LESSOR OR LESSEE Clause Samples
The "Lessor or Lessee" clause defines the roles and responsibilities of the parties involved in a lease agreement, specifically distinguishing between the property owner (lessor) and the tenant (lessee). This clause clarifies which party is responsible for obligations such as payment of rent, property maintenance, and compliance with lease terms. By clearly identifying each party's role, the clause ensures that duties and rights are properly allocated, reducing the risk of misunderstandings or disputes during the lease term.
LESSOR OR LESSEE. (i) becomes insolvent (which term is defined for purposes hereof as failure generally to meet its obligations as the same become due); (ii) files a voluntary petition in bankruptcy, reorganization, receivership, or arrangement; (iii) files an answer admitting any material allegation of any insolvency petition filed pursuant to any insolvency act, federal, or state; (iv) makes an assignment for the benefit of creditors; (v) applies for, consents to, or suffers the appointment of a receiver or trustee for any part of its property or assets; or (vi) fails to satisfy or to appeal from any material judgment or attachment within thirty (30) days from the date of entry.
LESSOR OR LESSEE. The words “LESSOR” and “LESSEE” as used in this Lease may extend to and be applied to several parties whether male or female and to corporations and partnerships, and words importing the singular may include the plural and all obligations of the LESSEE as herein defined shall be joint and several. Each of the provisions of this Lease shall bind and inure to the benefit of the heirs, legal representatives, successors and assigns of the parties hereto.
LESSOR OR LESSEE. If Lessee elects not to exercise a Renewal Term, Lessee shall notify Lessor at least one (1) year prior to the end of the current Renewal Term commencement date of such Renewal Term.
LESSOR OR LESSEE. The words "Lessor" and "Lessee" as used in this Lease may extend to and be applied to several parties whether male or female and to corporations and partnerships, and words importing the singular may include the plural and all obligations of the Lessee as defined in this Lease shall be joint and several. Each of the provisions of this Lease shall bind and inure to the benefit of the heirs, legal representatives, successors and assigns of the parties to this Lease and it is specifically understood that the Lessor has the right to assign all of its right, title and interest, or any portion thereof, in and to this Lease and any amendments to this Lease to any other party or entity during the Term of this Lease and any extension thereof and that the Lessee shall execute any and all instruments that may be necessary to acknowledge and assent to such assignment.