Undivided Interests Clause Samples
The Undivided Interests clause defines how multiple parties share ownership rights in a property or asset without physically dividing it into separate portions. In practice, each party holds a proportional interest in the whole asset, meaning all owners have equal rights to use and benefit from the entire property, regardless of their individual share size. This arrangement is commonly used in real estate or joint ventures, ensuring that no single owner can claim a specific physical section as exclusively theirs. The core function of this clause is to clarify ownership structure and prevent disputes over physical division, thereby facilitating joint management and use of shared assets.
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Undivided Interests. The ownership of each Condominium in the Project shall include a Unit and a fifty percent (50%) undivided interest in the Common Area. The Common Interest appurtenant to each Unit is declared to be permanent in character and cannot be altered without the consent of the Owners of both of the Units. Such Common Interest cannot be separated from the Unit to which it is appurtenant. Each Owner of a Unit may use the Common Area in accordance with the purposes for which it is intended, in accordance with this Declaration and the Rules, without hindering the exercise of or encroaching upon the rights of the other Owner.
Undivided Interests. If the interest claimed by Owner in any part of the lands described in Exhibit A is less than 100%, the interest claimed by Owner is set forth in Exhibit A. Any representation or warranty of title made by Owner shall apply only to the interest set forth in Exhibit A. The royalty provided for in the paragraph entitled “Royalty” shall be reduced so as to be proportional to the interest set forth in Exhibit A with respect to each part of the Property. If Owner owns or hereafter acquires an interest in any part of the lands described in Exhibit A greater than that set forth in Exhibit A, such interest shall be deemed a part of the Property, Exhibit A shall be deemed amended to include such interest, and the royalty payable under this Agreement with respect to that portion of the Property shall be increased proportionally.
Undivided Interests. Pursuant to the Lease Assignment, the Right of Way Assignment, the Operator Assignment and the Asset Transfer Documents (collectively, the "Conveyance Documents"), the Project Partnerships' fractional undivided interests (each an "Interest") in the Right of Way Grants as of the Effective Date, and in the Leases and the Pre-Existing Assets as of the date the assignment, transfer and conveyance of the same to the Project Partnerships is completed (the "Transfer Completion Date"), is and/or will be as follows: Project Partnership: Interest: ----------- -------- CED 33-1/3; CPD 33-1/3; and
CFP 33-1 3. Each Project Partnership's Interest shall remain as set forth above regardless of any Additional Assets (as that term is defined below) placed on the Leasehold Premises or the Right of Way Property (collectively, the "Property").
Undivided Interests. 1. The Member Entities acknowledge and agree that the Member Entities are the beneficial owners of all real and personal property, rights of way, permits, and easements used in the joint and cooperative undertaking and that Central Valley shall hold legal title to said real and personal property, rights of way, permits, and easements in trust for and in behalf of the Member Entities in conformance with the terms of this Agreement. The beneficial ownership percentages of the Member Entities in the first phase of the treatment works were the adjusted ownership percentages stated in section II. J. Figure 3.
2. In the event that any asset of Central Valley, other than real property, is sold by Central Valley, the proceeds, if any from the sale, may, at the option of the Member Entities:
(i) be used as a credit to offset the remaining contribution required by the Member Entities for the operation and maintenance of Central Valley in the respective amounts due and owing as of the year in which said assets are sold, calculated pursuant to Section V. C. 2., or (ii) be distributed pursuant to their single Post 2016 Ownership interest, as defined in Section III. E.
3. In the event any real property, acquired prior to January 1, 2017, is sold by Central Valley, the proceeds of such sale shall be distributed directly to the Member Entities in accordance with the revised adjusted beneficial ownership percentages stated in Section II. J. Figure 3. Proceeds from the sale of real property, acquired after January 1, 2017, shall be distributed to the Member Entities in accordance with their single Post 2016 Ownership interest as defined in Section III. E. herein.
Undivided Interests. Upon the request of the owners of a majority Indian interest in land in which any undivided interest is held under a trust or other patent containing restrictions on alienations, the Sec- retary of the Interior is authorized to sell all undivided Indian trust or restricted interests in any part of the timber on such land.
Undivided Interests. If Owner owns or hereafter acquires an interest in any part of the Premises greater than that set forth in this Agreement, such interest shall be deemed a part of the Premises and the description of the Premises shall be deemed amended to include such interest.