Common use of Conditions Applicable to Transfers Clause in Contracts

Conditions Applicable to Transfers. Notwithstanding anything to the contrary contained in this Agreement: (a) Any sale, assignment or transfer, whether direct or indirect, of any LLC Interest shall be made in full compliance with (i) all applicable statutes, law, ordinances, rules and regulations of all Federal, state and local governmental bodies, agencies and subdivisions having jurisdiction over the Property and (ii) the contracts, deeds of trust, mortgages, certificates, easement agreements, insurance policies, service agreements and any other agreements affecting the Property, so that the operation of the Property can continue without interruption and without violation of any applicable law or any such instruments. (b) No change in ownership of the LLC Interest of any Member shall be binding upon the LLC or any other Member unless and until (i) true copies of instruments of transfer executed and delivered pursuant to or in connection with such transfer shall have been delivered to all Members; (ii) the transferee shall have delivered to all Members an executed and acknowledged assumption agreement pursuant to which the transferee assumes all of the obligation of the transferor hereunder, and agrees to be bound by all of the provisions of this Agreement (including, without limitation, if pursuant to the provisions of this Agreement, the transferee is to become, as a result of such transfer, a Member of the LLC, an acknowledgment thereof); (iii) the Members shall have consented thereto; and

Conditions Applicable to Transfers. Notwithstanding anything to the contrary contained in this Agreement: (a) Any sale, assignment or transfer, whether direct or indirect, of any LLC Interest shall be made in full compliance with (i) all applicable statutes, law, ordinances, rules and regulations of all Federal, state and local governmental bodies, agencies and subdivisions having jurisdiction over the Property and (ii) the contracts, deeds of trust, mortgages, certificates, easement agreements, insurance policies, service agreements and any other agreements affecting the Property, so that the operation of the Property can continue without interruption and without violation of any applicable law or any such instrumentsthereover. (b) No change in ownership of the LLC Interest of any Member shall be binding upon the LLC or any other Member unless and until (i) true copies of instruments of transfer executed and delivered pursuant to or in connection with such transfer shall have been delivered to all the Members; (ii) the transferee shall have delivered to all the Members an executed and acknowledged assumption agreement pursuant to which the transferee assumes all of the obligation obligations of the transferor hereunder, and agrees to be bound by all of the provisions of this Agreement (including, without limitation, if pursuant to the provisions of this Agreement, the transferee is to become, as a result of such transfer, a Member of the LLC, an acknowledgment thereof); (iii) the Members shall have consented thereto; and