Common use of Sale and Release Clause in Contracts

Sale and Release. The Property Owner shall have the unfettered right to sell, transfer, charge, and mortgage, encumber or otherwise deal with the Property without the prior consent of the City. In the event the Property is transferred to a new owner, the Property Owner shall continue to be liable to the City for all Property Owner obligations and liabilities under this POA until the City signs the Assignment, Novation and Release, thereby releasing the Property Owner from obligations and liabilities under this POA. The City shall not sign the Assignment, Novation and Release until all of the following conditions are met to the satisfaction of the City:

Sale and Release. The Property Owner shall have the unfettered right to sell, transfer, charge, and mortgage, encumber or otherwise deal with the Property without the prior consent of the CityTown. In the event the Property is transferred to a new owner, the Property Owner shall continue to be liable to the City Town for all Property Owner obligations and liabilities under this POA until the City Town signs the Assignment, Novation and Release, thereby releasing the Property Owner from obligations and liabilities under this POA. The City Town shall not sign the Assignment, Novation and Release until all of the following conditions are met to the satisfaction of the CityTown: