Common use of Sale, Lease or Transfer of Property Clause in Contracts

Sale, Lease or Transfer of Property. a. Owner expressly acknowledges and agrees that a sale, lease, exchange, assignment, or other transfer of all or any portion of the Project (“Disposition”) shall not relieve Owner or any subsequent transferee of its obligations under this XXXX. Owner shall include by incorporation by reference or verbatim the requirements and restrictions contained in this XXXX in any deed or other conveyance documents with respect to a Disposition and shall obtain the express agreement from any transferee to assume in writing all duties and obligations of Owner under this XXXX. If the proposed transferee with respect to a Disposition of all (but not a part of the Project) has agreed to perform the obligations of Owner under this XXXX pursuant to an assumption agreement approved by ACC in accordance with the terms and conditions hereof (such approval not to be unreasonably conditioned, withheld or delayed), Owner shall be released from its obligations hereunder, and ACC shall upon request, execute a release by recordable written instrument effecting such release. b. The restrictions contained in the foregoing provisions of this Section 6 shall not be applicable to the following: (i) grants of any and all easements and/or utility and other service related leases, including without limitation, laundry service leases or television cable easements, over portions of the Property, provided the same are granted in the ordinary course of business in connection with the development and operation of the Property, (ii) leases of Residential Dwelling Units to Income Eligible Residents or to other tenants of Residential Dwelling Units, (iii) any sale or conveyance to a condemning governmental authority as a direct result of a condemnation or a governmental taking or a threat thereof, and (iv) those certain declarations of restrictions, easements and covenants that will benefit and encumber the Property, to be recorded in connection with Owner’s acquisition of the Property, provided, that the same have first been reviewed by ACC and deemed by it to be satisfactory for purposes of this XXXX.

Sale, Lease or Transfer of Property. a. Owner expressly acknowledges and agrees that a sale, lease, exchange, assignment, or other transfer of all or any portion of the Project (“Disposition”) shall not relieve Owner or any subsequent transferee of its obligations under this XXXX. Owner shall include by incorporation by reference or verbatim the requirements and restrictions contained in this XXXX in any deed or other conveyance documents with respect to a Disposition and shall obtain the express agreement from any transferee to assume in writing all duties and obligations of Owner under this XXXX. If the proposed transferee with respect to a Disposition of all (but not a part of the Project) has agreed to perform the obligations of Owner under this XXXX pursuant to an assumption agreement approved by ACC in accordance with the terms and conditions hereof (such approval not to be unreasonably conditioned, withheld or delayed), Owner shall be released from its obligations hereunder, and ACC shall upon request, execute a release by recordable written instrument effecting such release. b. The restrictions contained in the foregoing provisions of this Section 6 7 shall not be applicable to the following: (i) grants of any and all easements and/or utility and other service related leases, including without limitation, laundry service leases or television cable easements, over portions of the Property, provided the same are granted in the ordinary course of business in connection with the development and operation of the Property, (ii) leases of Residential Dwelling Units to Income Eligible Residents or to other tenants of Residential Dwelling Units, (iii) any sale or conveyance to a condemning governmental authority as a direct result of a condemnation or a governmental taking or a threat thereof, and (iv) those certain declarations of restrictions, easements and covenants that will benefit and encumber the Property, to be recorded in connection with Owner’s acquisition of the Property, provided, that the same have first been reviewed by ACC and deemed by it to be satisfactory for purposes of this XXXX.

Sale, Lease or Transfer of Property. a. a) Owner expressly acknowledges and agrees that a sale, lease, exchange, assignment, or other transfer of all or any portion of the Project Property (“Disposition”) shall not relieve Owner or any subsequent transferee of its obligations under this XXXX. Owner shall include by incorporation by reference or verbatim the requirements and restrictions contained in this XXXX in any deed or other conveyance documents with respect to a Disposition and shall obtain the express agreement from any transferee to assume in writing all duties and obligations of Owner under this XXXX. If the proposed transferee with respect to a Disposition of all (but not a part of the ProjectProperty) has agreed to perform the obligations of Owner under this XXXX pursuant to an assumption agreement approved by ACC the City in accordance with the terms and conditions hereof (such approval not to be unreasonably conditioned, withheld or delayed)hereof, Owner shall be released from its obligations hereunder, and ACC the City shall upon request, execute a release by recordable written instrument effecting such release. b. b) The restrictions contained in the foregoing provisions of this Section 6 shall not be applicable to the following: (i) grants of any utility related easements and all easements and/or utility and other service related leasesleases or easements, including without limitation, laundry service leases or television cable easements, over portions of the Property, provided the same are granted in the ordinary course of business in connection with the development and operation of the Property, (ii) leases of Residential Rental Dwelling Units to Income Eligible Workforce Residents or to other tenants of Residential Rental Dwelling Units, or (iii) any sale or conveyance to a condemning governmental authority as a direct result of a condemnation or a governmental taking or a threat thereof, and (iv) those certain declarations of restrictions, easements and covenants that will benefit and encumber the Property, to be recorded in connection with Owner’s acquisition of the Property, provided, that the same have first been reviewed by ACC and deemed by it to be satisfactory for purposes of this XXXX.

