Common use of Authorization to Transact Business Clause in Contracts

Authorization to Transact Business. If The Developer or any Development Team Member is a stock or nonstock corporation, limited liability company, business trust, or limited partnership, or is registered as a registered limited liability partnership, it will be authorized to transact business in the Commonwealth of Virginia as a domestic or foreign business entity if so required by Title 13.1 or Title 50 of the Code of Virginia, or as otherwise is required by law. In the event there is a failure at any time to maintain such registration, this Agreement is voidable by the City.