Common use of Transfer of Security Deposit Clause in Contracts

Transfer of Security Deposit. In the event of a transfer of Landlord's interest in the Leased Premises, Landlord shall have the right to transfer the Security Deposit to the transferee thereof. In such event, upon the delivery by Landlord to Tenant of such transferee's written acknowledgment of its receipt of the Security Deposit, Landlord shall be deemed to have been released by Tenant from all liability or obligation for the return of the Security Deposit, and Tenant agrees to look solely to such transferee for the return of the Security Deposit and the transferee shall be bound by all provisions of this Lease relating to the return of the Security Deposit.

Transfer of Security Deposit. In the event of a transfer sale of Landlord's interest in the Leased PremisesProperty, Landlord shall have the right to transfer the Security Deposit to the transferee thereof. In such event, vendee or lessee and upon the delivery by Landlord to Tenant such vendee’s or lessee’s assumption of such transferee's written acknowledgment of its receipt of the Security Deposit, liability and Landlord shall thereupon be deemed to have been released by Tenant from all liability or obligation for the return of such Security Deposit. To the extent that the Security DepositDeposit shall have been actually transferred or delivered by Landlord to a new landlord, and Tenant agrees to shall look solely to such transferee the new landlord for the return of the Security Deposit and new landlord shall have assumed the transferee obligation to return the same. The provisions hereof shall be bound by all provisions apply to every transfer or assignment of this Lease relating security made to the return of the Security Deposita new landlord.

Transfer of Security Deposit. In the event of a transfer of Landlord's ’s interest in the Leased Premises, Landlord shall have the right to transfer the Security Deposit to the transferee thereof. In such event, upon the delivery by Landlord to Tenant of such transferee's ’s written acknowledgment of its receipt of the Security Deposit, Landlord shall be deemed to have been released by Tenant from all liability or obligation for the return of the Security Deposit, and Tenant agrees to look solely to such transferee for the return of the Security Deposit and the transferee shall be bound by all provisions of o this Lease relating to the return of the Security Deposit.