Common use of Interest in Property Clause in Contracts

Interest in Property. i. The Subrecipient shall protect the Federal and State interest in any property investments supported by grant agreements. The Subrecipient shall not execute any transfer of title, lease, lien, pledge, mortgage, encumbrance, third-party contract, sub-agreement, grant anticipation note, alienation, innovative finance arrangement, or any other obligation pertaining to project property that in any way would affect the continuing state interest in project property. ii. The Subrecipient shall protect the Federal and State interest in any real property investments supported by grant agreements. Such grant-supported real property, defined by 43 TAC §31.3 “Definitions,” shall be protected in accordance with 43 TAC §31.55. If required by the State, the Subrecipient shall secure a deed of trust in favor of the department on any real property acquisitions or improvements supported by grant funding. iii. The Subrecipient shall record the Federal and State security interest as a lien on the certificate of title of the vehicle at the time of purchase in accordance with the Transportation Code, Title 7, Subtitle A, Chapter 501, Certificate of Title Act and 43 TAC §31.55.

Interest in Property. i. 1. The Subrecipient shall protect the Federal and State interest in any property investments supported by grant agreements. The Subrecipient shall not execute any transfer of title, lease, lien, pledge, mortgage, encumbrance, third-party contract, sub-agreementsubagreement, grant anticipation note, alienation, innovative finance arrangement, or any other obligation pertaining to project property that in any way would affect the continuing state interest in project property. ii2. The Subrecipient shall protect the Federal and State interest in any real property investments supported by grant agreements. Such grant-supported real property, defined by 43 TAC §31.3 “Definitions,” ”, shall be protected in accordance with the 43 TAC §31.55. If required by the State, 31 “Property Management Standards” rule §31.55 “Title.” The State may require the Subrecipient shall to secure a deed of trust in favor of the department TxDOT on any real property acquisitions or improvements supported by grant funding. iii3. The Subrecipient shall record Recording the Federal and State security interest as a lien on the certificate of title of the vehicle at the time of purchase in accordance with the Transportation Code, Title 7, Subtitle A, Chapter 501, Certificate of Title Act and the 43 TAC §31.55.