Perpetuities. If the rule against perpetuities would invalidate this Lease or any portion hereof, or would limit the time during which this Lease shall be effective, due to the potential failure of an interest in property created herein to vest within a particular time, then notwithstanding anything to the contrary herein, each such interest in property must vest, if at all, before the passing of 21 years from the date of this Lease, or this Lease shall become null and void upon the expiration of such 21 year period and the parties shall have no further liability hereunder.
Perpetuities. If any provision of this Agreement should violate any rule against perpetuities or any related rule against interests that last too long or are not alienable, then any such provision shall terminate 20 years after the death of the last survivor of all the lineal descendants of His late Majesty King Xxxxxx V of England, living on the date of execution of this Agreement.
Perpetuities. If the Commencement Date is delayed in accordance with Article 2 for more than nine (9) months, Landlord may declare this Lease terminated by notice to Tenant, and if the Commencement Date is so delayed for more than three years, this Lease shall thereupon be deemed terminated without further action by either party.
Perpetuities. The perpetuity period to the extent applicable to this Agreement and the other Finance Documents shall be 80 years from the date of this Agreement.
Perpetuities. If the rule against perpetuities would invalidate this Agreement or any portion hereof, due to the potential failure of an interest in property created herein to vest within a particular time, then notwithstanding anything to the contrary herein, each such interest in property must vest, if at all, before the passing of 21 years from the date of this Agreement, or this Agreement shall become null and void upon the expiration of such 21 year period and the parties shall have no further liability hereunder.
Perpetuities. The Parties to this Agreement do not intend that there shall be any violation of the Rule Against Perpetuities or any related rule pertaining to restraints upon alienation. If any such violation should inadvertently exist, it is the intent and desire of the Parties hereto that the appropriate court shall reform such provision or provisions in such a way as to approximate most closely the intent of the Parties hereto within the limits permissible under such Rule or related rule.
Perpetuities. To the extent that the rule against perpetuities is applicable thereto, but not otherwise, the rights granted to Tenant in Article 14 hereof shall expire upon the earlier to occur of (a) the date set forth for expiration of such rights in said Article 14 or (b) the date which is 21 years after the date of death of the last to die of the following parties: the last grandchild to survive of the presently living grandchildren of George H. Bush, former President of the United States of America.
Perpetuities. Anything herein contained to the contrary notwithstanding, no trust (other than a trust of a vested interest) created hereunder shall continue more than twenty-one (21) years after the death of the last to die of the Grantor and Primary Beneficiary; and upon the expiration of such period all trusts shall terminate and the assets thereof shall be delivered and conveyed to the then living income beneficiaries pursuant to the provisions of this Article. Section 7.
Perpetuities. If any portion of the Trust Property is in any manner or time period capable of being held in this Land Trust for longer period of time than is permitted under the laws of the state law governing this Land Trust Agreement (See Paragraph 18), or the vesting of any interest under this Land Trust could possibly occur after the end of such permitted time period, then, upon the occurrence of the foregoing, the Trustee is directed to immediately terminate the Trust and to distribute the Trust Property to the Beneficiaries as their respective interests may appear at the time of the termination of the Trust. As much as possible, the Trustee will maintain the Trust Property intact and not liquidate it, but, rather, distribute the Trust Property in kind.
Perpetuities. It is not the intent of Assignor or Assignee that any provision herein violate any applicable law regarding the rule against perpetuities, the suspension of the absolute power of alienation, or other rules regarding the vesting or duration of estates, and this Conveyance shall be construed as not violating such rule to the extent the same can be so construed consistently with the intent of the parties. In the event, however, that any provision hereof is determined to violate such rule, then such provision shall nevertheless be effective for the maximum period (but not longer than the maximum period) permitted by such rule that will result in no violation. To the extent that maximum period is permitted to be determined by reference to "lives in being", Assignor and Assignee agree that "lives in being" shall refer to the lifetime of the last to die of the living lineal descendants of the late Xxxxxx X. Xxxxxxx (father of the late President of the United States of America).
