Lessor’s Interests Sample Clauses
The "Lessor’s Interests" clause defines and protects the rights, ownership, and benefits retained by the lessor in a lease agreement. It typically clarifies that the lessor maintains legal title to the leased property and may outline the lessor’s rights to receive rent, enforce lease terms, and reclaim the property at the end of the lease or upon default. This clause ensures that the lessor’s stake in the property is clearly established, helping to prevent disputes over ownership and safeguarding the lessor’s financial and legal interests throughout the lease term.
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Lessor’s Interests. Lessor represents and warrants to Lessee ------------------ that as of the Commencement Date, (a) Lessor owns and holds fee title in and to the Buildings and the Property free and clear of all liens and encumbrances, except the lien of the mortgage in favor of the Lessee; b) the Property identified on Exhibit A contains the Buildings described on Exhibit B and (c) --------- --------- there are no encumbrances, liens, agreements, covenants in effect that would limit Lessee's rights hereunder. The term "Lessor" as used herein shall mean only the owners, at the time in question, of the fee title to the Property and the Buildings. In the event of an assignment or transfer of this Lease by Lessor for other than security purposes, Lessor shall cause its assignee or transferee to assume the provisions of this Lease and Lessor shall deliver notice of the proposed assignment or transfer and a copy of the proposed instrument of transfer to Lessee within fifteen (15) business days after the date of transfer. Lessor shall deliver to the Lessee a copy of the effective instrument of transfer to its assignee or transferee as permitted by this Lease. Lessee shall be entitled to continue to pay rent and give all notices to Lessor until Lessee has received the foregoing from Lessor. Lessor shall deliver all funds in which Lessee has an interest, including but not limited to Lessee's security deposit, if any, to Lessor's purchaser or assignee. From and after a sale of the Property and the Buildings, Lessor shall be released from all liability toward Lessee arising from this Lease because of any act, occurrence or omission of Lessor's successors occurring after the transfer of Lessor's interest in this Lease, provided Lessor's purchaser or assignee expressly assumes Lessor's duties and covenants under this Lease. Nothing herein shall be deemed to relieve Lessor of any liability for its acts, omissions or obligations occurring or accruing up to and including the date of such transfer. Lessor hereby agrees to insert, in any agreement of sale and deed conveying the Property and Buildings or any portion thereof to another person, a clause which states that such conveyance is subject to this Lease.
Lessor’s Interests. In no event shall any interest of Lessor in the Premises, including without limitation, Lessor’s fee interest in the Premises or reversionary interest in the Improvements or interest under this Lease, be subject or subordinate to any Lien.