Common use of TRANSFER BY LESSOR Clause in Contracts

TRANSFER BY LESSOR. Lessor may pledge, hypothecate, transfer or assign all or any part of this Agreement. Upon the transfer or conveyance of all or any portion of the Property, without further agreement of the parties, Lessor shall be relieved of and from any liability with respect to the obligations and covenants of Lessor contained in this Agreement arising out of any act or occurrence after the date of such transfer and the purchaser at such sale or any subsequent sale shall be deemed, without further agreement of the parties, to have assumed and agreed to carry out the Lessor's covenants under this Agreement.