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Agent of Owner Clause Examples

The 'Agent of Owner' clause defines the relationship between an agent and the property owner, establishing that the agent is authorized to act on the owner's behalf in specified matters. Typically, this clause outlines the scope of the agent's authority, such as negotiating contracts, managing property, or handling transactions, and clarifies any limitations or requirements for the agent's actions. Its core function is to ensure that third parties understand the agent's role and that the owner is legally bound by the agent's authorized actions, thereby reducing confusion and potential disputes regarding representation.
Agent of Owner.Ìý12.1 All actions by the Agent pursuant to the provisions of Sections 5, 9, 10, and 11 shall be as agent of the Owner, and all obligations or expenses incurred thereunder shall be for the account, on behalf and at the expense of the Development, except as otherwise provided herein. The Agent shall not be obliged to make any advance to or for the account of the Owner, or to pay any sum except out of funds held or provided as aforesaid. The Agent shall not be obliged to incur any liability or obligation for the account of the Owner without written assurance that the necessary funds for the discharge thereof shall be provided by the Owner. 12.2 The Agent shall assume responsibility for losses of rental income, late fees, and increases in operating expense or financial deficits resulting from the Agent's negligent omissions or failures to act in accordance with the standards set forth in this Agreement in the performance of any and all of the duties necessary to the proper management and marketing of the Development.
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Agent of Owner.ÌýAll acts done by the Agent under this agreement shall be done as Agent of the Owner and all obligations or expenses incurred shall be at the expense of the Owner. All payments to be made by the Agent shall be made out of such funds as are available in the properties checking account. It is agreed that the Agent shall not be obligated to expend its own funds for any payments which Agent is authorized to make under this Agreement
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Agent of Owner.ÌýManager shall be acting as the agent of Owner in the performance of its duties as a manager of the Properties to the extent that such duties are performed by Manager and/or Manager Vendors in accordance with the terms and conditions of this Agreement.
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Agent of Owner.ÌýAll acts done by the Agent under this Agreement shall be done as Agent of the Owner and all obligations or expenses incurred shall be at the expense of the Owner. However, the Owner shall not be obligated to pay for any cost and expenses of supervisory services to be rendered by the Agent’s employees, other than approved on-site employees who are engaged in the performance of duties imposed under this Agreement; the salaries, wages or other compensation of any officers, directors or employees of Agents; any expenses of Agents principal or branch offices except the authorized on-site office space in the property; Agents overhead or general expenses; and capital expenses of Agent, its subsidiaries and affiliates. All payments to be made by the Agent shall be made out of such funds as are available in the properties checking account. It is agreed that the Agent shall not be obligated to expend its own funds for any payments which Agent is authorized to make under this Agreement.
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Related to Agent of Owner

  • Death of Owner If the Owner dies before the sole surviving Annuitant and before the Annuity Date, the death benefit proceeds will be equal to the Death Benefit Amount as of the Notice Date. If the Owner dies before the sole surviving Annuitant and before the Annuity Date, we will pay the death benefit proceeds to the first among the following who is (1) living; or (2) an entity entitled to receive the death benefit proceeds:

  • Form of Ownership Check the appropriate box (one only) to indicate form of ownership. If the subscriber is a Custodian, Corporation, Partnership or Trust, please provide the additional information requested. o Individual o ÀÖÌìÌÃappÏÂÔØt Tenants with Right of Survivorship (Both signatures must appear on page 6.) o Corporation, Limited Liability Company or Partnership (Corporate Resolutions, Operating Agreement or Partnership Agreement must be enclosed.) o Trust Trustee’s Name: Trust Date: o Other: Provide detailed information in the space immediately below.

