Common use of Involuntary Assignment Clause in Contracts

Involuntary Assignment. No interest of Tenant in this Lease shall be assignable by operation of law including, without limitation, the transfer of this Lease by will or intestacy. Each of the following acts shall be considered an involuntary assignment: (a) if Tenant is or becomes bankrupt or insolvent, makes an assignment for the benefit of creditors, or institutes or becomes the subject of a proceeding under the Bankruptcy Code in which Tenant is the debtor and such proceeding remains undismissed for a period of sixty (60) days; (b) if a writ of attachment or execution is levied on this Lease and not released within sixty (60) days; (c) if, in any proceeding or action to which Tenant is a party, a receiver is appointed with authority to take possession of the Premises. An involuntary assignment shall be deemed to constitute a material default by Tenant and Landlord shall have the right to elect to terminate this Lease, in which case this Lease shall not be treated as an asset of Tenant.