Common use of Sale of Home Clause in Contracts

Sale of Home. So long as the Lessee timely pays their rent and otherwise their obligations under this Lease and no Default has occurred and is continuing under Section 18, below, the Lessee shall have the right to sell their Home and assign all, but not less than all, of their rights under this Lease to financially qualified purchaser(s) of the Home, provided that (1) such purchaser(s) is/are acceptable to Lessor in accordance with the Lessor’s customary approval standards, those used by Lessor when considering prospective residents of the Community, (2) such purchaser is acceptable to any lender providing financing secured by a mortgage, deed of trust or similar instrument encumbering the Home, (3) such purchaser agrees in writing in the document of transfer to assume and be bound by all of the terms and conditions contained in this Lease, and, (4) the Lessee and the prospective purchaser otherwise comply with the conditions described in this Section 15(a). Should the Home, at the time of transfer, be financed by a bank, savings and loan, insurance company or other financial institution generally providing home mortgage financing, the Lessor agrees that such purchaser(s) will be considered acceptable to the Lessor under clause (1), above, if the Lessor reasonably determines that the proposed transferee is creditworthy.

Sale of Home. So long as the Lessee timely pays their rent and otherwise their obligations under this Lease and no Default has occurred and is continuing under Section 18, below, the Lessee shall have the right to sell their Home and assign all, but not less than all, of their rights under this Lease to financially qualified purchaser(s) of the Home, provided that (1) such purchaser(s) is/are acceptable to Lessor in accordance with the Lessor’s customary approval standards, those used by Lessor when considering prospective residents of the Community, (2) such purchaser is acceptable to any lender providing financing secured by a mortgage, deed of trust or similar instrument encumbering the Home, (3) such purchaser agrees in writing in the document of transfer to assume and be bound by all of the terms and conditions contained in this Lease, and, and (4) the Lessee and the prospective purchaser otherwise comply with the conditions described in this Section 15(a). Should the Home, at the time of transfer, be financed by a bank, savings and loan, insurance company or other financial institution generally providing home mortgage financing, the Lessor agrees that such purchaser(s) will be considered acceptable to the Lessor under clause (1), above, if the Lessor reasonably determines that the proposed transferee is creditworthy.