Property Interest Clause Samples
The Property Interest clause defines the rights, claims, or ownership that a party holds in a specific property under the agreement. It typically outlines whether the interest is legal or equitable, and may specify the extent, duration, and limitations of the party's stake in the property, such as a leasehold, easement, or security interest. By clearly delineating these interests, the clause helps prevent disputes over property rights and ensures all parties understand their respective entitlements and obligations regarding the property.
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Property Interest. (i) Owner is the holder of a valid operating leasehold interest in the Property pursuant to the Operating Lease, free and clear of all Liens, except for Permitted Encumbrances.
(ii) With respect to the Operating Lease and each lease under which Owner is a landlord or sublandlord at the date hereof that is material to the Property, (A) such lease is valid and binding against Owner, and to Owner’s Knowledge, the other parties thereto, and in full force and effect, (B) neither Owner nor any Subsidiary party thereto, and to the Owner’s Knowledge, no other party thereto is in material violation of, or material default under, such lease, (C) Owner has not granted an option or a right of first refusal or offer, (D) to Owner’s Knowledge, no event has occurred and is pending, which, after the giving of notice, with lapse of time, or otherwise, would constitute a material breach or material default by Owner or any of its Subsidiaries or the applicable lessor under the relevant lease and (E) complete (in all material respects) copies of all such leases have been made available to the Operating Partnership.
Property Interest. (i) Contributor is the holder of the Property Interest as set forth on Exhibit A, free and clear of all Liens except for Permitted Encumbrances.
(ii) With respect to each ground lease and operating lease identified in Schedule 3.3(g), and each lease under which Contributor is a landlord or sublandlord at the date hereof that is material to the Property, (A) such lease is valid, binding against Contributor, and to Contributor’s Knowledge, the other parties thereto, and in full force and effect, (B) neither Contributor nor any Subsidiary party thereto, and to Contributor’s Knowledge, no other party thereto, is in material violation of, or material default under, such lease, (C) Contributor has not granted an option or a right of first refusal or offer, (D) to Contributor’s Knowledge, no event has occurred and is pending, which, after the giving of notice, with lapse of time, or otherwise, would constitute a material breach or material default by Contributor or any of its Subsidiaries or the applicable lessor under the relevant lease and (E) complete (in all material respects) copies of all such leases have been made available to the Operating Partnership.
Property Interest. 2.3.1 Purchaser shall have no legal title or ownership in the physical assets of the ▇▇▇▇▇▇▇▇ Network itself, including any proceeds from the disposition of the ▇▇▇▇▇▇▇▇ Network. Notwithstanding the preceding sentence, it is understood and agreed that the grant of the Backhaul IRU and the Wavelength IRUs is intended by the parties hereto to be treated for accounting and all applicable tax purposes, as the sale and purchase of the Backhaul IRU and Wavelength IRUs, and that on and after the Backhaul Closing Date and the Wavelength Closing Date, as applicable, Purchaser or its Affiliates shall be treated as the owner of the Backhaul IRU and the Wavelength IRUs for such purposes. Except as a party may otherwise reasonably deem required by or appropriate under law or accounting standards, the parties agree to make financial accounting filings and tax returns consistently with such treatment.
2.3.2 The parties intend that the transactions contemplated by this Agreement shall constitute a sale to Purchaser of the rights that constitute an IRU and not a lease or other contract for provision of capacity by Seller to Purchaser.
2.3.3 In the event that (i) Seller does not have the underlying rights to grant an IRU on portions of the Backhaul IRU or the Wavelength IRUs or (ii) any jurisdiction in which the ▇▇▇▇▇▇▇▇’ Network is located does not currently recognize, or does not recognize in the future, the conveyance of telecommunications facilities on an IRU basis, then as to such portions of the Backhaul IRU or Wavelength IRUs or such jurisdiction(s) only, this Agreement shall be considered an agreement for a lease of such capacity (a “Capacity Lease”). The term of the Capacity Lease shall be for the IRU Term of the Backhaul IRU or Wavelength IRUs, as the case may be. All amounts owed under this Agreement shall be paid as provided in this Agreement and Purchaser shall not be required to make any additional payments as a result of the above-described change in status of the rights granted under this Agreement. Notwithstanding the foregoing, the Capacity Lease shall provide Purchaser with all of the same rights and privileges contained in this Agreement for the Backhaul IRU or Wavelength IRUs, except for the nature of such interest.
