Common use of Conveyance by Landlord Clause in Contracts

Conveyance by Landlord. If Landlord or any successor owner of all or any portion of the Leased Property shall convey all or any portion of the Leased Property in accordance with the terms hereof other than as security for a debt, and the grantee or transferee of such of the Leased Property shall expressly assume all obligations of Landlord hereunder arising or accruing from and after the date of such conveyance or transfer, Landlord or such successor owner, as the case may be, shall thereupon be released from all future liabilities and obligations of Landlord under this Agreement with respect to such of the Leased Property arising or accruing from and after the date of such conveyance or other transfer and all such future liabilities and obligations shall thereupon be binding upon the new owner; provided, however, that Landlord shall not be released from liability with respect to the Retained Funds unless such successor shall have a Net Worth equal to or greater than ten (10) times the unapplied balance of the Retained Funds. If such successor shall not satisfy the aforesaid Net Worth requirement, Landlord shall, in a guaranty in form and substance reasonably satisfactory to Tenant, guaranty payment of the Retained Funds in accordance with this Agreement and the Purchase Documents.

Conveyance by Landlord. If Landlord or any successor owner of all or any portion of the Leased Property shall convey all or any portion of the Leased Property in accordance with the terms hereof other than as security for a debt, and the grantee or transferee of such of the Leased Property shall expressly assume all obligations of Landlord hereunder arising or accruing from and after the date of such conveyance or transfer, Landlord or such successor owner, as the case may be, shall thereupon be released from all future liabilities and obligations of Landlord under this Agreement with respect to such of the Leased Property arising or accruing from and after the date of such conveyance or other transfer and all such future liabilities and obligations shall thereupon be binding upon the new owner; provided, however, that Landlord shall not be released from liability with respect to the any Retained Funds transferred in connection with such a conveyance unless such successor shall have a Net Worth equal to or greater than the lesser of (i) ten (10) times the unapplied balance amount of the Retained FundsFunds so transferred or (ii) One Hundred Million Dollars ($100,000,000). If such successor shall not satisfy the aforesaid Net Worth requirement, Landlord shall, in a guaranty in form and substance reasonably satisfactory to Tenant, guaranty payment of the amount of the Retained Funds so transferred in accordance with this Agreement and the Purchase Documents.

Conveyance by Landlord. If Landlord or any successor owner of all or any portion of the Leased Property shall convey all or any portion of the Leased Property in accordance with the terms hereof other than as security for a debt, and the grantee or transferee of such of the Leased Property shall expressly assume all obligations of Landlord hereunder arising or accruing from and after the date of such conveyance or transfer, Landlord or such successor owner, as the case may be, shall thereupon be released from all future liabilities and obligations of Landlord under this Agreement with respect to such of the Leased Property arising or accruing from and after the date of such conveyance or other transfer and all such future liabilities and obligations shall thereupon be binding upon the new owner; provided, however, that that, Landlord shall not be released from liability with respect to the Retained Funds unless such successor shall have a Net Worth equal to or greater than ten (10) times the unapplied balance of the Retained Funds. If such successor shall not satisfy the aforesaid Net Worth requirement, Landlord shall, in a guaranty in form and substance reasonably satisfactory to Tenant, guaranty payment of the Retained Funds in accordance with this Agreement and the Purchase DocumentsAgreement.

Conveyance by Landlord. If Landlord or any successor owner of all or any portion of the Leased Property shall convey all or any portion of the Leased Property in accordance with the terms hereof other than as security for a debt, and the grantee or transferee of such of the Leased Property shall expressly assume all obligations of Landlord hereunder arising or accruing from and after the date of such conveyance or transfer, Landlord or such successor owner, as the case may be, shall thereupon be released from all future liabilities and obligations of Landlord under this Agreement with respect to such of the Leased Property arising or accruing from and after the date of such conveyance or other transfer and all such future liabilities and obligations shall thereupon be binding upon the new owner; providedPROVIDED, howeverHOWEVER, that that, Landlord shall not be released from liability with respect to the Retained Funds unless such successor shall have a Net Worth equal to or greater than ten (10) times the unapplied balance of the Retained Funds. If such successor shall not satisfy the aforesaid Net Worth requirement, Landlord shall, in a guaranty in form and substance reasonably satisfactory to Tenant, guaranty payment of the Retained Funds in accordance with this Agreement and the Purchase DocumentsAgreement.