Responsibilities of Property Owner as to Transferred Property Sample Clauses

Responsibilities of Property Owner as to Transferred Property. A successor in interest or successor in title to the Property or any Development Parcel, excluding Lots, shall assume the responsibilities and obligations of the Property Owner under this Agreement with respect to such portion of the Property conveyed regardless of whether any Assignment is entered into. Except with respect to the conveyance of all undeveloped portions of the Property pursuant to subsection (d) of this Section, where the Property Owner conveys a Development Parcel to another Person, the Property Owner shall remain jointly and severally responsible for the obligations of the Property Owner under this Agreement with respect to the portion of the Property conveyed, unless and until the Property Owner and the Person to whom such Development Parcel is conveyed execute and deliver to the City an Assignment of the obligations of the Property Owner under this Agreement with respect to such Development Parcel. If the development of such Development Parcel requires the construction or installation of master Public Facilities that will serve the portions of the Project in addition to such Development Parcel, such Assignment shall, to the satisfaction of the City, specify how the responsibilities to fund, construct, and install such Public Facilities will be shared among the Persons sharing the responsibilities and obligations of a Property Owner under the Agreement. In any event, the Property Owner shall notify the City in writing of the conveyance of any Development Parcel to another Person.
Sample 1
AutoNDA by SimpleDocs

Related to Responsibilities of Property Owner as to Transferred Property

  • Acquisition of Property The Contractor shall document that all property was acquired consistent with its engineering, production planning, and property control operations.

  • ACCESS TO PLANTS AND PROPERTIES Seller shall comply with all the rules and regulations established by Buyer for access to and activities in and around premises controlled by Buyer or Buyer’s customer.

  • Maintenance of Properties (a) Maintain, preserve and protect all of its material properties and equipment necessary in the operation of its business in good working order and condition, ordinary wear and tear excepted; (b) make all necessary repairs thereto and renewals and replacements thereof except where the failure to do so could not reasonably be expected to have a Material Adverse Effect; and (c) use the standard of care typical in the industry in the operation and maintenance of its facilities.

  • Site to be free from Encumbrances Subject to the provisions of Clause 10.3, the Site shall be made available by the Authority to the Concessionaire pursuant hereto free from all Encumbrances and occupations and without the Concessionaire being required to make any payment to the Authority on account of any costs, compensation, expenses and charges for the acquisition and use of such Site for the duration of the Concession Period, except insofar as otherwise expressly provided in this Agreement. For the avoidance of doubt, it is agreed that existing rights of way, easements, privileges, liberties and appurtenances to the Licensed Premises shall not be deemed to be Encumbrances. It is further agreed that the Concessionaire accepts and undertakes to bear any and all risks arising out of the inadequacy or physical condition of the Site.

  • Permitted Encumbrances The term “Permitted Encumbrances” shall mean:

  • Title to Properties The Company and each Subsidiary have good record and marketable title in fee simple to, or valid leasehold interests in, all real property necessary or used in the ordinary conduct of their respective businesses, except for such defects in title as could not, individually or in the aggregate, have a Material Adverse Effect. As of the Closing Date, the property of the Company and its Subsidiaries is subject to no Liens, other than Permitted Liens.

  • CONDITION OF PROPERTY Seller or the originator of the Mortgage Loan inspected or caused to be inspected each related Mortgaged Property within six months of origination of the Mortgage Loan and within twelve months of the Cut-off Date. An engineering report or property condition assessment was prepared in connection with the origination of each Mortgage Loan no more than twelve months prior to the Cut-off Date. To Seller’s knowledge, based solely upon due diligence customarily performed in connection with the origination of comparable mortgage loans, as of the Closing Date, each related Mortgaged Property was free and clear of any material damage (other than (i) deferred maintenance for which escrows were established at origination and (ii) any damage fully covered by insurance) that would affect materially and adversely the use or value of such Mortgaged Property as security for the Mortgage Loan.

  • Title and Characteristics of Property Seller, as of the date of execution of this Agreement, owns the Property in fee simple and has marketable and good title of public record and, in fact, the Property at Closing shall have the title status as described in Section VIII of this Agreement.

  • Disposition of Property Dispose of any of its property, whether now owned or hereafter acquired, or, in the case of any Subsidiary, issue or sell any shares of such Subsidiary’s Capital Stock to any Person, except:

  • Treatment of Property All property purchased or furnished by DSHS for use by the Contractor during this Contract term shall remain with DSHS. Title to all property purchased or furnished by the Contractor for which the Contractor is entitled to reimbursement by DSHS under this Contract shall pass to and vest in DSHS. The Contractor shall protect, maintain, and insure all DSHS property in its possession against loss or damage and shall return DSHS property to DSHS upon Contract termination or expiration.

Time is Money Join Law Insider Premium to draft better contracts faster.