POTENTIAL SALE Clause Samples
The Potential Sale clause outlines the procedures and rights of the parties in the event that the property or asset covered by the agreement may be sold to a third party. Typically, this clause specifies notification requirements, timelines for responding to a potential sale, and any rights of first refusal or matching offers that existing parties may have. For example, if an owner receives an offer from an outside buyer, they may be required to inform other stakeholders, who then have the opportunity to match the offer or consent to the sale. The core function of this clause is to provide a clear process for handling possible sales, thereby protecting the interests of all parties and reducing uncertainty or disputes regarding future transactions.
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POTENTIAL SALE. 5.1 If the Tenant signs a sale agreement with the Landlord at any time during the period of Lease or any renewal of the Lease or within 24 (Twenty four) months after the Lease has come to an end, then A7 Properties will be regarded as the reason the sale took place and will be entitled to payment by the Landlord of commission equal to the percentage, as referred to in item 1.4.3 of the schedule, of the selling price.
5.2 Should the property be sold during the Lease period, other than to the Tenant(s), the remaining fees that would have been collected by the Agent will be paid, without any amounts being taken off, to the Agent, at the date of the Property being registered in the name of the purchaser, or will be deducted from any monies that are owed to the Landlord.
5.3 The Landlord agrees that when the property is or is going to come available for sale, A7 Properties will be given an Exclusive Sole Mandate to manage the sale of the property to ensure minimum disruption to the Tenant.
POTENTIAL SALE. 2.1.1 If the Tenant signs a sale agreement with the Landlord at any time during the period of Lease, any renewal of the Lease or within 12 (twelve) months after the Lease has come to an end, then the Agent shall be deemed to have been the reason that the sale took place and shall be entitled to payment by the Landlord of commission equal to a percentage of the selling price which is 5%( five persent ).
2.1.2 Should the property be sold during the Lease period, other than to the Tenant(s), the remaining fees that would have been collected by the Agent, will be paid without any amounts being taken off, to the Agent, at the date of the Property being registered in the name of the Purchaser, or deducted from any monies that are owed to the Landlord;
2.1.3 The Landlord agrees that when the property is for Sale, and a Sale Agreement is completed, that the Agent will be notified by the Landlord if the sale occurs during the period mentioned in 2.1.2.
POTENTIAL SALE. If the Tenant signs a sale agreement with the Landlord at any time during the Initial Period of the Lease Agreement, any renewal period of the Lease Agreement, or within 12 (Twelve) months after the Termination Date, then The Property Practitioner shall be deemed to have been the reason that such sale took place and The Property Practitioner shall be entitled to payment by the Landlord of commission equal 5 (five) percent of the selling price.