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: (1) the Property Owner provides the City with a registered copy of the Transfer of the Property from the Property Owner to a new owner; (2) the Special Charge (Actual) and other amounts due and owing under this POA for the portion of the Payment Term during which the Property Owner owned the Property are fully paid; and (3) the Property Owner provides the City with an original Assignment, Novation and Release in the form attached as Appendix D, executed by the Property Owner and the new owner. The Property Owner acknowledges that nothing in this POA interferes with the City's rights, benefits and powers under the Regulation and City of Toronto Act, 2006 with respect to the Property or the Special Charge (Actual), and that the City shall not be prevented from or prejudiced in carrying out its statutory rights and responsibilities thereunder.

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: (1) 22.1 the Property Owner provides the City Town with a registered copy of the Transfer of the Property from the Property Owner to a new owner; (2) 22.2 the Special Charge (Actual) and other amounts due and owing under this POA for the portion of the Payment Term during which the Property Owner owned the Property are fully paid; and (3) 22.3 the Property Owner provides the City Town with an original Assignment, Novation and Release in the form attached as Appendix D, executed by the Property Owner and the new owner. The Property Owner acknowledges that nothing in this POA interferes with the City's Town’s rights, benefits and powers under the Regulation and City of Toronto Act, 2006 with respect to the Property or the Special Charge (Actual), and that the City Town shall not be prevented from or prejudiced in carrying out its statutory rights and responsibilities thereunder.

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: (1) the Property Owner provides the City with a registered copy of the Transfer of the Property from the Property Owner to a new owner; (2) the Special Charge (Actual) and other amounts due and owing under this POA for the portion of the Payment Term during which the Property Owner owned the Property are fully paid; and (3) the Property Owner provides the City with an original Assignment, Novation and Release in the form attached as Appendix D, executed by the Property Owner and the new owner. The Property Owner acknowledges that nothing in this POA interferes with the City's rights, benefits and powers under the Regulation and City of Toronto ActXxxxxxxxx Xxx, 2006 0000 with respect to the Property or the Special Charge (Actual), and that the City shall not be prevented from or prejudiced in carrying out its statutory rights and responsibilities thereunder.

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: (1) 21.1 the Property Owner provides the City Town with a registered copy of the Transfer of the Property from the Property Owner to a new owner; (2) 21.2 the Special Charge (Actual) and other amounts due and owing under this POA for the portion of the Payment Term during which the Property Owner owned the Property are fully paid; and (3) 21.3 the Property Owner provides the City Town with an original Assignment, Novation and Release in the form attached as Appendix D, executed by the Property Owner and the new owner. The Property Owner acknowledges that nothing in this POA interferes with the City's Town’s rights, benefits and powers under the Regulation and City of Toronto Act, 2006 with respect to the Property or the Special Charge (Actual), and that the City Town shall not be prevented from or prejudiced in carrying out its statutory rights and responsibilities thereunder.