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 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 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 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:
7.3.1. Owner no longer has a legal or equitable interest in all or any part of the Property subject to the transfer.
7.3.2. Owner is not then in default under this Agreement.
7.3.3. Owner has provided City with the notice and executed agreement required under section 7.1.2 above.
7.3.4. 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. Except as set forth in Section 2.4.1 or otherwise in this Agreement, 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 in its reasonable discretion without condition or delay, and a transferring OWNER shall be automatically released 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, if required above.
(d) For obligations that are secured, the purchaser, transferee or assignee provides CITY with security equivalent to any security previously provided by OWNER to secure performance of secured obligations hereunder. The transferring Owner shall be released, except to the extent such Owner is in default hereunder prior thereto. Effective upon the sale, transfer or assignment, (i) a default under this Agreement that occurs after such sale, transfer or assignment by the transferring Owner that pertains to a portion of the Property other than the portion conveyed to the transferee shall not be considered or acted upon by the City as a default by the transferee Owner and shall not affect the transferee’s rights or obligations hereunder and (ii) a default under this Agreement by the transferee Owner shall not be considered or acted upon by the City as a default by the transferring Owner and shall not affect the transferring Owner’s rights and obligations hereunder to the extent any remain. For purposes of clarification, City may not terminate this Agreement as to a transferring Owner based on a default of the transferee, nor may City terminate this Agreement as to the transferee based on a default by a transferring Owner that occurs after the sale, transfer or assignment and pertains to portions of the Property retained by the transferring Entry Date Owner, Owner or Land Banking Entity and not the portions of the Property conveyed to transferee.
Release of Transferring Owner. [Reserved]
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 is not then in default under this Agreement.
(b) Owner has complied with Section 2.5.1 above.
(c) 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, 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.
