Transfer to Heirs; Divorce Sample Clauses

Transfer to Heirs; Divorce. Upon receipt of notice from the executor of the Owner’s estate, trustee of a testamentary trust, or a life partner designated by the Owner on a form maintained by CLT (the “Designated Partner”), given within ninety (90) days of Owner’s death, CLT shall consent to a transfer of the Residential Unit to and by the surviving family member or Designated Partner of the deceased who resides in the Residential Unit so long as they have lived in the unit for at least one year. Any such surviving family member or Designated Partner shall execute all documentation required by CLT for transfer of the Residential Unit and shall abide by all the provisions of this Ground Lease; provided, however, that any such surviving family member or Designated Partner need not be an Income Eligible Buyer to be deemed by CLT to be a Qualified Buyer. Any other family member who inherits the Residential Unit from an Owner, or who otherwise receives ownership of the Residential Unit (e.g., through a divorce settlement), must demonstrate to CLT’s reasonable satisfaction that they meet the requirements of an Income Eligible Buyer or Employee of Lessor to be deemed by CLT to be a Qualified Buyer. If such person is unable to do so, then such person shall not be entitled to possession of the Residential Unit, and such person shall sell the Residential Unit according to this Ground Lease (Forced Sale) and the Guidelines. Any natural persons who are deemed by CLT, in its sole discretion, to meet the foregoing described requirements for either an “Employee of Lessor” and/or an “Income Eligible Buyer” shall be referred to herein as a “Qualified Buyer” and upon the purchase of the Residential Unit, the “Owner”.
Sample 1
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Related to Transfer to Heirs; Divorce

  • Assignment This Agreement and all rights and obligations hereunder may not be assigned without the written consent of the other party.

  • Governing Law This Agreement shall be governed by and construed in accordance with the laws of the State of New York.

  • General Provisions In connection with any Registration Statement and any Prospectus required by this Agreement to permit the sale or resale of Transfer Restricted Securities (including, without limitation, any Registration Statement and the related Prospectus required to permit resales of Initial Securities by Broker-Dealers), each of the Company and the Guarantors shall:

  • Taxes The Company shall pay, and shall cause each of its Subsidiaries to pay, prior to delinquency, all material taxes, assessments, and governmental levies except such as are contested in good faith and by appropriate proceedings or where the failure to effect such payment is not adverse in any material respect to the Holders of the Notes.

  • Miscellaneous The Vendor acknowledges and agrees that continued participation in TIPS is subject to TIPS sole discretion and that any Vendor may be removed from the participation in the Program at any time with or without cause. Nothing in the Agreement or in any other communication between TIPS and the Vendor may be construed as a guarantee that TIPS or TIPS Members will submit any orders at any time. TIPS reserves the right to request additional proposals for items or services already on Agreement at any time.

  • Termination This Agreement may be terminated at any time prior to the Closing:

  • Confidentiality (a) Subject to Section 7.15(c), during the Term and for a period of three

  • Limitation of Liability No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant to purchase Warrant Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of the Holder for the purchase price of any Common Stock or as a stockholder of the Company, whether such liability is asserted by the Company or by creditors of the Company.

  • Definitions As used in this Agreement, the following terms shall have the following meanings:

  • Notices Any notice, request or other document required or permitted to be given or delivered to the Holder by the Company shall be delivered in accordance with the notice provisions of the Purchase Agreement.

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