Assumption by Strata Corporation Sample Clauses

Assumption by Strata Corporation. If, as and when the Grantor subdivides the Lands or any building on the Land by a strata plan under the Strata Property Act (British Columbia) the Grantor will forthwith, and in any event before the first conveyance of any strata lot, cause the strata corporation then created (the “Strata Corporation”) to assume the Grantor’s obligations hereunder to the same extent as if the Strata Corporation had been an original party to this Agreement by executing and delivering to the District an assumption agreement in the form attached as Schedule C, whereupon the Grantor will be automatically released from all its obligations hereunder. If the Grantor fails to comply with this section 14, the Grantor will remain liable for the performance of the obligations hereunder notwithstanding the strata subdivision of the Land or any building on the Land and notwithstanding the transfer of any portion of the Land or any building on the Land, including any strata lot, to a third party.
Sample 1
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Assumption by Strata Corporation. If, as and when the Grantor subdivides the Lands or any building on the Lands by a strata plan under the Strata Property Act (British Columbia) the Grantor will forthwith, and in any event before the first conveyance of any strata lot, cause the strata corporation then created (the “Strata Corporation”) to assume the Grantor’s obligations hereunder to the same extent as if the Strata Corporation had been an original party to this Agreement by executing and delivering to the Town an assumption agreement in all material respects in the form attached hereto as Schedule “B”. If the Grantor fails to comply with this section 18, the Grantor will remain liable for the performance of the obligations hereunder notwithstanding the strata subdivision of the Lands or any building on the Lands and notwithstanding the transfer of any portion of the Lands or any building on the Lands, including any strata lot, to a third party transferee. This section 18 does not limit or restrict the intent and meaning of section 23 herein.
Sample 1

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