Common use of MANAGEMENT’S Successor Obligated for Security Deposit Clause in Contracts

MANAGEMENT’S Successor Obligated for Security Deposit. If MANAGEMENT in any way transfers its interests in the PREMISES, MANAGEMENT may transfer the security deposit to the transferee and MANAGEMENT is thereafter released from all liability for the return of the security deposit to RESIDENT. The RESIDENT agrees to look to the transferee solely for the return of the security deposit and to release MANAGEMENT from all obligations and liability relating to thereto.