  • Indemnification of Owner The Contractor covenants and agrees to FULLY INDEMNIFY and HOLD HARMLESS, the Owner and the employees, officers, Regents, volunteers, and representatives of the Owner, individually or collectively, from and against any and all costs, claims, liens, damages, losses, expenses, fees, fines, penalties, proceedings, actions, demands, causes of action, liability and suits of any kind and nature, including but not limited to, personal or bodily injury, death and property damage, made upon the Owner directly or indirectly arising out of, resulting from or related to Contractor’s activities under this Contract, including any acts or omissions of Contractor, any agent, officer, director, representative, employee, consultant or Subcontractor of Contractor, and their respective officers, agents, employees, directors and representatives while in the exercise of performance of the rights or duties under this Contract. The indemnity provided for in this paragraph does not apply to any liability resulting from the negligence of the Owner, its officers or employees, separate contractors or assigned contractors, in instances where such negligence causes personal injury, death or property damage. IN THE EVENT CONTRACTOR AND OWNER ARE FOUND JOINTLY LIABLE BY A COURT OF COMPETENT JURISDICTION, LIABILITY WILL BE APPORTIONED COMPARATIVELY IN ACCORDANCE WITH THE LAWS OF THE STATE OF TEXAS, WITHOUT WAIVING ANY GOVERNMENTAL IMMUNITY AVAILABLE TO THE STATE UNDER TEXAS LAW AND WITHOUT WAIVING ANY DEFENSES OF THE PARTIES UNDER TEXAS LAW. 3.3.10.1 The provisions of this indemnification are solely for the benefit of the parties hereto and not intended to create or grant any rights, contractual or otherwise, to any other person or entity. 3.3.10.2 The Contractor shall promptly advise the Owner in writing of any claim or demand against the Owner or the Contractor known to the Contractor related to or arising out of the Contractor’s activities under this Contract.

  • Replacement of Owner Trustee (a) The Owner Trustee may give notice of its intent to resign and be discharged from the trusts hereby created by giving notice thereof to the Administrator provided that no such resignation shall become effective, and the Owner Trustee shall not resign, prior to the time set forth in Section 6.10(c). If no successor Owner Trustee shall have been appointed pursuant to Section 6.10(b) and have accepted such appointment within thirty (30) days after the giving of such notice, the Owner Trustee giving such notice may petition any court of competent jurisdiction for the appointment of a successor Owner Trustee. The Administrator shall remove the Owner Trustee if: (i) the Owner Trustee shall cease to be eligible in accordance with the provisions of Section 6.13 and shall fail to resign after written request therefor by the Administrator; (ii) the Owner Trustee shall be adjudged bankrupt or insolvent; (iii) a receiver or other public officer shall be appointed or take charge or control of the Owner Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation; or (iv) the Owner Trustee shall otherwise be incapable of acting. (b) If the Owner Trustee gives notice of its intent to resign or is removed or if a vacancy exists in the office of Owner Trustee for any reason, the Administrator shall promptly appoint a successor Owner Trustee by written instrument, in duplicate (one copy of which instrument shall be delivered to the outgoing Owner Trustee so removed and one copy to the successor Owner Trustee) and shall pay all fees owed to the outgoing Owner Trustee. (c) Any resignation or removal of the Owner Trustee and appointment of a successor Owner Trustee pursuant to any of the provisions of this Section 6.10 shall not become effective, and no such resignation shall be deemed to have occurred, until a written acceptance of appointment is delivered by the successor Owner Trustee to the outgoing Owner Trustee and the Administrator and all fees and expenses due to the outgoing Owner Trustee are paid. Costs associated with the resignation of the Owner Trustee and the appointment of a successor Owner Trustee will be borne by the Servicer. Any successor Owner Trustee appointed pursuant to this Section 6.10 shall be eligible to act in such capacity in accordance with Section 6.13 and, following compliance with the preceding sentence, shall become fully vested with all the rights, powers, duties and obligations of its predecessor under this Agreement, with like effect as if originally named as Owner Trustee. The Administrator shall provide notice of such resignation or removal of the Owner Trustee to each of the Rating Agencies. (d) The predecessor Owner Trustee shall upon payment of its fees and expenses deliver to the successor Owner Trustee all documents and statements and monies held by it under this Agreement. The Administrator and the predecessor Owner Trustee shall execute and deliver such instruments and do such other things as may reasonably be required for fully and certainly vesting and confirming in the successor Owner Trustee all such rights, powers, duties and obligations. (e) Upon acceptance of appointment by a successor Owner Trustee pursuant to this Section 6.10, the Administrator shall mail notice of the successor of such Owner Trustee to all Certificateholders, the Indenture Trustee, the Noteholders and the Rating Agencies.

  • Transfer of Ownership Trust..........................................................