Sale, Lease or Transfer of Property. a. a) Owner expressly acknowledges and agrees that a sale, lease, exchange, assignment, or other transfer of all or any portion of the Project Property (“"Disposition”") shall not relieve Owner or any subsequent transferee of its obligations under this XXXX. Owner shall include by incorporation by reference or verbatim the requirements and restrictions contained in this XXXX in any deed or other conveyance documents with respect to a Disposition and shall obtain the express agreement from any transferee to assume in writing all duties and obligations of Owner under this XXXX. If the proposed transferee with respect to a Disposition of all (but not a part of the ProjectProperty) has agreed to perform the obligations of Owner under this XXXX pursuant to an assumption agreement approved by ACC the City in accordance with the terms and conditions hereof (such approval not to be unreasonably conditioned, withheld or delayed)hereof, Owner shall be released from its obligations hereunder, and ACC the City shall upon request, execute a release by recordable written instrument effecting such release. b. b) The restrictions contained in the foregoing provisions of this Section 6 shall not be applicable to the following: (i) grants of any utility related easements and all easements and/or utility and other service related leasesleases or easements, including without limitation, laundry service leases or television cable easements, over portions of the Property, provided the same are granted in the ordinary course of business in connection with the development and operation of the Property, (ii) leases of Residential Rental Dwelling Units to Income Eligible Workforce Residents or to other tenants of Residential Rental Dwelling Units, or (iii) any sale or conveyance to a condemning governmental authority as a direct result of a condemnation or a governmental taking or a threat thereof, and (iv) those certain declarations of restrictions, easements and covenants that will benefit and encumber the Property, to be recorded in connection with Owner’s acquisition of the Property, provided, that the same have first been reviewed by ACC and deemed by it to be satisfactory for purposes of this XXXX.

Sale, Lease or Transfer of Property. a. a) Owner expressly acknowledges and agrees that a sale, lease, exchange, assignment, or other transfer of all or any portion of the Project Property (“"Disposition”") shall not relieve Owner or any subsequent transferee of its obligations under this XXXXAgreement. Owner shall include by incorporation by reference or verbatim the requirements and restrictions contained in this XXXX Agreement in any deed or other conveyance documents with respect to a Disposition and shall obtain the express agreement from any transferee to assume in writing all duties and obligations of Owner under this XXXXAgreement. If the proposed transferee with respect to a Disposition of all (but not a part of the ProjectProperty) has agreed to perform the obligations of Owner under this XXXX Agreement pursuant to an assumption agreement approved by ACC the City in accordance with the terms and conditions hereof (such approval not to be unreasonably conditioned, withheld or delayed)hereof, Owner shall be released from its obligations hereunder, and ACC the City shall upon request, execute a release by recordable written instrument effecting such release. b. b) The restrictions contained in the foregoing provisions of this Section 6 shall not be applicable to the following: (i) grants of any utility related easements and all easements and/or utility and other service related leasesleases or easements, including without limitation, laundry service leases or television cable easements, over portions of the Property, provided the same are granted in the ordinary course of business in connection with the development and operation of the Property, ; (ii) leases of Residential Rental Dwelling Units to Income Eligible Workforce Residents or to other tenants of Residential Rental Dwelling Units; (iii) the income restrictions of Section 2(b)(ii) shall be waived in order to facilitate the transfer of title out of the estate of deceased individual Owner via a probated Will or Letters of Administration, but all other Affordability Requirements remain enforceable during the Affordability Period; (iv) the Property is foreclosed by any lender other than the City, or seized without payment by a governmental agency (as such, these Covenants shall automatically terminate, and the City shall execute any releases required for recording to confirm said termination upon written notice); or, (iiiv) any sale or conveyance to a condemning governmental authority as a direct result of a condemnation or a governmental taking or a threat thereof, and (iv) those certain declarations of restrictions, easements and covenants that will benefit and encumber the Property, to be recorded in connection with Owner’s acquisition of the Property, provided, that the same have first been reviewed by ACC and deemed by it to be satisfactory for purposes of this XXXX.

Sale, Lease or Transfer of Property. a. Owner expressly acknowledges and agrees that a sale, lease, exchange, assignment, or other transfer of all or any portion of the Project (“Disposition”) shall not relieve Owner or any subsequent transferee of its obligations under this XXXX. Owner shall include by incorporation by reference or verbatim the requirements and restrictions contained in this XXXX in any deed or other conveyance documents with respect to a Disposition and shall obtain the express agreement from any transferee to assume in writing all duties and obligations of Owner under this XXXX. If the proposed transferee with respect to a Disposition of all (but not a part of the Project) has agreed to perform the obligations of Owner under this XXXX pursuant to an assumption agreement approved by ACC in accordance with the terms and conditions hereof (such approval not to be unreasonably conditioned, withheld or delayed), Owner shall be released from its obligations hereunder, and ACC shall upon request, execute a release by recordable written instrument effecting such release. b. The restrictions contained in the foregoing provisions of this Section 6 76 shall not be applicable to the following: (i) grants of any and all easements and/or utility and other service related leases, including without limitation, laundry service leases or television cable easements, over portions of the Property, provided the same are granted in the ordinary course of business in connection with the development and operation of the Property, (ii) leases of Residential Dwelling Units to Income Eligible Residents or to other tenants of Residential Dwelling Units, (iii) any sale or conveyance to a condemning governmental authority as a direct result of a condemnation or a governmental taking or a threat thereof, and (iv) those certain declarations of restrictions, easements and covenants that will benefit and encumber the Property, to be recorded in connection with Owner’s acquisition of the Property, provided, that the same have first been reviewed by ACC and deemed by it to be satisfactory for purposes of this XXXX.