Common use of Ownership of Project Clause in Contracts

Ownership of Project. As between the Corporation and the District, the Corporation will be the owner of the Property and the Project and the District shall have no fee title thereto until such time as a deed to all or any portion of the Property and the Project is delivered to the District as herein provided. So long as the District shall not be in default hereunder or during any period of grace permitted to the District to cure a default under Article 11 hereof, and until such time as the Corporation has transferred any Project facilities to the District as herein provided, the Corporation will be responsible for the operation of the Project in accordance with the terms hereof at all times and will be liable at all times during the Term hereof for all risk, loss and damage incurred with respect to the Project.