Common use of Exceptions for transactions Clause in Contracts

Exceptions for transactions. agreements & instruments or circumstances effective as of May 15, 2015. The following WLE lots shall be excepted (grand-fathered) from the rental moratorium as follows: any lot subject to pending and consistent construction for a house, or under contract for a house to be erected, built or placed thereat, as of May 15, 2015; any lot with a house under a contract of, or other commitment or obligation for, purchase or transfer/conveyance, in writing, signed by its owners or issued by a court, as of May 15, 2015; any lot with a house whose owners are deceased or officially in the process of marital divorce, as of May 15, 2015; any lot with a house scheduled for a pending judicial, tax, or any foreclosure or judgment execution sale, as of May 15, 2015; any lot with a house owned by an organization which is subject to a pending consolidation or merger with another organization, or a stock, security or membership certificate transfer to another, whereby an instrument of title for the lot is not necessarily delivered or recorded as evidence of new ownership, as of May 2015;