Subsequent Owners Clause Samples
A subsequent-owners clause establishes how rights, obligations, or restrictions under an agreement will apply to future owners or transferees of a property or asset. In practice, this means that if the original party sells or transfers their interest, the new owner will automatically be bound by the same terms, such as maintenance responsibilities or usage limitations. This clause ensures continuity and consistency in the enforcement of the agreement, preventing loopholes that could arise if new owners were not held to the same standards as the original parties.
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Subsequent Owners. 7.2.1 This Agreement shall be binding upon the parties hereto, their heirs, successors, assigns, mortgagees, lessees and all subsequent owners, and shall run with the Lands which are the subject of this Agreement until this Agreement is discharged by Council.
7.2.2 Upon the transfer of title to any lot(s), the subsequent owner(s) thereof shall observe and perform the terms and conditions of this Agreement to the extent applicable to the lot(s).
Subsequent Owners. It is the property owner's responsibility to inform any subsequent owner or operator of these conditions.
Subsequent Owners. Buyer and Seller understand and agree that this Addendum shall not be recorded in the official real property records of Middlesex County, New Jersey. If Buyer sells, transfers, conveys, or leases the Facility to any person or entity, Buyer shall disclose the right of access set out in this Section 7 to the purchaser, transferee or lessee and obtain the same right of access to the Facility from such purchaser, transferee or lessee to Seller’s benefit. If Buyer sells the Facility to a purchaser or transferee without obtaining the same right of access to the Facility for Seller as set forth in this Section 7.h., then (i) Seller shall have no further responsibility to Buyer with regard to Seller’s indemnity obligations under this Addendum, including any that Seller may be actively addressing by performing Seller’s Environmental Remediation, (ii) Seller’s indemnity obligations under this Addendum shall expire and terminate, and (iii) Buyer thereafter shall release, indemnify and hold harmless Seller and its affiliates and their directors, officers, shareholders, employees, successors and assigns from and against Seller’s indemnity obligations under this Addendum, including the costs of ongoing Corrective Action, demands, orders or actions required by applicable government agencies.
Subsequent Owners. This Limited Warranty expires upon transfer of title from you to new owners of the Home, regardless of whether any time is remaining under the Warranty Period. The Builder’s duties under this Limited Warranty expire upon your transfer of title to the new owner.
Subsequent Owners. This agreement shall run with the land and be binding upon subsequent owners of the Real Estate, unless modified or terminated hereinafter.
Subsequent Owners. The burden of the covenants in this Annexure E shall run with the Land for the benefit of every other lot within the applicable stage of the Estate. These covenants shall be enforceable against the Buyer and every subsequent registered proprietor of the Land, by the Seller and every subsequent registered proprietor of any other lot within the applicable state of the Estate.
Subsequent Owners. In the event the ownership of the Mortgaged Premises or any part thereof becomes vested in a person other than Mortgagor, the Mortgagee may without notice to Mortgagor, deal with such successor or successors in interest with reference to this Mortgage and to the Note secured hereby in the same manner as with Mortgagor without in any way discharging or vitiating Mortgagor's liability hereunder or upon the Note.
Subsequent Owners. Notwithstanding any provision of this Agreement to the contrary, City approval shall not be required for the transfer of any portion of the Property under this Agreement to a subsequent Owner or Developer, provided no such transfer shall relieve Developer of its obligations hereunder (unless the transferee executes an assignment and assumption agreement). Following any such transfer or assignment of any of the rights and interests of the Developer under this Agreement, in accordance with Section 14.1 above, the exercise, use and enjoyment of such rights and interests shall continue to be subject to the terms of this Agreement to the same extent as if the assignee or transferee were the Developer.
Subsequent Owners. 6.1. The Customer covenants that it shall not dispose of any interest in the Premises, the Customer’s Installation or the Customer’s Generating Equipment unless the Customer has obtained from the proposed transferee of such interest a deed of covenant in a form acceptable to the Company in its sole discretion binding the proposed transferee to this Connection Agreement and provided such deed to the Company. This clause shall not apply to the extent that the proposed transferee does not require the Connection Point to remain Energised.
Subsequent Owners. The Collateral Agent further agrees, on behalf of the holders of Secured Obligations, that any sale of [INSERT NAME OF PROJECTS SERVICING WECC FIXED PRICE PPA] (the "Project") shall be expressly subject to the rights and obligations of Power Purchaser under this Agreement. Each subsequent owner of the Project, including, as applicable, the Collateral Agent by virtue of foreclosure of its Lien on the Project, shall succeed to the obligations of the Collateral Agent and the holders of Secured Obligations hereunder. Each subsequent owner of the Project shall assume such obligations and shall take all actions reasonably necessary to cure any existing defaults hereunder that are capable of being cured, including, in the event that the WECC Fixed Price PPA has been rejected, avoided or otherwise terminated in violation of this Agreement, by entering into a replacement agreement with the Power Purchaser (or its successor or permitted assignee under the WECC Fixed Price PPA) on terms that are no less advantageous to the Power Purchaser (or its successor or permitted assignee under the WECC Fixed Price PPA).