Common Facilities Agreement definition
Examples of Common Facilities Agreement in a sentence
As confirmation of the occurrence of such conveyance, upon satisfaction of the terms and conditions set forth in the Common Facilities Agreement for such conveyance, the applicable Parties shall execute and record a separate memorandum evidencing such conveyance for recording in the real property records.
Capitalized terms used herein which are not defined shall have the meanings given to them in the Common Facilities Agreement.
Each obligation of the Parties under the Common Facilities Agreement is a covenant running with the land and will inure to the benefit of and be binding upon, as applicable, the successors and assigns of the Parties, with respect to all such Persons’ respective interests in the Common Facilities.
This Memorandum shall automatically terminate and be of no force or effect upon any termination of the Common Facilities Agreement.
The Parties each have rights, duties, and obligations (and conditions to its rights) under the Common Facilities Agreement which are not stated in this Memorandum.