WHEN LEASE ENDS, OWNERSHIP Sample Clauses

WHEN LEASE ENDS, OWNERSHIP. REVERTS TO ACLT, WHICH SHALL REIMBURSE HOMEOWNER: Upon the expiration or termination of this Lease, ownership of the Home shall revert to ACLT. Upon thus assuming title to the Home, ACLT shall promptly pay Homeowner and Permitted Mortgagee(s), as follows: FIRST, ACLT shall pay any Permitted Mortgagee(s) the full amount owed to such mortgagee(s) by Homeowner in so far as that amount does not exceed the Purchase Option Price. In no event shall the total amount that ACLT is required to pay Permitted Mortgagees be greater than the Purchase Option Price SECOND, ACLT shall pay the Homeowner the balance of the Purchase Option Price calculated in accordance with Article 10 below, if any, as of the time of reversion of ownership, less the total amount of any unpaid Lease Fee and any other amounts owed to ACLT under the terms of this Lease. The Homeowner shall be responsible for any costs necessary to clear any additional liens or other charges related to the Home which may be assessed against the Home. If the Homeowner fails to clear such liens or charges, the balance due the Homeowner shall also be reduced by the amount necessary to release such liens or charges, including reasonable attorneys’ fees incurred by ACLT.
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WHEN LEASE ENDS, OWNERSHIP. REVERTS TO CLT, WHICH SHALL REIMBURSE HOMEOWNER: Upon the expiration or termination of this Lease, ownership of the Home shall revert to CLT. Upon thus assuming title to the Home, CLT shall promptly pay Homeowner and Permitted Mortgagee(s), as follows: FIRST, CLT shall pay any Permitted Mortgagee(s) the full amount owed to such mortgagee(s) by Homeowner; SECOND, CLT shall pay the Homeowner the balance of the Purchase Option Price calculated in accordance with Article 10 below, as of the time of reversion of ownership, less the total amount of any unpaid Lease Fee and any other amounts owed to the CLT under the terms of this Lease. The Homeowner shall be responsible for any costs necessary to clear any additional liens or other charges related to the Home that may be assessed against the Home. If the Homeowner fails to clear such liens or charges, the balance due the Homeowner shall also be reduced by the amount necessary to release such liens or charges, including reasonable attorney’s fees incurred by the CLT.
Sample 1
WHEN LEASE ENDS, OWNERSHIP. REVERTS TO HCHT, WHICH SHALL REIMBURSE HOMEOWNER: Upon the expiration or termination of this Lease, ownership of the Home shall revert to HCHT (a “Reversion”). Neither HCHT nor the Homeowner must take any action for the Reversion to occur, but the Homeowner shall deliver a signed, dated, and notarized instrument to HCHT confirming the Reversion as HCHT directs (a “Reversion Confirmation”), which HCHT may record in the records of the Office of the Clerk and Recorder of Gallatin County. Under a Reversion, the Homeowner shall make the Transfer Repairs. Upon thus assuming title to the Home, HCHT shall promptly pay Homeowner and Permitted Mortgagee(s), as follows: FIRST, HCHT shall pay any Permitted Mortgagee(s) the full amount owed to such mortgagee(s) by Homeowner insofar as the amount does not exceed the Purchase Option Price. In no event shall the total amount that HCHT is required to pay Permitted Mortgagee be greater than the Purchase Option Price; SECOND, HCHT shall pay the Homeowner the balance of the Purchase Option Price calculated in accordance with Article 10 below, as of the time of reversion of ownership, less the total amount of any unpaid Lease Fee and any other amounts owed to HCHT under the terms of this Lease. The Homeowner shall be responsible for any costs necessary to clear any additional liens or other charges related to the Home that may be assessed against the Home. If the Homeowner fails to clear such liens or charges, the balance due the Homeowner shall also be reduced by the amount necessary to release such liens or charges, including reasonable attorney’s fees incurred by HCHT. The Homeowner hereby irrevocably designates HCHT as the Homeowner’s agent to act in the place of the Homeowner on the following matters and grants HCHT the power and authority to: (1) sign, date, and notarize a Reversion Confirmation and record it in the records of the Recording Office; (2) distribute the Reversion Proceeds as Transfer Proceeds; and (3) otherwise address any matters pertaining to the Reversion and HCHT’s reversionary interest in the Home. The power of attorney in the immediately preceding sentence is coupled with an interest, and under that power of attorney HCHT may sign contracts, give receipts, make releases, and start or defend legal proceedings.
Sample 1

Related to WHEN LEASE ENDS, OWNERSHIP

  • Ground Lease Reserved.

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  • Head Lease 7.1. To comply with all the obligations imposed upon the Landlord by a Superior Landlord if the Premises are held under a Superior Lease.

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