Release of Transferring Owner Clause Samples
The "Release of Transferring Owner" clause serves to formally discharge the current owner of an asset or interest from any further obligations or liabilities related to that asset after its transfer. In practice, this clause typically applies when ownership of property, shares, or contractual rights is being transferred to another party, ensuring that the previous owner is no longer responsible for future claims, debts, or duties associated with the transferred interest. Its core function is to provide legal certainty and finality for the transferring party, preventing ongoing liability and facilitating a clean break in ownership.
Release of Transferring Owner. Notwithstanding any sale, transfer or assignment, a transferring OWNER shall continue to be obligated under this Agreement unless such transferring owner is given a release in writing by CITY, which release shall be provided by CITY upon the full satisfaction by such transferring owner of the following conditions:
(a) OWNER no longer has a legal or equitable interest in all or any part of the portion of the Property sold, transferred or assigned.
(b) OWNER is not then in default under this Agreement.
(c) OWNER has provided CITY with the notice and executed agreement required under Paragraph (b) of Subsection 2.4.1 above.
(d) The purchaser, transferee or assignee provides CITY with security equivalent to any security previously provided by OWNER to secure performance of its obligations hereunder.
Release of Transferring Owner. Notwithstanding any transfer, a transferring OWNER shall continue to be obligated under this Agreement unless such transferring OWNER is given a release in writing by COUNTY, which release shall be provided by COUNTY upon the full satisfaction by such transferring OWNER of the following conditions:
(a) OWNER no longer has a legal or equitable interest in all or any part of the Property.
(b) OWNER is not then in default under this Agreement.
(c) OWNER has provided COUNTY with the notice and executed agreement required under Paragraph (b) of Subsection 2.4.1 above.
(d) The transferee provides COUNTY with security equivalent to any security previously provided by OWNER to secure performance of its obligations hereunder.
Release of Transferring Owner. Notwithstanding any sale, transfer or assignment, a transferring OWNER shall continue to be obligated under this Agreement with respect to the transferred Property or any transferred portion thereof, unless such transferring OWNER is given a release in writing by CITY, which release shall be provided by CITY upon the full satisfaction by such transferring OWNER of the following conditions:
(a) OWNER no longer has a legal or equitable interest in all or any part of the Property subject to the transfer.
(b) OWNER is not then in default under this Agreement.
(c) OWNER has provided CITY with the notice and executed agreement required under Paragraph (b) of Subsection 2.5.1 above.
(d) The purchaser, transferee or assignee provides CITY with security equivalent to any security previously provided by OWNER to secure performance of its obligations hereunder.
Release of Transferring Owner. Notwithstanding any sale, transfer or assignment, a transferring Owner shall continue to be obligated under this Agreement unless such transferring Owner is given a written release from the City, which release shall not be unreasonably withheld, and which release shall be provided by City upon satisfaction by such transferring Owner of the following conditions:
1. Owner no longer has a legal or equitable interest in all or any part of the Property;
2. Owner is not then in default under the Agreement;
3. Owner has provided City with notice and an executed Assignment Agreement, as required by this Section; and
4. The purchaser, transferee or assignee provides the City with security, as and when required, equivalent to any security previously provided by Owner, to secure any performance obligations as may be required hereunder.
Release of Transferring Owner. Notwithstanding any sale, transfer, or assignment, a transferring OWNER shall continue to be obligated under this Agreement with respect to the transferred Property or any transferred portion thereof, unless such transferring OWNER is given a release in writing by CITY (which written confirmation may be in the form of execution and recordation of the Assignment and Assumption Agreement), which release shall be provided by CITY upon the full satisfaction by such transferring OWNER of the following conditions:
(a) OWNER no longer has a legal or equitable interest in all or any part of the Property subject to the transfer.
(b) OWNER is not then in default under this Agreement.
(c) OWNER has provided CITY with the notice and executed agreement required under Paragraph (b) of Subsection 2.4.1 above.
(d) The purchaser, transferee, or assignee provides CITY with security equivalent to any security previously provided by OWNER to secure performance of its obligations hereunder.
Release of Transferring Owner. Upon any Assignment, the City shall release the conveying Owner from any further obligations under this Agreement with respect to the Property conveyed if:
a. Owner provides evidence to the City establishing that Owner no longer has a legal or equitable interest in the Property subject to the Assignment;
b. There is no default under this Agreement on the date of the Assignment or any such default has subsequently been cured; and
c. In the case of a Conveyance to an Owner Assignee, the conveying Owner has provided the City with the required Assignment and Assumption Agreement.
Release of Transferring Owner. Notwithstanding any transfer, a
(a) OWNER no longer has a legal or equitable interest in all or any part of the Property.
(b) OWNER is not then in default under this Agreement.
(c) OWNER has provided COUNTY with the notice and executed agreement required under Paragraph (b) of Subsection 2.4.1 above.
(d) The transferee provides COUNTY with security equivalent to any security previously provided by OWNER to secure performance of its obligations hereunder.
Release of Transferring Owner. Notwithstanding any sale, ----------------------------- transfer or assignment, a transferring OWNER shall continue to be obligated under this Agreement unless such transferring OWNER is given a release in writing by COUNTY, which release shall be provided by COUNTY upon the full satisfaction by such transferring OWNER of the following conditions:
(a) OWNER no longer has a legal or equitable interest in all or any part of the Property or Project, except OWNER may be permitted to be a mortgagee.
(b) OWNER is not then in material default under this Agreement.
(c) OWNER has provided COUNTY with the notice and agreement executed in accordance with Subsection 2.4.1 above.
(d) The purchaser, transferee or assignee provides COUNTY with financial assurances substantially equivalent to any financial assurances previously provided by OWNER to secure performance of its obligations hereunder.
(i) shall not be delayed upon the satisfaction of the conditions set forth herein, and (ii) shall be canceled and of no force and effect should the transferring OWNER re-acquire any legal or equitable interest in all or any part of the Property or Project, except as permitted as a mortgagee.
Release of Transferring Owner. [Reserved]
Release of Transferring Owner. Notwithstanding any sale, transfer, or assignment, Owner or any subsequent transferring property owner shall continue to be obligated under this Agreement with respect to the transferred Subject Property or any transferred portion thereof, unless Owner or other transferring property owner is given a written release by City (which written confirmation may be in the form of execution and recordation of an Assignment and Assumption Agreement), which release shall be provided by City upon the full satisfaction by Owner or other transferring property owner of the following conditions:
1. Owner or other transferring owner no longer has a legal or equitable interest in all or any part of the Subject Property subject to the transfer.
2. Owner or other transferring owner is not then in default under this Agreement.
3. Owner or other transferring owner has provided City with the notice and executed an Assignment and Assumption Agreement required pursuant to this Agreement.