Tenants in Common. In this instance, it is the express intention of the (joint) Account holders to create an account or estate as tenants-in-common; the percentage of ownership of each Account holder shall be as indicated on the Account Opening Application Form(s); any taxes, costs or expenses payable as a result of the death of an Account holder shall, so far as possible, be deducted from the interest of the estate of the deceased Account holder; this provision shall not release the deceased Account holder’s estate from the liabilities that are provided for hereinafter; unless expressly stated otherwise on the Account Opening Application Form(s), each (joint) Account holder shall be deemed to have an equal share in the (joint) Account.
Tenants in Common. Each owner obtains a certain undivided percentage interest in the property (the interests may be split in equal or unequal portions, for example: two owners may have a 50/50% split, or 60/40%, or 90/10%, etc.). Unlike a joint tenancy, tenants in common do not have reciprocal rights of survivorship. If a tenant in common dies, his or her interest will pass according to the terms of his or her Last Will and Testament, or under the laws of intestate succession if he/she dies without a Will. Unless otherwise set forth, a tenancy in common is presumed to create equal undivided interests. Purchasers may indicate a different breakdown as follows: Buyer #1 %; Buyer #2 %; Buyer #3 %; Buyer #4 %.
Tenants in Common. XXX − Optional designation of beneficiaries for individual joint owners with rights of survivorship or tenants by the entireties. (Please complete Transfer on Death Registration Form. You may download the form at xxx.xxxxxxxxxxxxxxxxxxxxxxxx.xxx) Under the UGMA/UTMA of the State of
Tenants in Common. Upon the recording of such notice, the Unit Owners shall be deemed to be tenants in common in the Agency Space and the Board shall cause an appraisal to be made by a disinterested appraiser of recognized competence in the valuation of property of the nature and in the locality in which the Facility is situated, which appraisal shall set forth an opinion as to the value of the Agency Space as it then exists, together with an opinion of any incremental value, if any, which would accrue if the Agency Space were razed.
Tenants in Common. (a) Each Borrower shall timely perform all of its obligations under the TIC Agreement. Borrower shall give prompt written notice to Lender of any default under the TIC Agreement.
(b) Borrower shall not terminate, cancel, amend, modify, renew or extend the TIC Agreement, or add new parties thereto, or enter into any other agreement relating to the ownership, management or operation of the Property without the prior written consent of Lender and Lender’s receipt of a Rating Agency Confirmation. Any violation of the foregoing shall be an automatic Event of Default hereunder. Borrower covenants and agrees that Lender shall be and hereby is made an intended third party beneficiary of the TIC Agreement. Notwithstanding the foregoing, any action (or inaction) by a Borrower that constitutes an Event of Default hereunder, although such action (or inaction) is permitted under the terms of the TIC Agreement, shall nevertheless constitute an Event of Default hereunder and shall not be deemed waived by virtue of such action (or inaction) being permitted under the TIC Agreement.
(c) Notwithstanding any provisions of applicable Legal Requirements or the TIC Agreement to the contrary, until the indefeasible payment and discharge in full of the Debt, each Borrower agrees, jointly and severally, that it shall not (and hereby waives, to the fullest extent possible under applicable law, any right to) file, commence, seek or prosecute an action for partition or forced sale of the Property and/or Improvements or any portion thereof.
(d) It is agreed by each Borrower that Medalist Fund Manager, Inc.
(i) at all times during the term of the Loan, shall act, directly or indirectly, as the operating manager for the Property on behalf of Borrower, (ii) is authorized to be the sole contact and notice party for the Lender with respect to the Loan and shall act as each Borrower’s attorney-in-fact to receive all notices, including, without limitation, service of process for each Borrower and (iii) shall keep all books and records pertaining to the Loan separate from any other property of any other Borrower.
(e) During the term of the Loan, each Borrower hereby waives any and all security interests and rights to impose a lien (including, without limitation, with respect to capital calls) under the TIC Agreement, and any other rights arising from state law, against the Property and the interests of any other party to the TIC Agreement. Each Borrower hereby waives any and all rights of subr...
Tenants in Common. The Pluto Property will be held in the names of the Parties jointly as tenants in common, in proportion to their interests. Legal title to the Property will be transferred and held in the name of the Operator in trust for the benefit of the Joint Venture.
Tenants in Common under Uniform (Minor) Transfers to Minors Act ................... (State) XXX - transfer on death direction in event owner's death, to person named on face and subject to XXX rules referenced Additional abbreviations may also be used though not in the above list.
Tenants in Common. It is the intent of the Parties that each New Common Facilities Owner shall be treated as the owner of the New Common Facilities to the extent of its Composite Component Ownership Interest, and that the Parties shall not be treated as partners, for federal, state or local income tax purposes. Each Party agrees and covenants that it shall not take or omit to take any action or reporting position with any Governmental Authority contrary to this Section 7.1. Furthermore, each Party agrees that to the extent permitted by Section 761 of the Code and the Treasury Regulations thereunder, it will, in a timely manner, cooperate in ERGS SC’s filing of the election provided for in Section 1.761-2(b) of the Treasury Regulations to elect out of the provisions of Subchapter K of the Code.
Tenants in Common. (a) The TIC Agreement is in full force and effect, there are no defaults or violations of any party thereunder and Borrower has delivered a true and accurate copy of the TIC Agreement to Lender.
(b) The TIC Agreement, or a memorandum thereof, has been, or will be, recorded in the official public records of the county in which the Property is located prior to, contemporaneously with, or promptly after the recordation of the Security Instrument.
(c) The TIC Agreement appoints a single party to handle the day-to-day management of the Property.
(d) Each of the representations and warranties set forth in this Agreement and each of the other Loan Documents is made equally by each Borrower (unless otherwise expressly provided) except that each such representation and warranty concerning Borrower is made by each of TIC Borrower 1 and TIC Borrower 2 solely with respect to itself; provided, however, that nothing herein shall in any manner limit the joint and several liability of TIC Borrower 1 and TIC Borrower 2 pursuant to the Loan Documents; and provided further than in no event shall any misrepresentation by either of TIC Borrower 1 or TIC Borrower 2 give rise to any claim, offset or defense under the Loan Documents in favor of the other.
Tenants in Common. Pending the occurrence of the Divesting Events and thereafter, WEPCo and Wolverine shall own, hold, use, enjoy, transfer, alien, grant, convey and mortgage title to the Property as tenants-in-common subject in all respects to and upon the terms, conditions, covenants and limitations set forth in (i) this Deed, (ii) the Agreement, and (iii) the Operating Agreement.
