Common use of Division of Property Clause in Contracts

Division of Property. The Buyer, its successors, liens, or assigns, shall not divide, subdivide, or partition, either legally or physically, the Protected Property for any reason without the prior written approval of the Seller except for the purpose of correcting or adjusting a boundary line to resolve a marketable title or ownership dispute. If written approval is granted, any conveyance of the Protected Property is subject to the following terms. The enforceability or validity of this Conservation Easement shall not be impaired or limited by any failure of the Buyer, its successors, liens or assigns, to comply with this section (V.D). 1. Any conveyance or encumbrance of the Protected Property is subject to this Conservation Easement. 2. The Buyer, its successors, liens or assigns, shall reference or insert the terms of this Conservation Easement in any deed or other document by which the Buyer, its successors, liens or assigns, conveys title to or any interest in the Protected Property. 3. The Buyer, its successors, liens or assigns, will notify the Seller, its successors or assigns, of any conveyance within thirty (30) days after closing and will provide the Seller, its successors or assigns, with the name and address of the new owner and any party that has acquired an interest in the property and a copy of the deed transferring title or mortgage conveying an interest.