LANDLORD ASSIGNMENT Clause Samples
The Landlord Assignment clause allows the landlord to transfer their rights and obligations under the lease to another party. In practice, this means that if the landlord sells the property or otherwise assigns their interest, the new owner or assignee steps into the landlord's role and assumes all responsibilities and benefits of the lease. This clause ensures continuity of the lease terms for the tenant while providing the landlord with flexibility to transfer ownership or management without breaching the lease agreement.
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LANDLORD ASSIGNMENT. Landlord will have the right to sell, transfer or assign, in whole or in part, its rights and obligations under this Lease. Any such sale, transfer or assignment will operate to release Landlord from any and all liability under this Lease arising after the date of such sale, assignment or transfer, so long as successor landlord assumes the obligations of landlord hereunder.
LANDLORD ASSIGNMENT. Landlord’s right to assign this Lease Agreement is and shall remain unqualified upon any sale or transfer of the Building and, provided the purchaser succeeds to the interests of Landlord under this Lease Agreement, Landlord shall thereupon be entirely freed of all obligations of the Landlord’s hereunder and shall not be subject to any liability resulting from any act or omission or event occurring after such conveyance.
LANDLORD ASSIGNMENT. Landlord shall have the right to sell, convey, transfer, mortgage, or assign, in whole or in part, for collateral purposes or otherwise, its rights and obligations under this Lease and in all or part of the Premises and the Project. In the event of any sale, conveyance, transfer or assignment made other than for collateral purposes, this Lease shall remain in full force and effect, provided, however, that (i) Landlord shall be released from any and all liabilities under this Lease first arising after the date of such sale, conveyance, assignment or transfer, so long as the transferee assumes in writing Landlord’s obligations under this Lease first arising after the date of transfer, and (ii) upon receipt of written notice from Landlord, Tenant shall immediately and automatically attorn to the transferee, so long as the transferee assumes in writing Landlord’s obligations under this Lease first arising after the date of transfer.
LANDLORD ASSIGNMENT. (a) Landlord may assign, transfer, mortgage, hypothecate or encumber Landlord's right, title and interest in and to this Lease or any portion thereof (including the right to receive rental payments but excluding its duties and obligations hereunder), and Landlord may execute any and all instruments providing for the payment of Base Rent directly to an assignee or transferee, but only if the conditions set forth in this Section are met.
(b) Any document or agreement purporting to assign, transfer, mortgage, hypothecate or encumber Landlord's right, title and interest in and to this Lease, or any portion thereof, as security for the Landlord's obligation to repay any monetary obligation, is hereinafter referred to as a "Security Agreement." Any Security Agreement which is executed without full compliance with the requirements of this Section shall be void.
(c) Each assignee or transferee under the Security Agreement shall certify and agree in writing that such assignee or transferee has read and is familiar with the requirements of Sections 5950-5955 of California Government Code, which prohibits the offer or sale of any security constituting a fractional interest in this Lease or any portion thereof, without the prior written consent of the Tenant. Notwithstanding the foregoing, the Tenant hereby acknowledges and agrees that Landlord shall have the right to encumber the Property with CMBS (commercial mortgage backed securities) financing or other traditional real estate financing. However, Landlord may not encumber the Property through any type of bond financing vehicle, including but not limited to certificate of participation financing.
(d) Violation by Landlord of the provisions of Section 5951 of the California Government Code will constitute a material breach of this Lease, upon which the Tenant may impose damages in an amount equal to the greater of $500,000 or 10% of the aggregate principal portion of all rental payments payable by the Tenant during the entire Term of this Lease, it being expressly agreed that the aforesaid amount shall be imposed as liquidated damages, and not as a forfeiture or penalty. It is further specifically agreed that the aforesaid amount is presumed to be the amount of damages sustained by reason of any such violation, because from the circumstances and nature of the violation it would be impracticable and extremely difficult to fix actual damages. In addition, the Tenant may exercise or pursue any other right or remedy it ...
LANDLORD ASSIGNMENT. Landlord is entitled to sell, transfer or assign, in whole or in part, its rights and obligations under this Lease and in the Leased Premises provided such transferee assumes all obligations of Landlord under this Lease. Any such sale, transfer or assignment shall, upon assumption by the transferee of Landlord’s obligations hereunder, release Landlord from all liabilities under this Lease arising after the date of such sale, assignment or transfer, and Tenant agrees to look solely to the successor in interest of Landlord for the performance of such obligation.
LANDLORD ASSIGNMENT. Landlord may, at any time after the Effective Date, assign this Lease to any party without Tenant's consent; provided, however, that: (i) Landlord shall provide Tenant with written notice of the assignment no less than thirty (30) days prior to its effective date; (ii) any assignee shall (A) be (or become on the effective date of the assignment) fee owner of the Building, and (B) agree, in writing, to become “Landlord” under this Lease and assume all of Landlord's obligations from and after the effective date of assignment; and (iii) DTR14. L.L.C. shall remain liable for any matters that accrued prior to the effective date of assignment.
LANDLORD ASSIGNMENT. Subject to the provisions of Article XIII, Landlord shall have the right to assign or transfer its interest in this Lease at any time, provided that the assignee or transferee assumes and agrees to be bound by the terms of this Lease and further provided that Landlord notifies Tenant of such assignment and provides Tenant with an executed copy of the transfer instrument within a reasonable time subsequent to occurrence.
LANDLORD ASSIGNMENT. Landlord reserves the right to sell, assign, encumber or otherwise transfer all or any portion of Landlord’s interest in and to the Premises or this Lease upon the conditions that: (a) this Lease shall remain in full force and effect, subject to the performance by Tenant of all of its obligations hereunder; (b) any such action by Landlord shall not effect the rights or priorities of Tenant under this Lease; (c) Landlord shall not be released from any of its obligations under this Lease accruing prior to the date of such transfer; (d) the assignee shall have assumed in writing all of Landlord’s obligations hereunder from and after the date of the assignment; and (e) Tenant shall not be bound by such transfer unless and until Tenant actually receives written notice of such transfer, including copies of the transfer document(s) executed by the transferor and transferee in accordance with this Section.
LANDLORD ASSIGNMENT. The LANDLORD may assign its right, title and interest in this Lease, and such assignment shall then terminate all the LANDLORD's obligations so long as the LANDLORD is not in default when such assignment is made and the assignee assumes the LANDLORD's responsibilities thereafter.
LANDLORD ASSIGNMENT. Landlord may assign his interest in this Net Lease Agreement without the consent of the Tenant.