Common use of Prohibition of Transfer and Further Encumbrances Clause in Contracts

Prohibition of Transfer and Further Encumbrances. Except as permitted under the Credit Agreement, the Mortgagor shall not, without the prior written consent of Mortgagee, permit or suffer the Mortgaged Premises, or any part thereof, to be sold, assigned, transferred or encumbered in any way, whether by operation of law or otherwise. The preceding sentence shall not apply to transfers of ownership in Mortgagor resulting from the death of a natural person, transfers by a natural person to a member or members of such person's immediate family or transfers by a natural person in connection with bona fide estate planning.

Prohibition of Transfer and Further Encumbrances. Except as permitted under the Credit Agreement, the Mortgagor shall not, without the prior written consent of Mortgagee, permit or suffer the Mortgaged Premises, or any part thereof, to be sold, assigned, transferred or encumbered in any way, whether by operation of law or otherwise. The preceding sentence shall not apply to transfers of ownership in Mortgagor resulting from the death of a natural person, transfers by a natural person to a member or members of such person's immediate family or transfers by a natural person in connection with bona fide estate planningplanning unless the same could result in a dissolution or termination of Mortgagor.