Common use of TENANT OWNERSHIP Clause in Contracts

TENANT OWNERSHIP. If Tenant is a corporation (except a corporation whose stock is traded on a nationally recognized exchange), a limited liability company, a partnership, limited, limited liability or general, or a business trust and if at any time during the Lease Term, any part or all of the shares of the corporation, membership interests in the limited liability company, general partnership interest of the partnership, or beneficial interests of the trust shall be transferred by sale, issuance, assignment, bequest, operation or law or otherwise so as to result in a direct or indirect change in the present control of Tenant, such transfer shall constitute an assignment within the meaning of Section 12.2 hereof. The acceptance by Landlord of payment after notice of such a transfer shall not constitute a waiver of Landlord's right at any time to treat such transfer as an Event of Default.

TENANT OWNERSHIP. If Tenant is a corporation (except a corporation whose stock is traded on in a nationally recognized exchange), a limited liability company, a partnership, limited, limited liability or general, or a business trust and if at any time during the Lease Term, any part or all of the shares of the corporation, membership interests in the limited liability company, general partnership interest of the partnership, or beneficial interests of the trust shall be transferred by sale, issuance, assignment, bequest, operation or law or otherwise so as to result in a direct or indirect change in the present control of Tenant, such transfer shall constitute an assignment within the meaning of Section 12.2 hereof. The acceptance by Landlord of payment after notice of such a transfer shall not constitute a waiver of Landlord's right at any time to treat such transfer as an Event of Default.