Xxxx of Beneficial Interest Sample Clauses

Xxxx of Beneficial Interest. (a) If the beneficial interest of a Withdrawing Party is to be sold, the Member shall notify each other owner in the Withdrawing Party’s family line in writing of the purchase option. The option price of the interest shall be the value of the aggregate fractional beneficial interests in the Camp, as determined at that time by an appraiser selected by the Pocono Lake Preserve management, multiplied by the percentage interest of the selling owner. Each other owner in the Withdrawing Party’s family line shall have 90 days to exercise his or her purchase option. If more than one owner elects to purchase the interest, the interest shall be divided between or among them as they may agree or, in the absence of an agreement, in proportion to their existing interests. To the extent agreed upon by that family line, the Withdrawing Party may also sell his or her interest to one or more other members of that family line for less than the option price. If no owner in that family line elects to purchase the interest, the Member shall notify the owners in the other family line in writing that they have the option to purchase the interest on the same terms, exercisable for a period of 90 days. Settlement on the purchase shall take place within 90 days after exercise of the option and payment shall be by cash or by delivery of a promissory note with a term of not longer than 10 years, level annual payments of principal and interest at the then applicable federal interest rate for long-term obligations. Any arrearages of a Defaulting Party or Withdrawing Party shall be deducted before delivery of the sale proceeds to the Defaulting or Withdrawing Party.
Sample 1
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Related to Xxxx of Beneficial Interest

  • 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.

  • 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:

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

  • IN WITNESS WHEREOF the parties hereto have executed this Agreement as of the day and year first above written.

  • 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.

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

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

  • Severability Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

  • Representations and Warranties Borrower represents and warrants as follows:

  • Amendment This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company and the Holder.

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