Common use of Effect of Agreement; Interest in Real Property Clause in Contracts

Effect of Agreement; Interest in Real Property. The Parties intend that this Agreement is given by FCRHA to AW4 as an option to lease a portion of the Autumn Property. The Parties intend that this Agreement creates a valid and present encumbrance on the Property in favor of AW4, effective as of the Effective Date, subject to any and all liens or encumbrances disclosed in the Land Records. Therefore, the Option will be deemed an encumbrance upon the Property during the term of this Agreement effective as of the Effective Date and will be binding upon and inure to the benefit of each of the Parties hereto and their respective successors and assigns (subject to Section 12.7 below).

Effect of Agreement; Interest in Real Property. The Parties intend that this Agreement is given by FCRHA to AW4 AW9 as an option to lease a portion of the Autumn Property. The Parties intend that this Agreement creates a valid and present encumbrance on the Property in favor of AW4AW9, effective as of the Effective Date, subject to any and all liens or encumbrances disclosed in the Land Records. Therefore, the Option will be deemed an encumbrance upon the Property during the term of this Agreement effective as of the Effective Date and will be binding upon and inure to the benefit of each of the Parties hereto and their respective successors and assigns (subject to Section 12.7 below).