Disaffirmation Clause Samples

A Disaffirmation clause allows a party, typically a minor or someone lacking legal capacity, to void or reject a contract or specific contractual obligations. In practice, this means that if a minor enters into an agreement, they may later choose to disaffirm, or cancel, the contract without penalty, provided they do so within a certain timeframe or before reaching the age of majority. The core function of this clause is to protect individuals who may not have the legal capacity to fully understand or consent to contractual terms, thereby preventing them from being unfairly bound by agreements.
Disaffirmation. If this Agreement is terminated as to any portion of the Property
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Disaffirmation. If this Agreement is terminated as to any portion of the Property by reason of (i) any default or (ii) as a result of a bankruptcy proceeding, or if this Agreement is disaffirmed by a receiver, liquidator, or trustee for the Developer or its property, the City, if requested by any Mortgagee, shall negotiate in good faith with such Mortgagee for a new development agreement for the Project as to such portion of the Property with the most senior Mortgagee requesting such new agreement. This Agreement does not require any Mortgagee or the City to enter into a new development agreement pursuant to this Section.
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Disaffirmation. If: (i) this Agreement is terminated as to any portion of the Property by reason of any default, or (ii) this Agreement is disaffirmed or otherwise cancelled by a receiver, liquidator, or trustee for the Developer or its property as a result of a bankruptcy or other insolvency proceeding, the City, if requested by any Mortgagee, shall negotiate in good faith with such Mortgagee for a new development agreement for the Project as to such portion of the Property with the most senior Mortgagee requesting such new agreement and such new development agreement shall be prior to any security financing interest or lien, charge, or encumbrance on the Property in favor of any such security financing interest and each applicable party shall execute such additional consents and/or subordination agreements as may reasonably requested by the City or the new Developer to evidence the priority of such new development agreement to all security financing interests, whether recorded prior or subsequent to execution of such new development agreement. This Agreement does not require any Mortgagee or the City to enter into a new development agreement pursuant to this Section 6.25.7.‌
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Disaffirmation. If this Agreement is terminated with respect to a portion of the Land by reason of any default by the Company or as a result of a bankruptcy proceeding of the Company, or if this Agreement is disaffirmed by a receiver, liquidator or trustee for the Company or its property, then the County, if requested by a Mortgagee, shall negotiate in good faith, with the most senior requesting Mortgagee, a new agreement for the Project as to such portion of the Land. This Agreement does not require any Mortgagee or the County to enter into a new agreement pursuant to this Section 17.4.
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Related to Disaffirmation

  • CONTRACT AFFIRMATIONS Performing Agency certifies that, to the extent Contract Affirmations are incorporated into the Contract under the Signature Document, the Performing Agency has reviewed the Contract Affirmations and that Performing Agency is in compliance with all requirements.

  • Warranty, Affirmations Assurances And Certifications 12 5.1 WARRANTY 12 5.2 General Affirmations 12 5.3 Federal Assurances 12 5.4 Federal Certifications 12 5.5 State Assurances 12 ARTICLE VI. Intellectual Property 13 6.1 Ownership of Work Product 13 6.2 Grantee’s Pre-Existing Works 13 6.3 THIRD PARTY IP 14 6.4 Agreements with Employees and Subcontractors 14 6.5 Delivery upon Termination or Expiration 14 6.6 SURVIVAL 14 6.7 System Agency Data 14 ARTICLE VII. PROPERTY 15 7.1 Use of State Property 15 7.2 Damage to State Property 15

  • Reaffirmation (a) To induce the Lenders and the Administrative Agent to enter into this Amendment, each of the Loan Parties and Gibraltar Holdings hereby acknowledges and reaffirms its obligations under each Loan Document to which it is a party, including, without limitation, any grant, pledge or collateral assignment of a lien or security interest, as applicable, contained therein, in each case as amended, restated, amended and restated, supplemented or otherwise modified prior to or as of the date hereof . The Borrower acknowledges and agrees that each of the Loan Documents to which it is a party or otherwise bound shall continue in full force and effect and that all of its obligations thereunder shall not be impaired or limited by the execution or effectiveness of this Amendment. (b) In furtherance of the foregoing clause (a), Gibraltar Holdings and each of the Loan Parties that is party to any Security Document, in its capacity as a “grantor”, “pledgor” or other similar capacity under such Security Document (in such capacity, each a “Reaffirming Party”), hereby acknowledges that it has reviewed and consents to the terms and conditions of this Amendment and the transactions contemplated hereby. In addition, each Reaffirming Party reaffirms the security interests granted by such Reaffirming Party under the terms and conditions of the Security Documents (in each case, to the extent a party thereto) to secure the Secured Obligations and agrees that such security interests remain in full force and effect and are hereby ratified, reaffirmed and confirmed. Each Reaffirming Party hereby (i) confirms that each Security Document to which it is a party or is otherwise bound and all Collateral encumbered thereby will continue to secure, to the fullest extent possible in accordance with the Security Documents, the payment and performance of the Secured Obligations, including without limitation the payment and performance of all such applicable Secured Obligations that are joint and several obligations of each Guarantor and each Reaffirming Party now or hereafter existing, in each case pursuant to the terms of the Security Documents such Reaffirming Party is a party to, (ii) confirms its respective grant to the Collateral Trustee for the benefit of the Secured Parties of the security interest in and continuing Lien on all of such Reaffirming Party’s right, title and interest in, to and under all Collateral to which such Reaffirming Party granted a security interest in and a continuing Lien on pursuant to the terms of the Security Documents to which such Reaffirming Party is party to, in each case whether now owned or existing or hereafter acquired or arising and wherever located, as collateral security for the prompt and complete payment and performance in full when due, whether at stated maturity, by required prepayment, declaration, acceleration, demand or otherwise, of all applicable Secured Obligations, subject to the terms contained in the applicable Loan Documents and (iii) confirms its respective pledges, grants of security interests and other obligations, as applicable, under and subject to the terms of each of the Security Documents to which it is a party.

  • Affirmations Employee affirms Executive has not filed, has not caused to be filed, and is not presently a party to, any claim, complaint, or action against Employer in any forum. Employee further affirms that the Executive has been paid and/or has received all compensation, wages, bonuses, commissions, and/or benefits to which Executive may be entitled and no other compensation, wages, bonuses, commissions and/or benefits are due to Executive, except as provided in Sections 6 and 8 of the Employment Agreement. Employee also affirms Executive has no known workplace injuries.