Not Binding on CMHC Sample Clauses

Not Binding on CMHC. Clauses 5.1 [Payment of Daily Rent] and 5.2 [Rent Charge] shall not be binding on the Canada Mortgage Housing Corporation (“CMHC”) or any mortgagee of the Lands which is an “Approved Lender”, as defined in the National Housing Act, R.S.C. 1985, C.N-11, who holds a mortgage insured pursuant to the National Housing Act. If, during foreclosure by such an Approved Lender, the court approves a sale of the Lands to CMHC or any arms- length bona fide purchaser, then the District will abandon Clauses 5.1 and 5.2 and cause them to be unenforceable and released from this Agreement and from the records registered on title to the Lands.
Sample 1
AutoNDA by SimpleDocs
Not Binding on CMHC. This Agreement shall not be binding on the Canada Mortgage and Housing Corporation (“CMHC”) or any mortgagee of the Lands which is an “Approved Lender”, as defined in the National Housing Act, R.S.C. 1985, C.N-11, who holds a mortgage insured pursuant to the National Housing Act. If, during foreclosure by an Approved Lender, the court approves a sale of the Lands or part of the Lands (the “Foreclosed Lands”) to CMHC or any arm’s length bone fide purchaser, then the Local Trust Committee agrees that this Agreement will not apply to the Foreclosed Lands from the time of foreclosure to the expiry of the Leasehold interest for the Foreclosed Lands.
Sample 1

Related to Not Binding on CMHC

  • Agreement Binding on Successors This Agreement will be binding upon, and inure to the benefit of, the successors of each of the Parties.

  • NO ATTACHMENT; BINDING ON SUCCESSORS (a) Except as required by law, no right to receive payments under this Agreement shall be subject to anticipation, commutation, alienation, sale, assignment, encumbrance, charge, pledge, or hypothecation, or to execution, attachment, levy, or similar process or assignment by operation of law, and any attempt, voluntary or involuntary, to effect any such action shall be null, void, and of no effect. (b) This Agreement shall be binding upon, and inure to the benefit of, Executive and the Bank and their respective successors and assigns.

  • Binding on Successors This Agreement shall be binding upon and shall inure to the benefit of the respective heirs, successors, permitted assigns and legal representatives of the parties hereto.

  • Restrictions Binding on Transferees All transferees of Shares or any interest therein will receive and hold such Shares or interest subject to the provisions of this Agreement, including, insofar as applicable, the Repurchase Option. Any sale or transfer of the Shares shall be void unless the provisions of this Agreement are satisfied.

  • Non-Binding Unless expressly authorised in writing by the Group-Wide Lenders and then on such terms and conditions as the Group-Wide Lenders may require, the Steering Committee shall not negotiate the terms of or enter into any agreement on behalf of the Group-Wide Lenders of any of them. This Clause 19 and Clause 14.4 may be relied upon by any member of the Steering Committee notwithstanding the provisions of Clause 17.11.

  • Provisions Binding on Company’s Successors All the covenants, stipulations, promises and agreements of the Company contained in this Indenture shall bind its successors and assigns whether so expressed or not.

  • Not Binding Until Executed The submission by Landlord to Tenant of this Lease shall have no binding force or effect, shall not constitute an option for the leasing of the Premises, nor confer any right or impose any obligations upon either party until execution of this Lease by both parties.

  • Binding on Successors and Assigns The Agreement, as amended by this Amendment No. 1, shall be binding upon and inure to the benefit of the Parties and each other person and entity having any interest therein during their ownership thereof, and their respective successors and assigns.

  • Successors; Binding Agreement This Agreement shall inure to the benefit of and be binding upon personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees.

  • Legally Binding The terms of this Agreement contained herein are contractual, and not a mere recital.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!