Common use of CHANGE OF LESSOR; LESSEE’S RIGHT TO PURCHASE Clause in Contracts

CHANGE OF LESSOR; LESSEE’S RIGHT TO PURCHASE. In the event that ownership of the land comprising the Leased Premises (The Land”) is conveyed or transferred (whether voluntarily or involuntarily) by Lessor to any other person or entity, this Lease shall not cease, but shall remain binding and unaffected. However, in the event Lessor desires or attempts to convey the Land to any person or entity other than a non-profit corporation, charitable trust, governmental agency or other similar entity sharing the goals described in the Recitals above (or as security for a mortgage loan), the Lessee shall have a right of first refusal to purchase the Land. This right shall be as specified in the attached Exhibit FIRST REFUSAL. Any sale or other transfer contrary to this Section 3.3 shall be null and void.

Appears in 1 contract

Samples: Lease

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CHANGE OF LESSOR; LESSEE’S RIGHT TO PURCHASE. In the event that ownership of the land comprising on which the Leased Premises and Improvements is located (The the “Land”) is conveyed or transferred (whether voluntarily or involuntarily) by Lessor to any other person or entity, this Lease shall not cease, but shall remain binding and unaffected. However, in the event Lessor desires or attempts to convey the Land to any person or entity other than a non-profit corporation, charitable trust, governmental agency or other similar entity sharing the goals described in the Recitals above (or as security for a mortgage loan), the Lessee shall have a right of first refusal to purchase the Land. This right shall be as specified in the attached Exhibit C: FIRST REFUSAL. Any sale or other transfer contrary to this Section 3.3 shall be null and void.

Appears in 1 contract

Samples: Community Land Trust Ground Lease

CHANGE OF LESSOR; LESSEE’S RIGHT TO PURCHASE. In the event that ownership of the land comprising the Leased Premises (The the “Land”) is conveyed or transferred (whether voluntarily or involuntarily) by Lessor to any other person or entity, this Lease shall not cease, but shall remain binding and unaffected. However, in the event Lessor desires or attempts to convey the Land to any person or entity other than a non-profit nonprofit corporation, charitable trust, municipality, governmental agency or other similar entity sharing the goals described in the Recitals above (or as security for a mortgage loan), the Lessee shall have a right of first refusal to purchase the Land. This right shall be as specified in the attached Exhibit FIRST REFUSALD, First Refusal. Any sale or other transfer contrary to this Section 3.3 Section, when applicable, shall be null and void.

Appears in 1 contract

Samples: Island Housing Trust Ground Lease

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CHANGE OF LESSOR; LESSEE’S RIGHT TO PURCHASE. In the event that ownership of the land comprising of which the Leased Premises is comprised (The the “Land”) is conveyed or transferred (whether voluntarily or involuntarily) by Lessor to any other person or entity, this Lease shall not cease, but shall remain binding and unaffected. However, in the event Lessor desires or attempts to convey the Land to any person or entity other than a non-profit corporation, charitable trust, governmental agency or other similar entity sharing the goals described in the Recitals above (or as security for a mortgage loan), the Lessee shall have a right of first refusal to purchase the Land. This right shall be as specified in the attached Exhibit D FIRST REFUSAL. Any sale or other transfer of the Land contrary to this Section 3.3 shall be null and void.

Appears in 1 contract

Samples: www.homesteadclt.org

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