Joint Owners. 7.1 If the Occupation Right was initially granted to two of you, then you both will hold the benefits and have obligations under the Occupation Right jointly. Upon the death of one of you, the interest of that person will automatically transfer to the survivor of you, and the survivor will be entitled to a transfer of the Occupation Right into his or her sole name. 7.2 No transfer into the name of your personal representative (following death) will be allowed. 7.3 If one of you, holding the Occupation Right jointly with the other, ceases to reside permanently in the Residential Unit for any reason, then the joint interests of that Resident under the Occupation Right must be transferred to the remaining permanent Resident.
Appears in 4 contracts
Samples: Occupation Right Agreement, Occupation Right Agreement, Occupation Right Agreement
