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 testacy or intestacy) without the consent of Landlord. Each of the following acts shall be considered an involuntary assignment: 1. If Tenant is or becomes bankrupt or insolvent, makes an assignment for the benefit of creditors, or institutes a proceeding under one or more Chapters of the Bankruptcy Act, in which Tenant is the Bankrupt or a reorganizing debtor, or if Tenant is a partnership or consists of more than one person or entity, is or becomes bankrupt or a debtor in a Chapter proceeding, or insolvent, or makes an assignment to the benefit of creditors; 2. If a writ of attachment or execution is levied on this Lease; 3. If in any proceeding or action to which a Tenant is a party, a receiver is appointed with authority to take possession of the Premises. An involuntary assignment shall constitute a 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. In the event Tenant desires Landlord to provide written consent to the assignment by Tenant of Tenant's interest in the Lease, or the subletting the Premises or any part thereof to another person or entity, Tenant shall provide Landlord with a written request for consent and shall provide therewith information concerning the proposed assignee or sublessee, appropriate financial statements and such other information that the Landlord shall request. Landlord shall have the sole discretion as to whether or not to consent to any proposed assignment or sublease. In the event that the Premises are leased to more than one Tenant, this Lease shall automatically transfer to the survivor or survivors, in the event of death of one Tenant.

Involuntary Assignment. No Notwithstanding any provision herein contained to the contrary, Landlord shall not be required to consent to any involuntary assignment of this Lease or of the interest of Tenant in this Lease shall be assignable by operation of law, (including without limitation, the transfer of this Lease by testacy or intestacy) without the consent of Landlord. Each of the following acts shall be considered an involuntary assignment: 1. (a) If Tenant is or becomes bankrupt or insolventinsolvent or is a debtor-in-possession under any insolvency statute, such as "Chapter XI" proceedings under the Bankruptcy Act, or where Tenant makes an assignment for the benefit of creditors, creditors or institutes a proceeding under one or more Chapters of the Bankruptcy Act, Act in which Tenant is the Bankrupt a bankruptcy or a reorganizing debtor or a debtor-in-possession, or if any proceeding is instituted against Tenant under the Bankruptcy Act which is not dismissed within sixty (60) days' or if Tenant a partnership or consists of more than one person or entity, entity is or becomes bankrupt or a debtor in a Chapter proceeding, or insolvent, insolvent or makes an assignment to for the benefit of creditors;creditor, or in the event any court, court officer, referee, judge, trustee or judicial officer attempts to assign or offer the subject Lease for sale at auction or otherwise; or 2. (b) If a writ of attachment or execution is levied on this Lease;; or 3. If (c) If, in any proceeding or action to which a Tenant is a party, a receiver is appointed with authority to take possession of the Premisesdemised premises. An Any such involuntary assignment shall constitute a default by Tenant hereunder, 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. In the event Any such termination shall be made by Landlord in writing sent to Tenant desires Landlord to provide written consent to the assignment by certified mail, return receipt requested. Ten (10) days after notifying Tenant of Tenant's interest in the Leasesuch termination, or the subletting the Premises or any part thereof to another person or entity, Tenant shall provide Landlord with a written request for consent and shall provide therewith information concerning the proposed assignee or sublessee, appropriate financial statements and such other information that the Landlord shall request. Landlord shall have be entitled to immediate possession of the sole discretion as demised premises and may institute summary proceedings against Tenant or may take other suitable proceeding or action to whether or not to consent to any proposed assignment or sublease. In the event that the Premises are leased to more than one Tenant, this Lease shall automatically transfer to the survivor or survivors, in the event of death of one Tenantobtain possession thereof.

Involuntary Assignment. No Notwithstanding any provision herein contained to the contrary, Landlord shall not be required to consent to any involuntary assignment of this Lease or of the interest of Tenant in this Lease shall be assignable by operation of law, (including without limitation, the transfer of this Lease by testacy or intestacy) without the consent of Landlord. Each of the following acts shall be considered an involuntary assignment: 1. (a) If Tenant is or becomes bankrupt or insolventinsolvent or is a debtor-in-possession under any insolvency statute, such as "Chapter XI" proceedings under the Bankruptcy Act, or where Tenant makes an assignment for the benefit of creditors, creditors or institutes a proceeding under one or more Chapters of the Bankruptcy Act, Act in which Tenant is the Bankrupt a bankrupt or a reorganizing debtor or a debtor-in-possession, or if any proceeding is instituted against Tenant under the Bankruptcy Act which is not dismissed within sixty (60) days' or if Tenant a partnership or consists of more than one person or entity, entity is or becomes bankrupt or a debtor in a Chapter proceeding, or insolvent, insolvent or makes an assignment to for the benefit of creditors;creditor, or in the event any court, court officer, referee, judge, trustee or judicial officer attempts to assign or offer the subject Lease for sale at auction or otherwise; or 2. (b) If a writ of attachment or execution is levied on this Lease;; or 3. If (c) If, in any proceeding or action to which a Tenant is a party, a receiver is appointed with authority to take possession of the Premisesdemised premises. An Any such involuntary assignment shall constitute a default by Tenant hereunder, 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. In the event Any such termination shall be made by Landlord in writing sent to Tenant desires Landlord to provide written consent to the assignment by certified mail, return receipt requested. Ten (10) days after notifying Tenant of Tenant's interest in the Leasesuch termination, or the subletting the Premises or any part thereof to another person or entity, Tenant shall provide Landlord with a written request for consent and shall provide therewith information concerning the proposed assignee or sublessee, appropriate financial statements and such other information that the Landlord shall request. Landlord shall have be entitled to immediate possession of the sole discretion as demised premises and may institute summary proceedings against Tenant or may take other suitable proceeding or action to whether or not to consent to any proposed assignment or sublease. In the event that the Premises are leased to more than one Tenant, this Lease shall automatically transfer to the survivor or survivors, in the event of death of one Tenantobtain possession thereof.