Common use of Transfer of Property Clause in Contracts

Transfer of Property. 1. If the Owner voluntarily transfers the Property, Tenant has the right to enforce this Agreement against the grantee of the Property if Tenant’s occupancy under this Agreement is to end 180 days or less after the grantee’s interest in the Property is recorded. If Tenant’s occupancy is to end more than 180 days after such recordation, Tenant has no right to enforce the terms of this Agreement unless the grantee agrees in writing to honor this Agreement. If the grantee does not honor this Agreement, Tenant is entitled to a refund of all advance rent paid by Tenant (and other fees owed to third parties not already lawfully disbursed). Within 20 days after transfer of the Property, the grantee or the grantee’s agent is required to: (i) notify Tenant in writing of the transfer of the Property, the grantee’s name and address, and the date the grantee’s interest was recorded; and (ii) advise Tenant whether Tenant has the right to occupy the Property subject to the terms of this Agreement or receive a refund of any payments made by Tenant. However, if the grantee engages Agent to continue managing the Property after the transfer, the grantee shall have no obligation under (i) or (ii) above if this Agreement must be honored under the Vacation Rental Act or if the grantee agrees in writing to honor this Agreement.

Transfer of Property. 1. a. If the Owner voluntarily transfers the Property, Tenant has the right to enforce this Agreement against the grantee of the Property if Tenant’s occupancy under this Agreement is to end 180 days or less after the grantee’s interest in the Property is recorded. If Tenant’s occupancy is to end more than 180 days after such recordation, Tenant has no right to enforce the terms of this Agreement unless the grantee agrees in writing to honor this Agreement. If the grantee does not honor this Agreement, Tenant is entitled to a refund of all advance rent paid by Tenant (and other fees owed to third parties not already lawfully disbursed). Within 20 days after transfer of the Property, the grantee or the grantee’s agent is required to: (i) notify Tenant in writing of the transfer of the Property, the grantee’s name and address, and the date the grantee’s interest was recorded; and (ii) advise Tenant whether Tenant has the right to occupy the Property subject to the terms of this Agreement or receive a refund of any payments made by Tenant. However, if the grantee engages Agent to continue managing the Property after the transfer, the grantee shall have no obligation under (i) or (ii) above if this Agreement must be honored under the Vacation Rental Act or if the grantee agrees in writing to honor this Agreement.