2.3.4 In the event that this Agreement is deemed a Capacity Lease in one or more jurisdictions, then as to such jurisdictions only, the terms “purchase,” “purchaser,” and any variations thereon shall mean “lease,” “lessee,” or the appropriat...
Property Interest. This Deed shall constitute a security agreement for purposes of the Uniform Commercial Code. In addition, Grantor and Grantees intend that the Royalty will be perpetual and will constitute a presently vested interest in and a covenant running with the Royalty Property which will inure to the benefit of and be binding upon the Parties and their respective successors and assigns so long as Grantor or any successor or assign of Grantor holds any rights or interests in the Royalty Property. The Royalty shall attach to any amendments, relocations or conversions of any mining claim, license, or lease, concession, permit, patent or other tenure comprising the Royalty Property or the Mining Property on which the Royalty Property is located, or to any renewals or extensions thereof. If Grantor or any affiliate or successor or assignee of Grantor surrenders, allows to lapse or otherwise relinquishes or terminates its interest in any of the Royalty Property or the Mining Property on which the Royalty Property is located, and reacquires a direct or indirect interest in the land or minerals covered by the former Royalty Property or Mining Property on which the Royalty Property is located, then from and after the date of such reacquisition the Royalty will apply to the Royalty Property so affected. Grantor will give written Notice to the Administrative Agent within 30 days of any such acquisition or reacquisition. The Parties do not intend that there be any violation of the rule against perpetuities. Accordingly, any right that is subject to such rule shall be exercised within the maximum time periods permitted under applicable law.
Property Interest. This Lease does not vest in Lessee any fee interest in the Premises or in the Improvements thereon. Title to real property and Improvements thereon shall be and remain solely in Lessor and no compensation shall be due to the Lessee. Nor does this Lease grant Lessee any exclusive use of the Premises, except for buildings assigned to Lessee.
Property Interest. The Concession Stand(s) to be operated pursuant to this Agreement, including equipment, inventory, supplies, cash bank and receipts, shall at all times remain and be the sole property of Cal Dining Concessions; and the Group shall have no right to that property other than the right to occupy, use and operate the Concessions Stand(s) on the dates and times assigned by Cal Dining Concessions and upon the terms and conditions contained in this Agreement.
Property Interest. 12.1 The Providing Operator retains all right or title in the BIP (if it is provided by the Providing Operator), the Blockwiring, the Local Box, and the Termination Socket and nothing in this Agreement or any Contract is to be construed as vesting such right or title in the Requesting Operator.
Property Interest. CONTRACT must obtain written approval by COUNTY Director of BHS for any new equipment, furniture, and lease equipment in excess of Five Thousand Dollars ($5,000.00). These items shall be considered Program equipment and/or property. CONTRACTOR has conditional title to all equipment purchase. At the termination of the agreement, COUNTY will have first right of refusal.
Property Interest. (i) Owner is: (A) the holder of fee title to Parcel I pursuant to the Deed; (B) the holder of a valid subleasehold interest in Parcel I pursuant to the Operating Sublease; and (C) the holder of a valid ground leasehold estate in the Parcel II pursuant to the Ground Lease, in each case, free and clear of all Liens, except for Permitted Encumbrances.
(ii) With respect to the Leases and each lease under which Owner is a landlord or sublandlord at the date hereof that is material to the Property, (A) such lease is valid and binding against Owner, and to Owner’s Knowledge, the other parties thereto, and in full force and effect, (B) neither Owner nor any Subsidiary party thereto, and to the Owner’s Knowledge, no other party thereto is in material violation of, or material default under, such lease, (C) Owner has not granted an option or a right of first refusal or offer, (D) to Owner’s Knowledge, no event has occurred and is pending, which, after the giving of notice, with lapse of time, or otherwise, would constitute a material breach or material default by Owner or any of its Subsidiaries or the applicable lessor under the relevant lease and (E) complete (in all material respects) copies of all such leases have been made available to the Operating Partnership.
Property Interest. Licensee understands and agrees that this license does not confer any right, title or interest in the licensed premises, its facilities or equipment, but merely grants licensee a personal privilege revocable on the terms outlined herein.