Common use of No Continuing Obligation Clause in Contracts

No Continuing Obligation. Once an applicant qualifies as an Income Eligible Buyer and closes on the Residential Unit, any future changes in income and net assets or household size shall have no force or effect upon the Owner’s continued ownership of the Property. Any natural persons who are deemed by CLT, in its sole discretion, to meet the foregoing described requirements for either an “Employee of Lessor” and/or an “Income Eligible Buyer” shall be referred to herein as a “Qualified Buyer” and upon the purchase of the Residential Unit, the “Owner”.