Common use of Ownership of the Project Clause in Contracts

Ownership of the Project. Until such time as the Purchase Option has expired Seller’s shall not permit Project Owner to sell or dispose of the Project or any portion thereof except for Permitted Dispositions. Following the expiration of the Purchase Option, Project Owner will be permitted to sell the Project (in whole but not in part) to an arms length purchaser who is not an Affiliate of Seller or ▇▇▇▇▇▇▇ ▇▇▇▇ Residential. Until such time as the Purchase Option has expired and the Put Option has expired, Seller will not permit any Liens, encumbrances or other title exceptions (other than the Permitted Exceptions and normal utility easements, solely for benefit of the Project, incident to the development and operation of the Project) to encumber the Land or the Project.