Common use of Sale of Home Clause in Contracts

Sale of Home. So long as the Lessees timely pay their rent and otherwise comply with 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 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 1 5(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. Should the Lessee desire to sell the Home and assign their interest in the Lease, then the Lessee shall deliver to the Lessor written notice of the proposed transaction at least 30 days prior to the proposed closing date (or a shorter period of time reasonably requested by the Lessor, if the proposed closing date is less than 30 days following execution of the proposed contract of sale), along with the proposed contract of sale, duly executed by each of the parties but subject to the terms of this Lease, and a fully completed and executed rental application completed by the proposed purchaser(s) on the Lessor's standard form. The Lessor may charge a reasonable fee for reviewing and processing the proposed assignment transaction. The Lessor shall, within t e n ( 10) days following receipt of the completed application and processing fee, advise the Residents of its approval or disapproval of the proposed purchaser(s). Notwithstanding anything to the contrary contained in this Section 15(a), in lieu of granting its approval to the sale of the Home the Lessor may instead elect to purchase the Home and take an assignment of and assume the Lease on the terms and condition set forth in the proposed contract of sale by providing written notice to the Lessee of its election within ten (l 0) days following receipt of the proposed contract, the completed application and the processing fee, in which case the Lessor shall, within ten (10) days following the date of its election enter into a contract of sale on the terms and conditions set forth in the proposed contract and shall thereafter purchase the Home subject to and in accordance with such contract of sale.

Sale of Home. So long as the Lessees timely pay their rent and otherwise comply with 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 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 1 5(a15(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. Should the Lessee desire to sell the Home and assign their interest in the Lease, then the Lessee shall deliver to the Lessor written notice of the proposed transaction at least 30 days prior to the proposed closing date (or a shorter period of time reasonably requested by the Lessor, if the proposed closing date is less than 30 days following execution of the proposed contract of sale), along with the proposed contract of sale, duly executed by each of the parties but subject to the terms of this Lease, and a fully completed and executed rental application completed by the proposed purchaser(s) on the Lessor's standard form. The Lessor may charge a reasonable fee for reviewing and processing the proposed assignment transaction. The Lessor shall, within t e n ( ten (10) days following receipt of the completed application and processing fee, advise the Residents of its approval or disapproval of the proposed purchaser(s). Notwithstanding anything to the contrary contained in this Section 15(a), in lieu of granting its approval to the sale of the Home the Lessor may instead elect to purchase the Home and take an assignment of and assume the Lease on the terms and condition set forth in the proposed contract of sale by providing written notice to the Lessee of its election within ten (l 0) days following receipt of the proposed contract, the completed application and the processing fee, in which case the Lessor shall, within ten (10) days following the date of its election enter into a contract of sale on the terms and conditions set forth in the proposed contract and shall thereafter purchase the Home subject to and in accordance with such contract of sale.