Contracts for Sale. Notwithstanding Paragraph 10, the Trustee may enter into a contract or a deposit receipt agreement for the sale of the Property or any portion of the Property if the contract or agreement clearly states that no portion of the Property shall be conveyed until the Subdivider’s obligations under this Agreement are fully performed. Bulk sales. Notwithstanding Paragraph 10, the Trustee may sell and convey all of the Property in one transaction to a single purchaser who has tendered to the Town satisfactory assurances for the completion of the Improvements. Conveyance out of trust for encumbrance. Notwithstanding Paragraph 10, the Trustee may convey all or part of the Property to the Subdivider or to a beneficiary of the Trust solely for the purpose of encumbering the Property, provided that the Property is thereafter immediately reconveyed into the Trust. Any person or entity who records an encumbrance or security agreement against all or any portion of the Property shall be subject to the obligations of this Agreement.
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Sources: Substitute Assurance Agreement, Substitute Assurance Agreement