Common use of Obligations of Entity and Transferee After Conveyance Clause in Contracts

Obligations of Entity and Transferee After Conveyance. If the Entity Transfers the Project in its entirety to a Transferee pursuant to and in accordance with Section 9.1 hereof, then the Entity shall be absolutely discharged from any further obligations regarding the Project and shall be qualified to undertake another project pursuant to the Exemption Law. Within 90 Days after the date of a Transfer of the Project in its entirety, the Entity shall pay to the Borough any Excess Net Profits payable to the Borough pursuant to this Agreement and the Exemption Law.

Obligations of Entity and Transferee After Conveyance. If the Entity Transfers the Project in its entirety to a Transferee pursuant to and in accordance with Section 9.1 8.1 hereof, then the Entity shall be absolutely discharged from any further obligations regarding the Project and shall be qualified to undertake another project pursuant to the Exemption Law. Within 90 ninety (90) Days after the date of a Transfer of the Project in its entiretyTransfer, the Entity shall pay to the Borough Township any Excess Net Profits payable to the Borough Township pursuant to this Financial Agreement and the Exemption Law.