Common use of Sale of Premises or Assignment by Landlord Clause in Contracts

Sale of Premises or Assignment by Landlord. The term “Landlord” as used in this Lease shall mean the owner of the Building at the time in question. If there is a transfer (whether voluntary or involuntary) by such owner of its interest in the Building, such owner shall thereupon be released and discharged from all covenants and obligations of the Lease thereafter accruing (but not from liability for any uncured Default existing on the date of transfer) if: (i) the new owner expressly agrees in writing to assume all of Landlord’s obligations under this Lease; and (ii) any Tenant funds that Landlord is holding are delivered to the new owner.

Sale of Premises or Assignment by Landlord. The term “Landlord” as used in this Lease shall mean the owner of the Building Project at the time in question. If there is a transfer (whether voluntary or involuntary) by such owner of its interest in the BuildingProject, such owner shall thereupon be released and discharged from all covenants and obligations of the Lease thereafter accruing (but not from liability for any uncured Default existing on the date of transfer) if: (i) the new owner expressly agrees in writing to assume all of Landlord’s obligations under this Lease; and (ii) any Tenant funds that Landlord is holding are delivered to the new owner.