Common use of Property Clause in Contracts

Property. Upon satisfaction of the requirements of Sections 1, 4 and 6 hereof, Local Church will have full ownership and assume full responsibility for the property and assets of Local Church, which shall include any parsonage, cemetery and real property granted to Local Church. The parties shall ensure all necessary transfers or other transactions relating to the above properties are completed on or before the Closing Date. Any costs resulting from such transfers or other transactions shall be borne by Local Church. Annual Conference shall fully cooperate with Local Church, as needed and applicable, to ensure that such transfers and other transactions convey all of Annual Conference’s interest – both for itself and on behalf of The United Methodist Church – in the real and personal, tangible and intangible property of Local Church.

Property. Upon satisfaction of the requirements of Sections 1, 4 and 6 hereof, Local Church will have full ownership and assume full responsibility for the property and assets of Local Church, which shall include any parsonage, cemetery and real property granted to Local Church. The parties shall ensure all necessary transfers or other transactions relating to the above properties are completed on or before the Closing Disaffiliation Date, unless otherwise approved by Annual Conference. Any costs resulting from such transfers or other transactions shall be borne by Local Church. Annual Conference shall fully cooperate with Local Church, as needed and applicable, to ensure that such transfers and other transactions convey all of Annual Conference’s interest – both for itself and on behalf of The United Methodist Church – in the real and personal, tangible and intangible property of Local Church.