Common use of Maintenance Capital Reserve in the Event of a Transfer Clause in Contracts

Maintenance Capital Reserve in the Event of a Transfer. In the event of a sale or transfer by either party of its interest in the Premises, such party shall transfer to the person who owns or acquires such interest in the Premises or is the transferee of such party’s interest under this Lease, all of such party’s rights with respect to the Maintenance Capital Reserve if it is then held by the Depository, if applicable, subject to the provisions thereof. Upon such transfer, the transferor shall be deemed to be released and relieved from all liability with respect to such deposited monies and the non-transferring party shall look solely to the transferee with respect thereto, and the provisions hereof shall apply to each successive transfer of such party’s rights with respect to such deposits.

Maintenance Capital Reserve in the Event of a Transfer. In the event of a sale or transfer by either party of its interest in the Premises, such party shall will transfer to the person who owns or acquires such interest in the Premises or is the transferee of such party’s interest under this Lease, all of such party’s rights with respect to the Maintenance Capital Reserve if it is then held by the Depository, if applicable, subject to the provisions thereof. Upon such transfer, the transferor shall will be deemed to be released and relieved from all liability with respect to such deposited monies and the non-transferring party shall will look solely to the transferee with respect thereto, and the provisions hereof shall will apply to each successive transfer of such party’s rights with respect to such deposits.

Maintenance Capital Reserve in the Event of a Transfer. In the event of a sale or transfer by either party of its interest in the Premises, such party shall transfer to the person who owns or acquires such interest in the Premises or is the transferee of such party’s interest under this Lease, all of such party’s rights with respect to the Maintenance Capital Reserve if it is then held by the Depository, if applicable, subject to the provisions thereof. Upon such transfer, the transferor shall be deemed to be released and relieved from all liability with respect to such deposited monies and the non-transferring party shall look solely to the transferee with respect thereto, and the provisions hereof shall apply to each successive transfer of such party’s rights with respect to such deposits.deposits.‌