Assignment Upon Transfer Sample Clauses

Assignment Upon Transfer. If Landlord conveys or transfers its interest in the Premises and, as a part of such conveyance or transfer, Landlord assigns its interest in this Lease: (i) the Letters of Credit and/or any cash security (or any portion thereof not previously applied) shall be transferred to Landlord’s successor; and (ii) upon Landlord’s provision of written notice to Tenant of the transfer contemplated in subparagraph 31(d)(i) hereof, Landlord shall be released and discharged from any further liability to Tenant with respect to the Letters of Credit or any cash security. In no event shall any Mortgagee, or any purchaser of all or any portion of the Project at a public or private foreclosure sale or exercise of a power of sale, have any liability or obligation whatsoever to Tenant or Tenant’s successors or assigns for the return of the Letters of Credit or cash security in the event any such Mortgagee or purchaser becomes a mortgagee in possession or succeeds to the interest of Landlord under this Lease unless, and then only to the extent that, such Mortgagee or purchaser has received all or any part of the Letters of Credit or cash security. No trust relationship is created herein between Landlord and Tenant with respect to the Letters of Credit or cash security. Tenant acknowledges that neither the Letters of Credit nor any cash security is an advance payment of any kind or a measure of Landlord’s damages in the event of Tenant’s default. Tenant hereby waives any rights that it may now or hereafter have under California Civil Code Section 1950.7 and the provisions of any other Law that are inconsistent with this Paragraph 31.