OWNER ASSIGNMENT OF LEASE AND RENTS. If Owner assigns its interest in this Lease, or the rents payable hereunder, to the holder of any Mortgage or the lessor under any Superior Lease, whether the assignment shall be conditional in nature or otherwise, Tenant agrees that (a) the execution thereof by Owner and the acceptance by such holder or lessor shall not be deemed an assumption by such holder or lessor of any of the obligations of the Owner under this Lease unless such holder or lessor shall, by written notice sent to Tenant, specifically otherwise elect; and (b) except as aforesaid, such holder or lessor shall be treated as having assumed Owner's obligations hereunder only upon the foreclosure of such holder's Mortgage or the termination of such lessor's Superior Lease and the taking of possession of the Demised Premises by such holder or lessor, as the case may be.
Appears in 6 contracts
Samples: Agreement of Lease (Langer Inc), Agreement (Appliedtheory Corp), Agreement of Lease (Iturf Inc)
OWNER ASSIGNMENT OF LEASE AND RENTS. If Owner assigns its interest in this Lease, or the rents payable hereunder, to the holder of any Mortgage or the lessor under any Superior Lease, whether the assignment shall be conditional in nature or otherwise, Tenant agrees that (a) the execution thereof by Owner and the acceptance by such holder or lessor shall not be deemed an assumption by such holder or lessor of any of the obligations of the Owner under this Lease unless such holder or lessor shall, by written notice sent to Tenant, specifically otherwise elect; and (b) except as aforesaid, such holder or lessor shall be treated as having assumed Owner's ’s obligations hereunder only upon the foreclosure of such holder's ’s Mortgage or the termination of such lessor's ’s Superior Lease and the taking of possession of the Demised Premises by such holder or lessor, as the case may be..
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Samples: Agreement of Lease (Bankrate, Inc.)
OWNER ASSIGNMENT OF LEASE AND RENTS. If Owner assigns its interest in this Lease, or the rents payable hereunder, to the holder of any Mortgage or the lessor under any Superior Lease, Lease whether the assignment shall be conditional in nature or otherwise, . Tenant agrees that (a) the execution thereof by Owner and the acceptance by such holder or lessor shall not be deemed an assumption by such holder or lessor of or any of the obligations of the Owner under this Lease unless such holder or lessor shall, by written notice sent to Tenant, specifically otherwise elect; and (b) except as aforesaid, such holder or lessor shall be treated as having assumed Owner's obligations hereunder only upon the foreclosure of such holder's Mortgage or the termination of such lessor's Superior Lease and the taking of possession of the Demised Premises by such holder or lessor, lessor as the case may be.
Appears in 1 contract
Samples: Agreement of Lease (United States Financial Group Inc /Ny)
OWNER ASSIGNMENT OF LEASE AND RENTS. If Owner assigns ----------------------------------- its interest in this Lease, or the rents payable hereunder, to the holder of any Mortgage or the lessor under any Superior Lease, whether the assignment shall be conditional in nature or otherwise, Tenant agrees that (a) the execution thereof by Owner and the acceptance by such holder or lessor shall not be deemed an assumption by such holder or lessor of any of the obligations of the Owner under this Lease unless such holder or lessor shall, by written notice sent to Tenant, specifically otherwise elect; and (b) except as aforesaid, such holder or lessor shall be treated as having assumed Owner's obligations hereunder only upon the foreclosure of such holder's Mortgage or the termination of such lessor's Superior Lease and the taking of possession of the Demised Premises by such holder or lessor, as the case may be.
Appears in 1 contract
Samples: Bottomline Technologies Inc /De/
OWNER ASSIGNMENT OF LEASE AND RENTS. If Owner assigns its interest in this Lease, or the rents payable hereunder, to the holder of any Mortgage or the lessor under any Superior Lease, whether the assignment shall be conditional in nature or otherwise, Tenant agrees that (a) the execution thereof by Owner and the acceptance by such holder or lessor shall not be deemed an assumption by such holder or lessor of any of the obligations of the Owner under this Lease unless such holder or lessor shall, by written notice sent to Tenant, specifically otherwise elect; and (b) except as aforesaid, such holder or lessor shall be treated as having assumed Owner's ’s obligations hereunder only upon the foreclosure of such holder's ’s Mortgage or the termination of such lessor's ’s Superior Lease and the taking of possession of the Demised Premises by such holder or lessor, as the case may be.
Appears in 1 contract
Samples: 3PAR Inc.