Common use of Sublessor Clause in Contracts

Sublessor. The term "Sublessor" whenever used in this Sublease shall be limited to mean and include only the tenant or tenants at the time in question under the Main Lease, so that in the event that the original Sublessor hereunder, or any successor Sublessor, shall assign or otherwise dispose of its entire interest under the Main Lease, and the new tenant or tenants under the Main Lease shall assume the obligations of such original Sublessor or successor Sublessor, as the case may be, under the Main Lease, and recognize Sublessee's rights under this Sublease, such original Sublessor or successor Sublessor, as the case may be, shall thereupon be released from all liabilities and obligations of the Sublessor under this Sublease accruing after the time of such assignment or disposition (provided, that, any Security Deposit and accrued interest thereon shall have been transferred to the new tenant or tenants under the Main Lease) and all such liabilities and obligations shall thereupon become binding on the new tenant or tenants under the Main Lease. Sublessor agrees to give Sublessee prompt written notice of the assignment or disposition of its entire interest under the Main Lease, together with a copy of the instrument evidencing the assumption of Sublessor's obligations under the Main Lease and the recognition of Sublessee's rights under this Sublease. Notwithstanding anything herein to the contrary, no partner, general or limited, of Sublessor shall be personally liable for the observance or performance of Sublessor's obligations hereunder, all such liability being limited to the assets of Sublessor.

Appears in 2 contracts

Sources: Sublease Agreement (Color Kinetics Inc), Sublease Agreement (Smartbargains, Inc.)

Sublessor. The term "Sublessor" whenever used in this Sublease shall be limited to mean and include only the tenant or tenants at the time in question under the Main Lease, so that in the event that the original Sublessor hereunder, or any successor Sublessor, shall assign or otherwise dispose of its entire interest under the Main Lease, and the new tenant or tenants under the Main Lease shall assume the obligations of such original Sublessor or successor Sublessor, as the case may be, under the Main Lease, and recognize Sublessee's rights under this Sublease, such original Sublessor or successor Sublessor, as the case may be, shall thereupon be released from all liabilities and obligations of the Sublessor under this Sublease accruing after the time of such assignment or disposition (provided, that, any cash Security Deposit and accrued interest thereon shall have been transferred to the new tenant or tenants under the Main Lease) and all such liabilities and obligations shall thereupon become binding on the new tenant or tenants under the Main Lease. Sublessor agrees to give Sublessee prompt written notice of the assignment or disposition of its entire interest under the Main Lease, together with a copy of the instrument evidencing the assumption of Sublessor's obligations under the Main Lease and the recognition of Sublessee's rights under this Sublease. Notwithstanding anything herein to the contrary, no partner, general or limited, of Sublessor shall be personally liable for the observance or performance of Sublessor's obligations hereunder, all such liability being limited to the assets of Sublessor.

Appears in 1 contract

Sources: Sublease Agreement (Allaire Corp)