Common use of Release of Lessor Clause in Contracts

Release of Lessor. The Lessor may sell, assign, transfer or convey (but not encumber), with the prior written consent of the Lenders which shall not be unreasonably withheld, conditioned or delayed, all or any part of Lessor’s interest in the Scarlett Property, reversionary interest in the Improvements or this Lease without obtaining Lessee’s consent, provided that the purchaser, assignee, or transferee expressly assumes all of the obligations of the Lessor under this Lease by a written instrument in a form reasonably satisfactory to the Lessee and recordable in the Office of the Teton County Clerk (an “Assumption Agreement”). In the event of a sale, assignment, transfer or conveyance by Lessor of the Scarlett Property or its rights under this Lease, provided an assumption agreement is executed as required above, the same shall operate to release the Lessor from any future liability upon any of the covenants or conditions of this Lease, expressed or implied, in favor of Lessee, and in such event the Lessee shall look solely to the successor in interest of Lessor in and to the Scarlett Property or this Lease. This Lease shall not be affected by any such sale, and the Lessee agrees to attorn to any such purchaser or assignee provided Lessee has received an Assumption Agreement.

Release of Lessor. The Lessor may sell, assign, transfer or convey (but not encumber), with the prior written consent of the Lenders which shall not be unreasonably withheld, conditioned or delayed, all or any part of Lessor’s 's interest in the Scarlett Schwabacher Property, reversionary interest in the Improvements or this Lease without obtaining Lessee’s 's consent, provided that the purchaser, assignee, or transferee expressly assumes all of the obligations of the Lessor under this Lease by a written instrument in a form reasonably satisfactory to the Lessee and recordable in the Office of the Teton County Clerk (an “"Assumption Agreement”"). In the event of a sale, assignment, transfer or conveyance by Lessor Xxxxxx of the Scarlett Schwabacher Property or its rights under this Lease, provided an assumption agreement is executed as required above, the same shall operate to release the Lessor from any future liability upon any of the covenants or conditions of this Lease, expressed or implied, in favor of LesseeXxxxxx, and in such event the Lessee shall look solely to the successor in interest of Lessor in and to the Scarlett Schwabacher Property or this Lease. This Lease shall not be affected by any such sale, and the Lessee agrees to attorn to any such purchaser or assignee provided Lessee Xxxxxx has received an Assumption Agreement.

Release of Lessor. The Lessor may sell, assign, transfer or convey (but not encumber), with the prior written consent of the Lenders which shall not be unreasonably withheld, conditioned or delayed, all or any part of Lessor’s interest in the Scarlett 000 X. Xxxx Street Property, reversionary interest in the Improvements or this Lease without obtaining Lessee’s consent, provided that the purchaser, assignee, or transferee expressly assumes all of the obligations of the Lessor under this Lease by a written instrument in a form reasonably satisfactory to the Lessee and recordable in the Office of the Teton County Clerk (an “Assumption Agreement”). In the event of a sale, assignment, transfer or conveyance by Lessor of the Scarlett 000 X. Xxxx Street Property or its rights under this Lease, provided an assumption agreement is executed as required above, the same shall operate to release the Lessor from any future liability upon any of the covenants or conditions of this Lease, expressed or implied, in favor of LesseeXxxxxx, and in such event the Lessee shall look solely to the successor in interest of Lessor Xxxxxx in and to the Scarlett 000 X. Xxxx Street Property or this Lease. This Lease shall not be affected by any such sale, and the Lessee agrees to attorn to any such purchaser or assignee provided Lessee Xxxxxx has received an Assumption Agreement.

Release of Lessor. The Lessor may sell, assign, transfer or convey (but not encumber), with the prior written consent of the Lenders which shall not be unreasonably withheld, conditioned or delayed, all or any part of Lessor’s interest in the Scarlett 000 X. Xxxx Street Property, reversionary interest in the Improvements or this Lease without obtaining Lessee’s consent, provided that the purchaser, assignee, or transferee expressly assumes all of the obligations of the Lessor under this Lease by a written instrument in a form reasonably satisfactory to the Lessee and recordable in the Office of the Teton County Clerk (an “Assumption Agreement”). In the event of a sale, assignment, transfer or conveyance by Lessor of the Scarlett 000 X. Xxxx Street Property or its rights under this Lease, provided an assumption agreement is executed as required above, the same shall operate to release the Lessor from any future liability upon any of the covenants or conditions of this Lease, expressed or implied, in favor of Lessee, and in such event the Lessee shall look solely to the successor in interest of Lessor in and to the Scarlett 000 X. Xxxx Street Property or this Lease. This Lease shall not be affected by any such sale, and the Lessee agrees to attorn to any such purchaser or assignee provided Lessee has received an Assumption Agreement.