Common use of Landlord May Assign Clause in Contracts

Landlord May Assign. (a) The Landlord may assign or charge all of its rights and benefits under this Tenancy Agreement to any lender of the Landlord or any mortgagee of the Property. (b) The Tenant acknowledges that the Landlord's rights and benefits under this Tenancy Agreement must accrue to the owner for the time being of the Property and that: (i) the Landlord shall be entitled to assign or transfer its rights and benefits under this Tenancy Agreement to any trustee for the time being of REIT; and (ii) on any disposal of the Property by any owner of the Property (including, without limitation, the Landlord or any trustee for the time being of REIT, such owner shall be entitled to, assign or transfer its rights and benefits under this Tenancy Agreement to any subsequent purchaser(s) of the Property. (c) Upon such assignment or transfer, the Tenant: (i) is treated to have consented to such assignment or transfer; (ii) must accept any transferee of the Landlord as its new Landlord; (iii) must release the Landlord from all its obligations in this Tenancy Agreement, particularly, the Landlord's obligation to refund the Security Deposit and other sums under this Tenancy Agreement upon transfer (less any authorized deductions) of such Security Deposit to the transferee; and (iv) must become a party to and sign any agreement with the Landlord and its transferee relating to the said assignment or transfer, if required by the Landlord. Such agreement will be prepared by the Landlord at its own cost and expense.

Landlord May Assign. (a) The Landlord may assign or charge all of its rights and benefits under this Tenancy Agreement to any lender of the Landlord or any mortgagee of the Property. (b) The Tenant acknowledges that the Landlord's ’s rights and benefits under this Tenancy Agreement must accrue to the owner for the time being of the Property and that: (i) the Landlord shall be entitled to assign or transfer its rights and benefits under this Tenancy Agreement to any trustee for the time being of REIT; and (ii) on any disposal of the Property by any owner of the Property (including, without limitation, the Landlord or any trustee for the time being of REIT, such owner shall be entitled to, assign or transfer its rights and benefits under this Tenancy Agreement to any subsequent purchaser(s) of the Property. (c) Upon such assignment or transfer, the Tenant: (i) is treated to have consented to such assignment or transfer; (ii) must accept any transferee of the Landlord as its new Landlord; (iii) must release the Landlord from all its obligations in this Tenancy Agreement, particularly, the Landlord's ’s obligation to refund the Security Deposit and other sums under this Tenancy Agreement upon transfer (less any authorized deductions) of such Security Deposit to the transferee; and (iv) must become a party to and sign any agreement with the Landlord and its transferee relating to the said assignment or transfer, if required by the Landlord. Such agreement will be prepared by the Landlord at its own cost and expense.