Examples of Remaining Owners in a sentence
The purchase by Remaining Owners shall occur on the specified date unless otherwise agreed by all owners.
If they are unable to agree, then the Departing Owner shall select an appraiser and the Remaining Owners shall collectively select an appraiser to appraise the Property.
At closing, each of the Remaining Owners shall purchase its pro rata (as among all Remaining Owners) share of the Departing Owner’s interest in the Property and each may elect to pay the Departing Owner in cash or via seller financing within the following limitations: o Down payment at closing of no less than fifteen percent (15%) of the sales price.
The Remaining Owner(s) of the Entity shall have one hundred eighty (180) days from receipt of notice of the Deceased Owner’s death (“Death Option Period”) within which to exercise their Death Options and to purchase the Interests of the Deceased Owner and his Spouse.
The Death Option granted in Section 2.01(a) in favor of the Remaining Owners of the same class of Interests as that of the Deceased Owner and/or his Spouse shall be joint and several vis-a-vis the Remaining Owners who exercise the Death Option to purchase the Interests of the Deceased Owner and his Spouse.
In the absence of any such written agreement, these Remaining Owners shall share the Death Option in accordance with the percentage of the Interests of each Remaining Owner in the class of Interests as the Deceased Owner as of the date of commencement of the Death Options pursuant to Section 2.01(a) shall bear to the total percentage Interests of all Remaining Owners of the same class of Interests as the Deceased Owner as of the date of commencement of the Death Options who exercise the Death Option.
If the Remaining Owner(s) fails to exercise the Death Option within the one hundred eighty (180) day time period, then the Entity shall purchase the Interests of the Deceased Owner and his Spouse within ninety (90) days of the end of the Death Option Period or receipt of notice of all of the Remaining Owners’ decisions not to exercise the Death Option, whichever first occurs, to purchase all of the Interests of the Deceased Owner and his Spouse.
However, if less than all of the said Remaining Owners exercise the Death Option, then the Interests covered by the Death Option over which the Death Option is not exercised may be exercised in similar proportions by the said Remaining Owner(s) who purchase Interests pursuant to this Section 2.01(a), it being understood that only one (1) Remaining Owner may wind up exercising a Death Option for up to all of the Interests of the Deceased Owner and his Spouse.
If the Remaining Owner(s) do not exercise the Death Option to purchase all of the Interests of the Deceased Owner and/or his Spouse for any reason, then the Entity hereby is obligated to redeem the Interests of the Deceased Owner and/or his Spouse that are not purchased by the Remaining Owner(s).
The restriction imposed by this Section shallexpire five (5) years from the date hereof.5 Developer, Remaining Owners and Affiliates acknowledge that this restriction is essential to Fairfield’s business and profitability and further acknowledge that the application or operation thereof shall not involve a substantial hardship upon the future business of Developer, any Remaining Owners or any Affiliate of Developer.