Common use of Legal Obligation Clause in Contracts

Legal Obligation. Lessees hereby acknowledge that they have a legal obligation to pay their lease payments on time each semester regardless of any other debts or responsibilities they may have. They understand and acknowledge that defaulting on this Lease Agreement could result in a forfeit of all rents paid and a judgment being filed against them possibly including a lien being filed against their current and future assets and/or earnings.

Legal Obligation. Lessees hereby acknowledge that they have a legal obligation to pay their lease payments on time each semester regardless of any other debts or responsibilities they may have. They understand and acknowledge that defaulting on this Lease Agreement could result in a forfeit of all rents monies paid and a judgment being filed against them possibly including a lien being filed against their current and future assets and/or earnings.