Perpetuities Savings Clause Sample Clauses
A Perpetuities Savings Clause is designed to ensure that certain interests created by a contract or trust do not violate the legal rule against perpetuities, which limits how long property can be controlled after someone's death. In practice, this clause typically states that any interest that would otherwise last too long will automatically expire or be distributed within the maximum period allowed by law, such as 21 years after a relevant life in being. Its core function is to prevent the invalidation of provisions due to perpetuity violations, thereby preserving the enforceability of the agreement and ensuring compliance with legal time limits.
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Perpetuities Savings Clause. Despite any other provision of this Agreement to the contrary, trust created by this Agreement shall terminate no later than 21 years after the death of the last surviving beneficiary of this Agreement who is living at the time of the death of Grantor.
Perpetuities Savings Clause. If any of the terms, covenants, conditions, restrictions, uses, limitations, obligations or options created by this Article IX shall be unlawful or void for violation of: (1) the rule against perpetuities or some analogous statutory provision; (2) the rule restricting restraints on alienation; or (3) any other statutory or common law rules imposing like or similar time limits, then such provision shall continue only for the shorter of (x) the term of this Restriction, or (y) the period of the lives of the current duly elected and seated board of directors of the SCHA, their now living descendants, if any, and the survivor of them, plus twenty-one (21) years.
Perpetuities Savings Clause. If any of the terms, covenants, conditions, restrictions, uses, limitations, obligations or options created by this Restriction shall be unlawful or void for violation of: (1) the rule against perpetuities or some analogous statutory provision; (2) the rule restricting restraints on alienation; or (3) any other statutory or common law rules imposing like or similar time limits, then such provision shall continue only for the shorter of (x) the Original Term of this Restriction, or (y) the period of the lives of the current duly elected and seated Board of Directors of the YVHA, their now living descendants, if any, and the survivors of them, plus twenty‐one (21) years.
Perpetuities Savings Clause. It is the intention of the Parties that any and all covenants set forth in this that violate the rule against perpetuities be minimally reformed to cure the violation, rather than be terminated. In this regard, if a court of competent jurisdiction determines, in a final and non-appealable judgment, that any covenant set forth in this Agreement violates the rule, then upon the petition of any interested Party, the court shall reform the covenant (or covenants) either to vest, if at all, or terminate, twenty-one (21) years after the death of the last survivor of all lineal descendants of the 43rd President of the United States, ▇▇▇▇▇▇ ▇. ▇▇▇▇, living at the date of recordation of this Agreement. In determining whether a covenant violates the rule and in reforming the covenant, the period of perpetuities will be measured by actual rather than possible events.
Perpetuities Savings Clause. If any of the terms, covenants, conditions, restrictions, uses, limitations, obligations or options created by this Option to Purchase shall be unlawful or void for violation of (l) the rule against perpetuities or some analogous statutory provision, (2) the rule restricting restraints on alienation, or (3) any other statutory or common law rules imposing like or similar time limits, then such provision shall continue only for the period of the lives of the current duly elected and seated Board of County Commissioners of Eagle County, Eagle, Colorado, their now living descendants, if any, and the survivor of them, plus twenty-one (21) years.
Perpetuities Savings Clause. Despite any other provision of this Agreement to the contrary, every trust created by this Agreement shall terminate no later than twenty-one (21) years after the death of the last surviving Beneficiary of this Agreement who is living at the time of the death of the last surviving Settlor. If a trust is terminated under this section, the Trustee shall distribute all of the principal and undistributed income of the trust to the income beneficiaries of the trust in the proportion in which they are entitled (or eligible, in the case of discretionary payments) to receive income immediately before the termination. If that proportion is not fixed by the terms of the trust, the Trustee shall distribute all of the trust property to the persons then entitled or eligible to receive income from the trust outright in a manner that, in the Trustee’s opinion, will give effect to the intent of the Settlor in creating the trust. For purposes of this perpetuities savings clause, a trust shall be deemed to have been created on the date the trust becomes irrevocable or the date of the death of the last surviving Settlor, whichever occurs first.
Perpetuities Savings Clause. Notwithstanding any other provisions of this Trust Agreement, if any portion of the Trust Property is, in any contingency, capable of being held in trust for a longer period than is permitted by law, or if in any contingency the vesting of any interest may occur after the expiration of such permissive period, then at the end of such permissive period all of the Trust Property shall no longer be held in trust, and the Trustee shall immediately distribute the Trust Property to the Beneficiaries in accordance with their respective interests. The Trust shall then terminate by operation of law. As much as possible, the Trustee will maintain the Trust Property intact and will not liquidate it, but shall distribute the Trust Property in kind.
Perpetuities Savings Clause. Except as otherwise specified, this trust shall terminate upon the death of the Beneficiary, or earlier upon full distribution of the trust estate.
Perpetuities Savings Clause. If any of the terms, covenants, conditions, Restrictive Covenant, uses, limitations, obligations or options created by this Restrictive Covenant shall he unlawful or void for violation of: (i) the rule against perpetuities or some analogous statutory provision; (ii) the rule restricting restraints on alienation; or (iii) any other statutory or common law rules imposing like or similar time limits, then such provision shall continue only for the shorter of (a) the term of this Restrictive Covenant, or (b) the period of the lives of the current duly elected and seated Town Council of the Town, their now living descendants, if any, and the survivor of them, plus twenty-one (21) years.
Perpetuities Savings Clause. If any of the terms, covenants, conditions, restrictions, uses, limitations, obligations or options set forth in this Agreement shall be unlawful or void for violation of: (a) the rule against perpetuities or some analogous statutory provision,