Rent deposits. 13.1. This condition 13 applies where the seller is holding or otherwise entitled to money by way of rent deposit in respect of a tenancy. In this condition 13 ”rent deposit deed” means the deed or other document under which the rent deposit is held. 13.2. If the rent deposit is not assignable the seller must on completion hold the rent deposit on trust for the buyer and, subject to the terms of the rent deposit deed, comply at the cost of the buyer with the buyer’s lawful instructions. 13.3. Otherwise the seller must on completion pay and assign its interest in the rent deposit to the buyer under an assignment in which the buyer covenants with the seller to: 13.3.1. observe and perform the seller’s covenants and conditions in the rent deposit deed and indemnify the seller in respect of any breach; 13.3.2. give notice of assignment to the tenant; and 13.3.3. give such direct covenant to the tenant as may be required by the rent deposit deed.
Appears in 8 contracts
Samples: Auction Sale Agreement, Auction Sale Agreement, Auction Sale Agreement
