Common use of Sale or Transfer of Premises Clause in Contracts

Sale or Transfer of Premises. (a) In the event the Buying Entity sells or transfers the Premises or the building housing the System, it shall give at least 90 days prior notice to the SPD and will ensure that this Agreement is transferred/ novated to transferee, without any interruption in payments. The Buying Entity shall also ensure that a clause to this effect, to the satisfaction of the SPD, is incorporated in the transfer documents between itself and the transferee. The Buying Entity shall not sell or otherwise transfer the Premises if the transferee fails to accept the terms and conditions of this Agreement for the remainder of the Term. (b) If either the Buying Entity or the SPD merges with any other entity, the terms of this Agreement shall continue to be binding upon the merged entity.