Usufruct Agreement Clause Samples
A Usufruct Agreement is a legal arrangement that grants one party (the usufructuary) the right to use and benefit from property owned by another party, without transferring ownership. Typically, this allows the usufructuary to live in, lease, or collect income from the property for a specified period or until a certain event occurs, while the owner retains the title and ultimate control over the property's disposition. The core function of this clause is to separate the rights of use and enjoyment from ownership, providing flexibility in property management and ensuring that the owner's long-term interests are protected while allowing another party to benefit from the property in the short or medium term.
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Usufruct Agreement. Issuer shall, within one hundred twenty (120) days of the Closing Date (i) register at the Real Estate Registry (Registro General de la Propiedad) of Guatemala, the Usufruct Agreement dated April 25, 2003 between INDE and Issuer contained in public deed number 17 authorized in Guatemala City by notary public ▇▇▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ and (ii) have the Security Trust Agreement perfected regarding the transfer of usufruct rights to the security trust constituted therein for purposes of creating a first priority and perfected security interest in favor and for the benefit of Note Holder or Agent.