Common use of Binding Effect of Option Agreement Clause in Contracts

Binding Effect of Option Agreement. The undersigned each represents and warrants that he/she has the authority to bind the Party for which he/she signs this Option Agreement to all of its terms. The Parties intend that this Option Agreement create a valid right in favor of Grantee to lease the Property on the terms and conditions set forth in the attached Ground Lease Term Sheet attached hereto as Exhibit C. Therefore, upon recording a memorandum of this Option Agreement in the real property records of the Town of Portland, Connecticut, the exclusive right and option granted to Grantee in Section 1 shall be deemed an encumbrance upon the Property that shall run with the land and shall be binding upon the Property, Owner, and its successors and assigns, and shall inure to the benefit of each of the Parties hereto and their respective successors and assigns. The Owner covenants and agrees that during the Option Period, any conveyance, sale, or transfer of the Property or any interest therein, and any lien or encumbrance attached to the Property, shall be subject to Grantee’s rights under this Option Agreement.

Binding Effect of Option Agreement. The undersigned each represents and warrants that he/she has the authority to bind the Party for which he/she signs this Option Agreement to all of its terms. The Parties intend that this Option Agreement create a valid right in favor of Grantee to lease the Property on the terms and conditions set forth in the attached Ground Lease Term Sheet attached hereto as Exhibit C. Therefore, upon recording a memorandum of this Option Agreement in the real property records of the Town of PortlandStratford, Connecticut, the exclusive right and option granted to Grantee in Section 1 shall be deemed an encumbrance upon the Property that shall run with the land and shall be binding upon the Property, Owner, and its successors and assigns, and shall inure to the benefit of each of the Parties hereto and their respective successors and assigns. The Owner covenants and agrees that during the Option Period, any conveyance, sale, or transfer of the Property or any interest therein, and any lien or encumbrance attached to the Property, shall be subject to Grantee’s rights under this Option Agreement.

Binding Effect of Option Agreement. The undersigned each represents and warrants that he/she has the authority to bind the Party for which he/she signs this Option Agreement to all of its terms. The Parties intend that this Option Agreement create a valid right in favor of Grantee to lease license the Property on the terms and conditions set forth in the attached Ground Lease Term Sheet attached hereto as Exhibit C. Therefore, upon recording a memorandum of this Option Agreement in the real property records of the Town of PortlandStratford, Connecticut, the exclusive right and option granted to Grantee in Section 1 shall be deemed an encumbrance upon the Property that shall run with the land and shall be binding upon the Property, Owner, and its successors and assigns, and shall inure to the benefit of each of the Parties hereto and their respective successors and assigns. The Owner covenants and agrees that during the Option Period, any conveyance, sale, or transfer of the Property or any interest therein, and any lien or encumbrance attached to the Property, shall be subject to Grantee’s rights under this Option Agreement.