Common use of Tenants Clause in Contracts

Tenants. Alternative 1. Owner warrants that there are no residential or business tenants on the Property (including parties who are storing personal property on the Property). Owner further agrees that new tenancies will not be created during the Term of this Option Agreement. Alternative 2. Owner confirms that certain residential or business tenants exist on the Property (including parties who are storing personal property on the Property), with the tenants identified and the terms and conditions of the tenancies summarized in Exhibit __ hereto. Owner acknowledges that the tenants may be eligible for relocation benefits under ORS 35.500-530 (Relocation of Displaced Persons) if Optionee uses funds from a public funding entity for the purchase of the Property. Consistent with this understanding, Owner agrees not to take any actions, including terminating rental agreements, which would deprive the tenants of relocation advisory services and benefits to which they may be entitled. Additionally, Owner hereby grants Optionee the right to rent improvements or space that are lawfully vacated during the term of this Option Agreement and will provide Optionee with written notice of the availability of said improvements or space within seven (7) days of the improvements or space becoming available.

Tenants. Alternative 1. Owner warrants that there are no residential or business tenants on the Property (including parties who are storing personal property on the Property). Owner further agrees that new tenancies will not be created during the Term of this Option Agreement. Alternative 2. Owner confirms that certain residential or business tenants exist on the Property (including parties who are storing personal property on the Property), with the tenants identified and the terms and conditions of the tenancies summarized in Exhibit __ hereto. Owner acknowledges that the tenants may be eligible for relocation benefits under ORS 35.500-530 535 (Relocation of Displaced Persons) if Optionee uses funds from a public funding entity for the purchase of the Property. Consistent with this understanding, Owner agrees not to take any actions, including terminating rental agreements, which would deprive the tenants of relocation advisory services and benefits to which they may be entitled. Additionally, Owner hereby grants Optionee the right to rent improvements or space that are lawfully vacated during the term of this Option Agreement and will provide Optionee with written notice of the availability of said improvements or space within seven (7) days of the improvements or space becoming available.