Prohibition Against Transfer of Property and Assignment of Agreement Sample Clauses

The Prohibition Against Transfer of Property and Assignment of Agreement clause prevents either party from transferring their rights or obligations under the agreement to another party without prior consent. In practice, this means that neither party can sell, assign, or otherwise hand over their interest in the property or the contract itself to a third party unless the other party agrees in writing. This clause is essential for maintaining control over who is involved in the agreement and ensures that both parties deal only with the original contracting parties, thereby reducing the risk of unwanted or unknown third parties becoming involved.
Prohibition Against Transfer of Property and Assignment of Agreement. For the foregoing reasons the Developer represents and agrees that until the Maturity Date: (a) The Developer has not made or created, and that it will not make or create, or suffer to be made or created, any total or partial sale, assignment, conveyance or any trust or power, or transfer in any other mode or form of or with respect to the Agreement or the Development Property or any part thereof or any interest therein, or any contract or agreement to do any of the same, without the prior written approval of the EDA. (b) The EDA shall be entitled to require, except as otherwise provided in the Agreement, as conditions to any such approval that: 1. Any proposed transferee shall have the qualifications and financial responsibilities, as determined by the EDA, necessary and adequate to fulfill the obligations undertaken in this Agreement by the Developer (or in the event the transfer is of or relates to part of the Development Property, such obligations to the extent that they relate to such part); 2. Any proposed transferee, by instrument in writing satisfactory to the EDA and in form recordable with the land records, shall, for itself, and assigns, and expressly for the benefit of the EDA, expressly assume all of the obligations of the Developer under this Agreement and agree to be subject to all the conditions and restrictions to which the Developer is subject (or, in the event the transfer is of or relates to part of the Development Property, such obligations, conditions and restrictions to the extent that they relate to such part) unless the Developer agrees to continue to fulfill those obligations, in which case the preceding provisions of this Section 7.2(b)(2) shall not apply: Provided, that the fact that any transferee of, or any other successor in interest whatsoever to the Development Property or any part thereof, shall, whatever the reason, not have assumed such obligations or so agreed, shall not (unless and only to the extent otherwise specifically provided in this Agreement or agreed to in writing by the EDA) deprive or limit the EDA of or with respect to any rights or remedies or controls with respect to being the intent that no transfer of, or change with respect to, ownership in the Development Property or any part thereof, or any interest therein, however consummated or occurring and whether voluntary or involuntary, shall operate, legally or practically, to deprive or limit the EDA of or with respect to any rights or remedies or controls ...
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Prohibition Against Transfer of Property and Assignment of Agreement. For the foregoing reasons, Rural Sourcing represents and agrees for itself and its successors and assigns that: a) Except by way of security for, and only for (i) the purpose of obtaining financing necessary to enable Rural Sourcing, an affiliate or subsidiary of Rural Sourcing or any successor in interest to the Oklahoma City Location, or any part thereof, to perform its obligations with respect to its obligations under this Agreement, and (ii) any other purpose authorized by this Agreement; For the Term of the Agreement, Rural Sourcing (except as so authorized) has not made or created, and that it will not, prior to the proper completion of its obligations under this Agreement, as certified by the Trust, or the termination of this Agreement, whichever first occurs, make or create, or suffer to be made or created, any total or partial sale, assignment, conveyance, or lease, of the Oklahoma City Location, except to an affiliate or subsidiary of Rural Sourcing, without the prior written approval of the Trust, which approval shall not be unreasonably withheld, conditioned or delayed. b) The Trust shall be entitled to require, except as otherwise provided in the Agreement and as related to an affiliate or subsidiary of Rural Sourcing, as conditions to any such approval that: 1) Any proposed transferee/assignee shall have the qualifications and financial capability, as determined by the Trust, necessary and adequate to fulfill the obligations undertaken in this Agreement by Rural Sourcing. 2) Any proposed transferee/assignee, by instrument in writing satisfactory to the Trust and in form recordable among the land records, shall, for itself and its successors and assigns, and expressly for the benefit of the Trust, have expressly assumed all of the obligations of Rural Sourcing under this Agreement and agreed to be subject to all the conditions and restrictions to which Rural Sourcing is subject; provided, that the fact that any transferee of, or any other successor in interest whatsoever, shall, whatever the reason, not have assumed such obligations or so agreed, shall not (unless and only to the extent otherwise specifically provided in this Agreement or agreed to in writing by the Trust) relieve or exempt such transferee, assignee or successor of, from such obligations, conditions, or restrictions, or deprive or limit the Trust of or with respect to any rights or remedies or controls with respect to this Agreement; it being the intent of this provision, toge...
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Prohibition Against Transfer of Property and Assignment of Agreement. (a) Prior to completion of construction of the Improvements, except only by way of security for, and only for, the purpose of obtaining financing necessary to enable the Developer or any successor in interest to the Property, or any part thereof, to perform its obligations with respect to constructing the Improvements under this Agreement, and any other purpose authorized by this Agreement, the Developer (except as so authorized) has not made or created, and will not make or create, or suffer to be made or created, any total or partial sale, assignment, conveyance, or lease, or any trust or power, or transfer in any other mode or form of or with respect to this Agreement or the Property or any part thereof or any interest herein or therein, or any contract or agreement to do any of the same, without the prior written approval of the Authority. (b) In the absence of specific written agreement by the Authority to the contrary, no transfer of the Property or approval by the Authority thereof shall be deemed to relieve the Developer, or any other party bound in any way by this Agreement, from any of its obligations hereunder.
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Prohibition Against Transfer of Property and Assignment of Agreement. Also for the foregoing reasons the Redeveloper represents and agrees for itself, and its successors and assigns, that, prior to the completion of the Project:
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Related to Prohibition Against Transfer of Property and Assignment of Agreement

