Common use of Transfer, Encumbrance and Disposition of Property Clause in Contracts

Transfer, Encumbrance and Disposition of Property. The Land Trust shall not transfer, sell, dispose of or encumber any Property, portion of the Property or interest in Property secured with funding under this Agreement, without the prior written approval of ECCC and NCC. In addition, any proposed transfer, sale or disposition of the Land Trust interest in Property shall only be considered for approval if: (i) it is to made in favour of a Receiving Entity as defined in this Agreement, and (ii) the Receiving Entity signs an assumption agreement satisfactory to NCC in which the Receiving Entity agrees to assume the obligations of the Land Trust and be bound by the terms of this Agreement.

Transfer, Encumbrance and Disposition of Property. The Land Trust shall not transfer, sell, dispose of or encumber any Property, portion of the Property or interest in Property secured with funding under this Agreement, without the prior written approval of ECCC and NCCWHC. In addition, any proposed transfer, sale or disposition of the Land Trust interest in Property shall only be considered for approval if: (i) it is to made in favour of a Receiving Entity as defined in this Agreement, and (ii) the Receiving Entity signs an assumption agreement satisfactory to NCC WHC in which the Receiving Entity agrees to assume the obligations of the Land Trust and be bound by the terms of this Agreement.