Common use of No Creation of Encumbrance Clause in Contracts

No Creation of Encumbrance. the Seller shall not create any charge, mortgage or lien and/or shall not sell, transfer, convey and/or enter into any agreement with any person other than the Buyer in respect of the Said Unit And Appurtenances, subject to the Buyer fulfilling all terms, conditions and obligations of this Agreement. This will not prevent the Seller from taking construction/project finance on the security of the Said Property/receivables/work-in-progress provided it is clarified that at the time of registration and execution of the conveyance of the Said Unit And Appurtenances it shall be the duty of the Seller to have the Said Unit And Appurtenances free from all encumbrances including the financial institution.

No Creation of Encumbrance. the Seller Sellers shall not create any charge, mortgage or lien and/or and/ or shall not sell, transfer, convey and/or enter into any agreement with any person other than the Buyer in respect of the Said Unit And Appurtenances, subject to the Buyer fulfilling all terms, conditions and obligations of this Agreement. This will not prevent the Seller Sellers from taking construction/project finance on the security of the Said Property/receivables/work-in-in- progress provided it is clarified that at the time of registration and execution of the conveyance of the Said Unit And Appurtenances it shall be the duty of the Seller Sellers to have the Said Unit And Appurtenances free from all encumbrances including the financial institution.