Common use of Sale of Project Clause in Contracts

Sale of Project. The term “Landlord” will mean only the owner at the time in question of the fee title or a tenant’s interest in a ground lease of the Project. The obligations contained in this Lease to be performed by Landlord will be binding on Landlord and Landlord’s successors and assigns only during their respective periods of ownership. In the event of a sale of the Project or assignment of this Lease by Landlord, Landlord will have the right to transfer the Security Deposit to Landlord’s vendee or assignee, subject to Tenant’s rights therein, and Landlord will thereafter be released from any liability to Tenant with respect to the return of the Security Deposit to Tenant.

Sale of Project. The term “Landlord” will mean only the owner at the time in question of the fee title or a tenant’s interest in a ground lease of the Project. The obligations contained in this Lease to be performed by Landlord will be binding on Landlord and LandlordXxxxxxxx’s successors and assigns only during their respective periods of ownership. In the event of a sale of the Project or assignment of this Lease by Landlord, Landlord will have the right to shall transfer the Security Deposit to Landlord’s vendee or assignee, subject to Tenant’s rights therein, and Landlord will thereafter be released from any liability to Tenant with respect to the return of the Security Deposit to Tenant.