Character of Property Sample Clauses
The Character of Property clause defines whether property involved in a transaction is considered separate, community, marital, or otherwise classified under applicable law. This clause typically clarifies the ownership status of assets acquired before or during a relationship or contract, and may specify how future property will be treated. Its core function is to prevent disputes by establishing clear guidelines for property rights and obligations, ensuring all parties understand how property will be characterized and divided if necessary.
Character of Property. Mortgagor and Mortgagee agree that the filing of a financing statement in the records normally having to do with personal property shall never be construed as derogating from or impairing the express declaration and intention of the parties, that the Improvements are, and at all times and for all purposes and in all proceedings, both legal or equitable, shall be regarded as part of the real estate encumbered by this Mortgage irrespective of whether (a) any such item is physically attached to the Improvements, (b) serial numbers are used for the better identification of certain equipment items capable of being thus identified in a recital or in any list filed with Mortgagee, or (c) any such item is referred to or reflected in any such financing statement so filed at any time. Similarly, the mention in any such financing statement of (d) rights in or to the proceeds of any fire and/or hazard insurance policy, or (e) an award in eminent domain proceedings for a taking or for loss of value, or (f) Mortgagor’s interest as lessor in any present or future lease or rights to income growing out of the use and occupancy of the Property, whether pursuant to lease or otherwise, shall never be construed as altering any of the rights of Mortgagee as determined by this instrument or impugning the priority of Mortgagee’s lien or by any other recorded document, but such mention in the financing statement is declared to be solely for the protection of Mortgagee in the event any court or judge shall hold, with respect to the matters stated in the foregoing clauses (d), (e) and (f) that notice of Mortgagee’s priority of interest, to be effective against a particular class of persons, including but not limited to the federal government and any subdivision or entity of the federal government, must be filed in the Code records.
Character of Property. Notwithstanding the foregoing, nothing herein is intended or shall be deemed to change the overall character of the Property as private property; nothing herein shall be deemed to grant to the Grantee or otherwise permit the Grantee or any other person to cross over or use any part of the Property which is not within the Easement Area; nothing herein is intended or shall be deemed to alter the boundary lines or setback lines of the Property.
Character of Property. Neither the inclusion of any property in, nor the distribution of property from, the trust estate is intended to effect a partition or conversion of community property into separate property, or separate property into community property. Except as otherwise agreed by us in a separate, written instrument, any asset or property held as part of the trust estate, any subsequent accretion to that property, and any distribution of that property is considered to retain the community or separate property character that property had prior to its inclusion in the trust estate. To the extent permitted by law, any beneficial interest created in any trust beneficiary, other than settlors', under this trust agreement is the separate property and estate of the beneficiary, and any income or principal distributed to that beneficiary or retained in that trust is that beneficiary's separate property and estate
Character of Property. Property transferred to this trust that consists of the Settlor’s separate property will retain its character as separate property and will be accounted for separately by the Trustee, so that it can be returned to the Settlor as the Settlor’s separate property if this instrument is completely or partially revoked. Property transferred to this trust that consists of the Settlor’s community property will retain its character as community property and will be accounted for separately by the Trustee so that it can be returned to the Settlor as the Settlor’s community property if this instrument is completely or partially revoked. The powers of the Trustee over the Settlor’s community property will be no more extensive than those possessed from time to time by the Settlor over such property. All transfers of firearms and firearms-related personal property of any kind, including without limitation, firearms, firearms parts, magazines, firearms accessories, and ammunition, into or out of this trust must comply with Federal firearms laws, including the NFA and the GCA, and any applicable state and local firearms laws. The Trustee may not return trust property consisting of firearms or any other trust property regulated by Federal firearms law, including the NFA and the GCA, and any applicable state and local firearms laws (e.g., ammunition) to a Settlor who is a Prohibited Person (as defined in Article VII, Section K). Under current Federal law, it is unlawful for the Trustee to return any firearm or ammunition to the Settlor knowing or having reasonable cause to believe that the Settlor is one of the persons listed in 18 U.S.C. § 922(g). See 18 U.S.C. § 922(d).