Common use of Assignment or Transfer of Property Clause in Contracts

Assignment or Transfer of Property. (a) Subject to the terms hereof and of the Real Estate Purchase and Sale Agreement, Developer represents and warrants it will not sell or otherwise convey its contract interest or its title to the Property to be acquired by Developer or transfer or assign or approve any transfer or assignment of any beneficial interest in the Property other than to an affiliated entity or to the purchaser of all interest of the Developer, until Final Completion of the Project. (b) Upon transferring title in the Subject Property, the obligations of Developer under this Agreement may be modified as defined in Section 12.(b) below. (c) Upon execution of this Agreement, the parties shall also execute a Memorandum of Agreement in the form attached as Exhibit E to this Agreement. Village shall record that Memorandum of Agreement upon transfer of title to Developer or Developer’s nominee under the Purchase Agreement between Village and Developer. Upon Developer’s compliance with its transfer obligations under this Agreement, Village shall release the Memorandum of Agreement.

Assignment or Transfer of Property. (a) Subject to the terms hereof and of the Real Estate Purchase and Sale Agreement, Developer represents and warrants it will not sell or otherwise convey its contract interest or its title to the Property to be acquired by Developer or transfer or assign or approve any transfer or assignment of any beneficial interest in the Property other than to an affiliated entity or to the purchaser of all interest of the Developer, until Final Completion of the Project. (b) Upon After transferring title in the Subject Property, the obligations of Developer under this Agreement may be modified as defined in Section 12.(b) below. (c) Upon execution of this Agreement, the parties shall also execute a Memorandum of Agreement in the form attached as Exhibit E D to this Agreement. The Village shall record that Memorandum of Agreement upon transfer of title to Developer or Developer’s nominee under the Purchase Agreement between Village and Developer. Upon Developer’s compliance with its transfer obligations under this Agreement, Village shall release the Memorandum of Agreement.