to the terms of this Agreement.
Property Obligations. Grantor shall promptly pay all taxes, assessments, levies, water rents, other rents, insurance premiums, and all amounts due on any encumbrances, if any, as they become due. Grantor shall provide written proof to Bank for such payment(s).
Property Obligations. To the actual knowledge of the Chief Restructuring Officer, all rentals, royalties, shut-in royalties, overriding royalties and other payments due pursuant to or with respect to oil and gas leases due through the Closing Date have been properly paid.
Property Obligations. The Company shall advise the Council forthwith upon the Company or any of its subsidiaries becoming aware of the same of any discovery on any premises owned, leased, occupied or controlled by the Company or any of its subsidiaries of any substance capable of causing pollution of the environment in circumstances where such pollution is likely to materially adversely affect the value of such premises or the businesses of any of the Company and its subsidiaries.
Property Obligations. Mortgagor shall promptly pay all taxes, assessments, levies, water rents, other rents, insurance premiums and all amounts due on any encumbrances, if any, as they become due. Mortgagor shall provide written proof to Bank of such payment(s).
Property Obligations. The Company shall advise the Council forthwith upon the Company or any of its subsidiaries becoming aware of the same of any discovery on any premises owned, leased, occupied or controlled by the Company or any of its subsidiaries of any substance capable of causing pollution of the environment in circumstances where such pollution is likely to materially adversely affect the value of such premises or the businesses of any of the Company and its subsidiaries. 1 The Council undertakes to the Company other that it will generally act in a manner that will promote the Business and the best interests of the Company and act at all times in good faith towards the Company, subject at all times to its statutory and common law duties. Dear
Property Obligations. To Seller’s Knowledge, all rentals, royalties, shut-in royalties, overriding royalties and other payments due pursuant to or with respect to the Leases have been properly paid.
Property Obligations. The Chargor must at all times:
9.1 keep all buildings and all fixtures, charged under this deed in good repair and condition provided that in relation to any buildings which are held under a lease the Chargor shall be under any greater obligation under this clause than shall be imposed on it under such lease; and
9.2 keep all plant and machinery and other tangible moveable property charged under this deed in good and serviceable condition (fair wear and tear excepted and allowing for replacement and redundancy) provided that in relation to any such plant, machinery and other tangible moveable property which is leased, subject to a hire-purchase agreement or rented, the Chargor shall be under any greater obligation under this clause than shall be imposed on it under any relevant leasing, hire-purchase, rental or similar agreement.
Property Obligations. 4.8.1 The Contractor shall attend meetings and tribunals with the Authority if requested and give such support as the Authority reasonably requires in relation to ensuring Sites' rating liabilities are mitigated to the extent reasonably practicable.
4.8.2 Before applying for planning permission, the Contractor shall agree with the Authority a strategy for communicating with the local community and the Contractor shall consult with the Authority regarding any conditions imposed by any planning consents.
4.8.3 If requested by the Authority, the Contractor shall negotiate the heads of terms for the new occupation of any part of the Sites by a third party with a view to achieving the open market rack rental value in the circumstances and taking professional advice from a firm of chartered surveyors, unless inconsistent with the Contractor's obligations under this Agreement and provided always that the Contractor shall not be required to seek an open market rack rental value where the proposed third party occupier is a contractor or subcontractor of the Contractor and will occupy part of the Site solely to discharge its contractual duties to the Contractor.
4.8.4 The Contractor shall attend quarterly (or such other frequency as the Authority may determine) property management meetings with the Authority's property manager (or such other person nominated by the Authority).
4.8.5 The Contractor shall provide to the Authority information reasonably required by the Authority in relation to valuation(s) of the Sites undertaken by or on behalf of the Authority for insurance purposes in the form and by the dates notified by the Authority.
Property Obligations