Common use of EFFECT OF CONVEYANCE Clause in Contracts

EFFECT OF CONVEYANCE. As used in this Sublease, the term “Sublessor” means the holder of the tenant’s interest under the Master Lease. In the event of any assignment, transfer or termination of the tenant’s interest under the Master Lease, which assignment, transfer or termination may occur at any time during the Term hereof in Sublessor’s sole discretion (but only so long as (i) any such termination does not result in a breach of Sublessor’s obligations under this Sublease and (ii) any assignment does not result in a termination of this Sublease due to the exercise of any recapture right by Master Lessor under the Master Lease), Sublessor shall be and hereby is entirely relieved of all covenants and obligations of Sublessor hereunder first accruing after the date of such transfer, provided that the transferee has assumed and agreed in writing and shall carry out all covenants and obligations thereafter to be performed by Sublessor hereunder. Sublessor shall transfer and deliver any security of Sublessee to the transferee of the tenant’s interest under the Master Lease, and thereupon Sublessor shall be discharged from any further liability with respect thereto.

EFFECT OF CONVEYANCE. As used in this Sublease, the term “SublessorSublandlord” means the holder of the tenant’s “Tenant’s” interest under the Master Lease. In the event of any assignment, assignment or transfer or termination of the tenantTenant’s interest under the Master Lease, which assignment, assignment or transfer or termination may occur at any time during the Term hereof in SublessorSublandlord’s sole discretion discretion, then except in the event of an assignment or transfer to an Affiliated Party (but only so long as (i) any such termination does not result defined in a breach of Sublessor’s obligations under this Sublease and (ii) any assignment does not result in a termination of this Sublease due to the exercise of any recapture right by Master Lessor under the Master Lease), Sublessor Sublandlord shall be and hereby is entirely relieved of all covenants and obligations of Sublessor hereunder first accruing after Sublandlord hereunder, and it shall be deemed and construed, without further agreement between the date of such transferparties hereto, provided that the any transferee has assumed and agreed in writing and shall carry out all covenants and obligations thereafter to be performed by Sublessor Sublandlord hereunder. Sublessor Sublandlord shall transfer and deliver any security of Sublessee Subtenant to the transferee of the tenant’s such interest under the Master Lease, and thereupon Sublessor Sublandlord shall be discharged from any further liability with respect thereto. Sublandlord shall not assign the Lease to a third party (except to a successor by purchase, merger, consolidation or reorganization) if the same would result in the exercise by Landlord of its right to terminate the Master Lease with respect to the Subleased Premises under Section 12.B of the Master Lease (unless Master Landlord agrees to allow Subtenant to continue to occupy the Subleased Premises for the remaining Term on the terms of this Sublease).

EFFECT OF CONVEYANCE. As used in this Sublease, the term “Sublessor” means the holder of the tenant’s interest under the Master Lease. In the event of any assignment, transfer or termination of the said tenant’s interest under the Master Lease, which assignment, transfer or termination may occur at any time during the Term hereof in Sublessor’s sole discretion (but only so long as (i) any such termination does not result in a breach of Sublessor’s obligations under this Sublease and (ii) any assignment does not result in a termination of this Sublease due to the exercise of any recapture right by Master Lessor under the Master Lease)interest, Sublessor shall be and hereby is entirely relieved of all covenants and obligations of Sublessor hereunder first accruing to be performed after the date of such transferthe conveyance, provided and it shall be deemed and construed, without further agreement between the parties, that the transferee has assumed and agreed in writing and shall carry out all covenants and obligations thereafter to be performed by Sublessor hereunderhereunder from and after the date of the conveyance. Sublessor shall transfer and deliver any security Security Deposit of Sublessee to the transferee of the said tenant’s interest under in the Master Lease, and thereupon Sublessor shall be discharged from any further liability with respect thereto. Notwithstanding the foregoing, as between Sublessor and Sublessee, in no event shall the release provided in the first sentence of this Paragraph 12 relieve Sublessor of any covenants or obligations which Sublessor was obligated to perform or which Sublessor failed to perform under the Master Lease prior to the Commencement Date of this Sublease.