Sale of Membership Certificates Sample Clauses

Sale of Membership Certificates. Upon the termination of this Lease under the provisions of subparagraphs (a) through (g), inclusive of Paragraph 26, the Unit Owner shall surrender to the Corporation the membership certificate owned by the Unit Owner to which this Lease is appurtenant. Whether or not said membership certificate is surrender, the Lessor may issue a new assignment of interests under the Proprietary Lease for the Unit and issue a new membership certificate owned by the Unit Owner and allocated to the Unit when a purchaser therefore is obtained, provided that the issuance of such membership certificate and such lease to such purchaser, is authorized by resolution of the Directors, or by a writing signed by a majority of the membership certificates of the Lessor accompanying Proprietary Leases then in force. Upon such issuance the membership certificate owned or held by the Unit Owner shall be automatically cancelled and rendered null and void. The Lessor shall apply the proceeds received for the issuance of such membership certificate first, towards the payment of Unit Owner 's indebtedness hereunder [including interest , attorney's fees (including appellate fees and costs, if any)], and other expenses incurred by the Lessor; second, if said termination shall result pursuant to Subparagraph (g) of Paragraph 26 by reason of a default under the security agreement , towards the payment of a Unit Owner's indebtedness under the security agreement (including all costs, expenses and charges payable to the Unit Owner thereunder , and third, if the proceeds are sufficient to pay the same, the Lessor shall pay over any surplus to the Unit Owner, but, if insufficient, the Unit Owner shall remain liable for the balance of the indebtedness due hereunder of (if applicable) under said security agreement. Upon issuance of any such new Proprietary Lease and membership certificate , the Unit Owner's liability hereunder shall cease and the Unit Owner shall only be liable for rent and expenses accrued to that time. The Lessor shall not, however, be obligated to sell such membership certificate and appurtenant Proprietary Lease or otherwise make any attempt to mitigate damages.
Sample 1
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Related to Sale of Membership Certificates

  • Registration and Registration of Transfer of Residual Certificates (a) Xxxxxx Mae shall cause to be kept at the office or agency to be maintained by it pursuant to Section 5.05 hereof, a register (the “Certificate Register”) in which, subject to such reasonable regulations as it may prescribe, Xxxxxx Xxx shall provide for the registration of the Residual Certificates and the registration of transfers of the Residual Certificates. Xxxxxx Mae hereby initially appoints State Street Bank and Trust Company at its Corporate Trust Office as Certificate Registrar and Transfer Agent for the purpose of registration of the Residual Certificates and transfers thereof, as provided herein. Upon any resignation of any Certificate Registrar or Transfer Agent, Xxxxxx Xxx shall promptly appoint a successor or, in the absence of such appointment, assume the duties of Certificate Registrar or Transfer Agent, as the case may be.

  • Membership Interests The Sole Member currently owns one hundred percent (100%) of the percentage interests in the Company.

  • Transfer of Membership Interest The Sole Member may Transfer any part or all of its rights and interest (including, but not limited to, its Capital Account) in the Company (each a “Membership Interest”) now owned or hereafter acquired to any Person, and the transferee of such Membership Interest shall become a Member of the Company.

  • Digital Certificates The iOS Software contains functionality that allows it to accept digital certificates either issued from Apple or from third parties. YOU ARE SOLELY RESPONSIBLE FOR DECIDING WHETHER OR NOT TO RELY ON A CERTIFICATE WHETHER ISSUED BY APPLE OR A THIRD PARTY. YOUR USE OF DIGITAL CERTIFICATES IS AT YOUR SOLE RISK. TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, APPLE MAKES NO WARRANTIES OR REPRESENTATIONS, EXPRESS OR IMPLIED, AS TO MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE, ACCURACY, SECURITY, OR NON-INFRINGEMENT OF THIRD PARTY RIGHTS WITH RESPECT TO DIGITAL CERTIFICATES.

  • Certificates Evidencing Membership (Check if Applicable) ☐ - MULTI-MEMBER: Every membership interest in the Company shall be evidenced by a Certificate of Membership issued by the Company. Each Certificate of Membership shall set forth the name of the Member holding the membership interest and the Member’s Percentage Interest held by the Member, and shall bear the following legend: “The membership interest represented by this certificate is subject to, and may not be transferred except in accordance with, the provisions of the Operating Agreement of , LLC, dated effective as of , 20 , as the same from time to time may be amended, a copy of which is on file at the principal office of the Company.”

  • Persons Deemed Owners of the Residual Certificates Prior to due presentation of a Residual Certificate for registration of transfer, Xxxxxx Xxx, the Trustee, the Certificate Registrar and any agent of Xxxxxx Mae or the Trustee may treat the Person in whose name the Residual Certificate is registered as the owner of the Residual Certificate for the purpose of receiving distributions, if any, pursuant hereto and for all other purposes whatsoever, and neither Xxxxxx Xxx nor the Trustee, the Certificate Registrar or any agent of Xxxxxx Mae or the Trustee shall be affected by notice to the contrary.

  • Rights Certificate Holder Not Deemed a Shareholder No holder, as such, of any Rights Certificate shall be entitled to vote, receive dividends or be deemed for any purpose to be the holder of the Preferred Shares or any other securities of the Company which may at any time be issuable on the exercise of the Rights represented thereby, nor shall anything contained herein or in any Rights Certificate be construed to confer upon the holder of any Rights Certificate, as such, any of the rights of a shareholder of the Company or any right to vote for the election of directors or upon any matter submitted to shareholders at any meeting thereof, or to give or withhold consent to any corporate action, or to receive notice of meetings or other actions affecting shareholders (except as provided in Section 25 hereof), or to receive dividends or subscription rights, or otherwise, until the Right or Rights evidenced by such Rights Certificate shall have been exercised in accordance with the provisions hereof.

  • Reference in the Residual Certificates to Supplemental Agreements A Residual Certificate authenticated and made available after the execution of any Supplemental Agreement pursuant to Article IX of this Trust Agreement may, and if required by Xxxxxx Xxx shall, bear a notation as to any matter provided for in such Supplemental Agreement. If Xxxxxx Mae shall so determine, new Residual Certificates so modified as to conform, in the opinion of Xxxxxx Xxx, to any such Supplemental Agreement may be prepared and executed by Xxxxxx Mae and authenticated and made available by the Certificate Registrar in exchange for the outstanding Residual Certificates.

  • Certificate Holder City of San Xxxx – Finance Department Risk & Insurance Program 000 Xxxx Xxxxx Xxxxx Xxxxxx, 14th Floor Tower San José, CA 95113-1905

  • Medical Certificates (a) An employee who has given the Employer notice of their intention to take paid or unpaid parental leave, or unpaid partner leave shall provide the Employer with a medical certificate from a registered medical practitioner naming the employee, or the employee’s partner, confirming the pregnancy and estimated date of birth.

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