Common use of Memorandum of Settlement Clause in Contracts

Memorandum of Settlement. Concurrent with the execution and delivery of this Global Settlement Agreement, the MTA shall execute and deliver to the Settling Parties a Memorandum of Settlement suitable for recordation in the form attached hereto as Exhibit 6, and incorporated herein by this reference. The Memorandum of Settlement shall be held in trust and not be filed by counsel for the MTA until the Effective Date. After the Effective Date, the MTA shall cause the Memorandum of Settlement to be recorded with the Office of Assessor/Recorder for CCSF within 5 business days. It is further understood and agreed that the unrecorded Memorandum of Settlement (prior to the Effective Date) and the recorded Memorandum of Settlement (after the Effective Date) shall be included in the package of documents that the MTA provides to all prospective purchasers and owners of residential units in the Subject Property, which package also includes the Covenants, Conditions & Restrictions (CC&R’s) for the Millennium Tower Development. It is further covenanted by the Settling Plaintiffs that the terms of Sections 7.11 and 7.12 shall apply before and after the Effective Date.

Memorandum of Settlement. Concurrent with the execution and delivery of this Agreement and the Global Settlement Agreement, the MTA shall execute and deliver to the Settling Parties a Memorandum of Settlement suitable for recordation in the form attached hereto as Exhibit 66 to the Global Settlement Agreement, and incorporated herein by this reference. The Memorandum of Settlement shall be held in trust and not be filed by counsel for the MTA until the Effective Date. After the Effective Date, the MTA shall cause the Memorandum of Settlement to be recorded with the Office of Assessor/Recorder for CCSF within 5 business days. It is further understood and agreed that the unrecorded Memorandum of Settlement (prior to the Effective Date) and the recorded Memorandum of Settlement (after the Effective Date) shall be included in the package of documents that the MTA provides to all prospective purchasers and owners of residential units in the Subject Property, which package also includes the Covenants, Conditions & Restrictions (CC&R’s) for the Millennium Tower Development. It is further covenanted by the Settling Plaintiffs that the terms of Sections 7.11 11.11 and 7.12 11.12 shall apply before and after the Effective Date.