EFFECT ON LEASE definition
EFFECT ON LEASE. If LANDLORD sells or transfers all or any portion of the Building, other improvements, and land of which the Premises are a part, LANDLORD, on consummation of the sale or transfer shall be released from any liability thereafter accruing under this lease, but with respect to TENANT, shall retain liability for any acts or omissions of LANDLORD or its authorized representatives accruing and written notice of which has been given to LANDLORD by TENANT prior to the date of such transfer, unless such liability is assumed by LANDLORD'S transferee in a written agreement approved by TENANT. If any security deposit or prepaid Rent has been paid by TENANT, LANDLORD can transfer the security deposit or prepaid Rent to LANDLORD'S successor and on such transfer LANDLORD shall be discharged from any further liability in reference to the security deposit or prepaid rent, provided that such transferee shall have assumed LANDLORD'S obligations hereunder in a written agreement approved by TENANT."
Examples of EFFECT ON LEASE in a sentence
EFFECT ON LEASE: If LANDLORD sells or transfers all or any portion of the building, other improvements, and land of which the Premises are a part LANDLORD, on consummation of the sale or transfer, shall be released from any liability thereafter accruing under this Lease.