Common use of Transfer of Interest in Vessel Clause in Contracts

Transfer of Interest in Vessel. Should Vessel Owner sell or otherwise transfer any interest in the Vessel, with the intent to continue to occupy the Dry-Storage Facility with the same Vessel, Vessel Owner shall provide Dry-Storage Facility with all bona fide purchase and sales information detailing the transaction. This may include but is not limited to purchase agreement, promissory notes, cancelled checks and tax receipts. Failure to provide adequate documentation of sales transaction including percentage of interest sold, shall be considered grounds for immediate termination of this Agreement. The sales transaction for a partial interest in a Vessel Owner vessel must detail sufficient and appropriate compensation in the sole judgement of the Manager for the purchased interest. All purchase and sales information must be provided to the Manager within five (5) days of the transaction or this Agreement may be immediately terminated.

Transfer of Interest in Vessel. Should Vessel Owner sell or otherwise transfer any interest in the Vessel, with the intent to continue to occupy the Dry-Storage Facility slip with the same Vessel, Vessel Owner shall provide Dry-Storage Facility Marina with all bona fide purchase and sales information detailing the transaction. This may include but is not limited to purchase agreement, promissory notes, cancelled checks and tax receipts. Failure to provide adequate documentation of sales transaction including percentage of interest sold, shall be considered grounds for immediate termination of this Agreement. The sales transaction for a partial interest in a Vessel Owner vessel must detail sufficient and appropriate compensation in the sole judgement of the Manager for the purchased interest. All purchase and sales information must be provided to the Manager within five (5) days of the transaction or this Agreement may be immediately terminated.

Transfer of Interest in Vessel. Should Vessel Owner sell or otherwise transfer any interest in the Vessel, with the intent to continue to occupy the Dry-Storage Facility slip with the same Vessel, Vessel Owner shall provide Dry-Storage Facility Xxxxxx with all bona fide purchase and sales information detailing the transaction. This may include but is not limited to purchase agreement, promissory notes, cancelled checks and tax receipts. Failure to provide adequate documentation of sales transaction including percentage of interest sold, shall be considered grounds for immediate termination of this Agreement. The sales transaction for a partial interest in a Vessel Owner vessel must detail sufficient and appropriate compensation in the sole judgement of the Manager for the purchased interest. All purchase and sales information must be provided to the Manager within five (5) days of the transaction or this Agreement may be immediately terminated.