Sale of Club. In all instances of the sale, trade, exchange or other change or transfer in the ownership of a franchise, all obligations owed to present or for- mer Players arising under a Uniform Player’s Contract shall be the obligation of the new ownership of such franchise.
Sale of Club. The Club shall make a good faith effort, for at least a ninety- (90) day period, to find a Local Buyer if the Club’s right, title and interest to the Franchise, or a Controlling Interest in the ownership of the Club, are offered for sale (either being a “Sale of Club”). “Local Buyer”, as used herein, refers to one or more buyers, of whom the general partner or controlling partner’s principal residence or place of business has been in the State for at least the previous ten (10) years. “Controlling Interest”, as used herein, means (i) ownership of more than fifty percent (50%) of all outstanding equity in the Club; (ii) ownership of more than fifty percent (50%) of the general partnership interest in the Club if the Club is a partnership; (iii) ownership of more than fifty percent 50% of the manager or managing member interests if the Club is a limited liability company; or (iv) control of a majority of the voting interests in the Club either by ownership or contract. Any sale, bequest, gift or other transfer (a) among current Club owners or their heirs (or any new entities formed by such individuals or entities, and any transfers within such new entities) and successors so long as the assignee or successor assumes the responsibilities and obligations of this Agreement by operation of law or otherwise, or (b) between a Club owner and its heirs (or any new entities formed by such individuals or entities), shall not be considered a Sale of Club and therefore not subject to this Article 16.
Sale of Club. In the event the Club or any substantial portion thereof is sold or transferred in fee or leased, Club Owner shall use its reasonable commercial efforts to cause the transferee to expressly assume the obligations of Club Owner under this Agreement. In the event, the new fee owner or lessor of the Club does not assume this Agreement, the Club Owner shall rebate to the Association a prorated amount of the Subsidy Payment paid for the year in which the Club is sold and this Agreement shall terminate as of the date the Club is sold or leased and neither party shall have any further obligations hereunder.
Sale of Club. In the event of the sale or disposal of the Club to another company or to any other person we may transfer your membership to the new owner. In such circumstances you will continue as a member of the Club and continue to pay your membership fees provided no changes to these terms or the Club rules having a material adverse effect on your use of the Club are made by the new owner. Any such disposal will not affect your contractual or statutory rights.
