Common use of Ownership of Interests Clause in Contracts

Ownership of Interests. (a) If such Investor is a Hunters Point Investor, upon execution and delivery of the Hunters Point LLC Agreement, such Investor will be the owner of the Hunters Point Units set forth opposite its name on Schedule A, hereto, free and clear of any Liens (other than those arising under the Hunters Point LLC Agreement). At the Closing, the Operating Company will acquire good and valid title to 2,396,398 of UST Lennar’s Hunters Point Class A Units (which will automatically convert into Hunters Point Class B Units), free and clear of any Liens (other than those arising under the Hunters Point LLC Agreement).

Ownership of Interests. (a) If such Investor is a Hunters Point Investor, upon execution and delivery of the Hunters Point LLC Agreement, such Investor will be the owner of the Hunters Point Units set forth opposite its name on Schedule A, hereto, free and clear of any Liens (other than those arising under the Hunters Point LLC Agreement). At the Closing, the Operating Company will acquire good and valid title to 2,396,398 of UST Lennar’s such Hunters Point Class A Units (which will automatically convert into Hunters Point Class B Units), free and clear of any Liens (other than those arising under the Hunters Point LLC Agreement).