  • Prohibition Against Assignment During the Vesting Period, the Restricted Shares may not be transferred or encumbered by the Recipient by means of sale, assignment, mortgage, transfer, exchange, pledge, or otherwise. The levy of any execution, attachment, or similar process upon the Restricted Shares shall be null and void.

  • Alienability and Assignment Prohibition Neither the Executive, nor the Executive's surviving spouse, nor any other beneficiary(ies) under this Executive Plan shall have any power or right to transfer, assign, anticipate, hypothecate, mortgage, commute, modify or otherwise encumber in advance any of the benefits payable hereunder nor shall any of said benefits be subject to seizure for the payment of any debts, judgments, alimony or separate maintenance owed by the Executive or the Executive's beneficiary(ies), nor be transferable by operation of law in the event of bankruptcy, insolvency or otherwise. In the event the Executive or any beneficiary attempts assignment, commutation, hypothecation, transfer or disposal of the benefits hereunder, the Bank's liabilities shall forthwith cease and terminate.

  • Assignment of Agreement The following conditions must be satisfied in order to effectuate any assignment of this Agreement: (i) This Agreement may only be transferred through a book entry system maintained by Principal Life, or an agent designated by it, within the meaning of Temporary Treasury Regulations Section 5f.103-1(c) and Treasury Regulations Section 1.871-14(c)(1)(i). (ii) The Agreement Holder, and any assignee, must comply with applicable securities laws. (iii) Principal Life has consented in writing to the proposed assignment, such consent not to be unreasonably withheld. (iv) Principal Life shall have received from the proposed assignee a duly executed certificate containing, in substance, the information, representations, warranties, acknowledgments and agreements set forth in this Agreement. Any attempted sale, transfer, anticipation, assignment, hypothecation, or alienation not in accordance with this Section 6 shall be void and of no effect. Until such time, if any, as Principal Life has consented in writing to a proposed assignment, Principal Life shall not be obligated to make any payments to or at the direction of anyone other than the person shown on Principal Life’s books and records as the Agreement Holder. Once the foregoing conditions have been satisfied with respect to an assignment, the assignee or its successor shall be deemed to be the sole Agreement Holder for all purposes of this Agreement and Principal Life shall promptly amend its records to reflect the assignee’s status as Agreement Holder.

  • Successors and Assigns; Assignment of Agreement This Agreement shall bind and inure to the benefit of and be enforceable by the Primary Servicer and the Master Servicer and the respective successors and assigns of the Primary Servicer and the Master Servicer. This Agreement shall not be assigned, pledged or hypothecated by the Primary Servicer to a third party except as otherwise specifically provided for herein. This Agreement may be assumed by the Trustee if the Trustee has assumed the duties of the Master Servicer or any successor Master Servicer, without cost or obligation to the assuming party or the Trust Fund, upon the assumption by such party of the obligations, except to the extent they arose prior to the date of assumption, of the Master Servicer pursuant to Section 7.02 of the Pooling and Servicing Agreement (it being understood that any such obligations shall be the obligations of the terminated Master Servicer only).

  • Assignment of Agreements Each applicable Borrower shall have executed and delivered to Lender the Assignments of Agreements, and the Assignments of Agreements shall, to the extent prudent pursuant to local practice, have been irrevocably delivered to an authorized title agent for the Title Insurer for such recordation in the appropriate filing offices in the jurisdiction in which the applicable Individual Property is located.