Common use of Sale or Transfer of Property Clause in Contracts

Sale or Transfer of Property. The Permittee shall notify potential successor owners of the Property of the Encroachment’s existence and the obligations under the Permit. At least sixty (60) days prior to the closing of any sale or transfer of the Property, the Permittee shall cause its successors, assigns and transferees to submit a written statement to the City evidencing the sale or transfer, agreeing to the terms and conditions of the Permit and providing updated contact information for purposes of notices under the Agreement.