Common use of Purchaser Bound Clause in Contracts

Purchaser Bound. (a) The Purchaser covenants and agrees that, as and from Completion, the Purchaser is bound by the Leases as though the Purchaser was named as the lessor or licensor (as appropriate) in the Leases. (b) The Purchaser must: (1) if required by the terms of any Lease or in relation to any deed dealing with Outstanding Incentives; or (2) if a Lease is not or will not be registered, prior to the transfer of Property to the Purchaser, execute and deliver to the Vendor at Completion a Covenant Deed in favour of each Tenant in the form of the document in Schedule 4. (c) Any Covenant Deed required under clause 9.5(b) must be prepared by the Vendor and delivered to the Purchaser for execution within a reasonable time prior to Completion. (d) In relation to any deed dealing with Outstanding Incentives or any Lease which is executed but the term has not commenced prior to Completion, or any occupation licence for any part of the Assets the Covenant Deed must include mutual covenants by the Tenant in favour of the Purchaser. The parties must use their reasonable endeavours to procure those Tenants to execute the Covenant Deed prior to Completion but the Vendor or the Purchaser must not delay Completion if they are not signed by Completion and the parties will use reasonable endeavours to have them signed after Completion.

Purchaser Bound. (a) The Purchaser covenants and agrees that, as and from Completion, the Purchaser is bound by the Leases as though the Purchaser was named as the lessor or licensor (as appropriate) in the Leases. (b) The Purchaser must: (1) , if required by the Vendor or by the terms of any Lease or in relation to any deed dealing with Outstanding Incentives; or (2) if a Lease is not or will not be registered, prior to the transfer of Property to the Purchaser, execute and deliver to the Vendor at Completion a Covenant Deed in favour of each Tenant in the form of the document in Schedule 4. (c) Any Covenant Deed required under clause 9.5(b) must be prepared by the Vendor and delivered to the Purchaser for execution within a reasonable time prior to Completion. (d) In relation to any deed dealing with Outstanding Incentives or any Lease which is executed but the term has not commenced prior to Completion, or any occupation licence for any part of the Assets the Covenant Deed must include mutual covenants by the Tenant in favour of the Purchaser. The parties must use their reasonable endeavours to procure those Tenants to execute the Covenant Deed prior to Completion but the Vendor or the Purchaser must not delay Completion if they are not signed by Completion and the parties will use reasonable endeavours to have them signed after Completion.