Common use of TITLE RESTRICTIONS Clause in Contracts

TITLE RESTRICTIONS. Unless otherwise agreed in writing between OWEB and Grantee, the conveyed Property Interest will affect a property area substantially the same as the Property depicted on Exhibit A. Grantee shall provide to OWEB the legal description of the Property as soon as it is available to Grantee. In accordance with ORS 541.960 the Property Interest shall be made subject to title restrictions that are consistent with the Project Purpose and give the OWEB Board the authority to approve, approve with conditions or deny the subsequent sale or transfer of the Property Interest by Grantee. Under no circumstances will the OWEB Board approve a subsequent sale or transfer of the Property Interest if the sale or transfer results in Grantee or any other person receiving a Profit, as that capitalized term is defined in OAR 695-045-0010(2). OWEB, at its sole discretion, will determine the sufficiency of title restrictions to be placed on the Property Interest in fulfillment of title restriction requirements under ORS 541.960.

TITLE RESTRICTIONS. Unless otherwise agreed in writing between OWEB and Grantee, the conveyed Property Interest will affect a property area substantially the same as the Property depicted on Exhibit A. Grantee shall provide to OWEB the legal description of the Property as soon as it is available to Grantee. In accordance with ORS 541.960 the Property Interest shall be made subject to title restrictions that are consistent with the Project Purpose and give the OWEB Board the authority to approve, approve with conditions or deny the subsequent sale or transfer of the Property Interest by Grantee. Under no circumstances will the OWEB Board approve a subsequent sale or transfer of the Property Interest if the sale or transfer results in Grantee or any other person receiving a Profit, as that capitalized term is defined in OAR 695-045-0010(2695‐045‐0010(2). OWEB, at its sole discretion, will determine the sufficiency of title restrictions to be placed on the Property Interest in fulfillment of title restriction requirements under ORS 541.960.