Common use of Transfers Upon Death Clause in Contracts

Transfers Upon Death. Upon the death of the Owner, or, if there is more than one Owner, the last surviving Owner, the Owner's executor(s) or administrator(s) shall, on or before the first business day occurring ninety (90) days after said Owner's death, cause the Monitoring Agent to receive written notice of the date of the Owner's death, of whether or not said Owner died intestate, and of the identity, address and relationship of all known heirs and devisees. In the event that a will is admitted for probate by a Court of competent jurisdiction, a copy of such will and all allowed codicils thereto shall be provided to the Monitoring Agent. Upon receipt of such notice, the Monitoring Agent shall consent (which consent must be recorded in the Dukes County Registry of Deeds) to a transfer of the Premises to the spouse of the Owner, or the child or children of the Owner, provided that the spouse or child/children demonstrate to the Monitoring Agent that: (i) the Premises is the principal residence of such spouse or child/children, or shall be upon said Owner’s death, (ii) the spouse or child/children is an Eligible Purchaser, and (iii) the Premises is the only real property currently owned by the spouse or child/children. The resale and transfer procedures and restrictions of Sections 3 and 4 above, and all other provisions of this Covenant, shall apply to any sale, transfer or other disposition of the Premises to any individual other than the Owner’s spouse or child/children, as permitted above, and shall apply to any sale, transfer or other disposition of the Premises from the Owner’s spouse or child/children. Said spouse or child/children (“Second Generation Owner”) must sign a new covenant at the time of transfer to said Second Generation Owner, which new covenant shall provide a similar Transfer Upon Death Clause so that the Premises may pass down to the spouse or child/children of the Second Generation Owner upon death and so on through the generations, provided that all other terms of this paragraph are met, including but not limited to the requirement that the Premises is the principal residence of such spouse or child/children.

Transfers Upon Death. Upon the death of the Owner, or, if there is more than one Owner, the last surviving Owner, the Owner's executor(s) or administrator(s) shall, on or before the first business day occurring ninety (90) days after said Owner's death, cause the Monitoring Agent to receive written notice of the date of the Owner's death, of whether or not said Owner died intestate, and of the identity, address and relationship of all known heirs and devisees. In the event that a will is admitted for probate by a Court of competent jurisdiction, a copy of such will and all allowed codicils thereto shall be provided to the Monitoring Agent. Upon receipt of such notice, the Monitoring Agent shall consent (which consent must be recorded in the Dukes Xxxxx County Registry of Deeds) to a transfer of the Premises to the spouse of the Owner, or the child or children of the Owner, provided that the spouse or child/children demonstrate to the Monitoring Agent that: (i) the Premises is the principal residence of such spouse or child/children, or shall be upon said Owner’s death, (ii) the spouse or child/children is an Eligible Purchaser, and (iii) the Premises is the only real property currently owned by the spouse or child/children. The resale and transfer procedures and restrictions of Sections 3 and 4 above, and all other provisions of this Covenant, shall apply to any sale, transfer or other disposition of the Premises to any individual other than the Owner’s spouse or child/children, as permitted above, and shall apply to any sale, transfer or other disposition of the Premises from the Owner’s spouse or child/children. Said spouse or child/children (“Second Generation Owner”) must sign a new covenant at the time of transfer to said Second Generation Owner, which new covenant shall provide a similar Transfer Upon Death Clause so that the Premises may pass down to the spouse or child/children of the Second Generation Owner upon death and so on through the generations, provided that all other terms of this paragraph are met, including but not limited to the requirement that the Premises is the principal residence of such spouse or child/children.

Transfers Upon Death. Upon the death of the Owner, or, if there is more than one Owner, the last surviving Owner, the Owner's executor(s) or administrator(s) shall, on or before the first business day occurring ninety (90) days after said Owner's death, cause the AHC and the Monitoring Agent to receive written notice of the date of the Owner's death, of whether or not said Owner died intestate, and of the identity, address and relationship of all known heirs and devisees. In the event that a will is admitted for probate by a Court of competent jurisdiction, a copy of such will and all allowed codicils thereto shall be provided to the Monitoring AgentTownAHC. Upon receipt of such notice, the Monitoring Agent AHC shall consent (which consent must be recorded in the Dukes Xxxxx County Registry of Deeds) to a transfer of the Premises to the spouse of the Owner, or the child or children of the Owner, provided that the spouse or child/children demonstrate to the Monitoring Agent AHC that: (i) the Premises is the principal residence of such spouse or child/children, or shall be upon said Owner’s death, (ii) the spouse or child/children is an Eligible Purchaser, and (iii) the Premises is the only real property currently owned by the spouse or child/children. The resale and transfer procedures and restrictions If the Premises will not be the principal residence of Sections 3 and 4 abovesuch spouse or child/children then, and all other following the Owner’s death, said spouse or child/children has the right to affordably lease the Premises within therestrictionsandguidelinesofSection6ofthiscovenant.Saidspouseorchild/childrennotresidingonthePremisesastheprincipalresidenceisexcludedtherightoleasethePremisesforonemonthathemarketratevalue.TheresaleandtransferproceduresandrestrictionsofSections3and4above,andalother provisions of this Covenant, shall apply to any sale, transfer or other disposition of the Premises to any individual other than the Owner’s spouse or child/children, as permitted above, and shall apply to any sale, transfer or other disposition of the Premises from the Owner’s spouse or child/children. Said spouse or child/children (“Second Generation Owner”) must sign a new covenant at the time of transfer to said Second Generation Owner, which new covenant shall provide a similar Transfer Upon Death Clause so that the Premises may pass down to the spouse or child/children of the Second Generation Owner upon death and so on through the generations, provided that all other terms of this paragraph are met, including but not limited to the requirement that the Premises is the principal residence of such spouse or childrequirementthatthePremisesistheprincipalresidenceofsuchspouseorchild/children,orrentedaffordablyasprovidedabove.