Successor Owners Sample Clauses
The Successor Owners clause establishes that the rights and obligations under an agreement will transfer to any future owners or assignees of a party’s interest. In practice, this means that if a party sells, assigns, or otherwise transfers its stake in the subject matter of the contract, the new owner automatically inherits the contractual responsibilities and benefits. This clause ensures continuity and enforceability of the agreement despite changes in ownership, preventing parties from evading their obligations through transfer and providing certainty for all involved.
Successor Owners a) IT IS DECLARED AND AGREED that this Agreement and the covenants, provisions, conditions and Schedules herein contained shall inure to the benefit of and be binding upon the respective heirs, executors, administrators, successors in title or permitted assigns of each of the parties hereto. “Owner” where used in this Agreement, and in addition to its accepted meaning, shall mean and include an individual, an association, a partnership, or an incorporated company, and wherever the singular is used herein, it shall be construed as including the plural. Where the property is transferred prior to assumption, the Agreement is binding upon those successive owners as successors in title to the signatory.
Successor Owners. U pon transfer of fee simple title to or a possessory interest in the Property or any portion thereof to a new Owner, the Property Owner shall cause the new Owner to execute an assignment and assumption of the Special Agreement, substantially in the form attached hereto as Exhibit B.
Successor Owners a) IT IS DECLARED AND AGREED that this Agreement and the covenants, provisions, conditions and Schedules herein contained shall inure to the benefit of and be binding upon the respective heirs, executors, administrators, successors in title or permitted assigns of each of the parties hereto. “Owner” where used in this Agreement, and in addition to its accepted meaning, shall mean and include an individual, an association, a partnership, or an incorporated company. Where the property is transferred prior to assumption, the Agreement is binding upon those successive owners as successors in title to the signatory.
Successor Owners. The Easement may not be transferred by Grantee.
Successor Owners. The Storm Sewer Easement, Temporary Construction Easement and Maintenance Easement (collectively, the “Easements”) granted in this Agreement and the covenants, conditions and restrictions governing such Easements as provided in this Agreement shall create mutual benefits and servitudes running with the land described herein and shall bind and inure to the benefit of the parties hereto, and their respective heirs, representatives, successors, transferees and assigns.
Successor Owners. During the Term of the Resale Restrictions and Option, successor owners of the Property shall be obligated to use the Property as such successor’s Principal Residence for the duration of the successor’s ownership, except as otherwise provided in Section 5.8 with regard to a Market Purchaser. Abandonment of the Property by Owner or any successor shall constitute an Option Event triggering the City’s right to exercise the Option to purchase the Property.