Common use of Transfer of Security Deposit Clause in Contracts

Transfer of Security Deposit. If Landlord transfers its interest under this Lease, Landlord shall assign the Security Deposit to the new Landlord, and, provided that the transferee gives Notice to Tenant that such transferee has received the Security Deposit, thereafter Landlord shall have no further liability for the return of the Security Deposit, and Tenant agrees to look solely to the new Landlord for the return of the Security Deposit. The provisions of the preceding sentence shall apply to every transfer or assignment of Landlord's interest under this Lease. Tenant agrees that it will not assign or encumber or attempt to assign or encumber the monies deposited as security and that Landlord, its successors and assigns may return the Security Deposit to the last Tenant in possession at the last address for Notice given by Tenant and that Landlord shall thereafter be relieved of any liability therefor, regardless of one or more assignments of this Lease or any such actual or attempted assignment or encumbrances of the monies held as the Security Deposit.

Transfer of Security Deposit. If Landlord Lessor transfers its interest under this Lease, Landlord Lessor shall assign the Security Deposit to the new Landlordlessor, and, provided that the transferee gives Notice to Tenant Lessee that such transferee has assumed all future liabilities and obligations of Lessor under this Lease and acknowledges that such transferee has received the Security Deposit, thereafter Landlord Lessor shall have no further liability for the return of the Security Deposit, and Tenant Lessee agrees to look solely to the new Landlord lessor for the return of the Security Deposit. The provisions of the preceding sentence shall apply to every transfer or assignment of LandlordLessor's interest under this Lease. Tenant Lessee agrees that it will not assign or encumber or attempt to assign or encumber the monies deposited as security and that LandlordLessor, its successors and assigns may return the Security Deposit to the last Tenant Lessee in possession at the last address for Notice given by Tenant Lessee and that Landlord Lessor shall thereafter be relieved of any liability therefor, regardless of one or more assignments of this Lease or any such actual or attempted assignment or encumbrances of the monies held as the Security Deposit.