Common use of TRANSFERS TO INCOME-QUALIFIED PERSONS Clause in Contracts

TRANSFERS TO INCOME-QUALIFIED PERSONS. Lessee may transfer its interest in the Leased Premises or the Improvements only to an Income-Qualified Person as defined below or otherwise only as explicitly permitted by the provisions of this Article 10. All such transfers shall be subject to Lessor’s review and purchase option rights set forth in this Article 10. Any purported transfer done without following the procedures set forth below, except in the case of a transfer to a Permitted Mortgagee in lieu of foreclosure, shall be null and void.

TRANSFERS TO INCOME-QUALIFIED PERSONS. Lessee may transfer its interest in the Leased Premises or the Improvements only to Lessor or an Income-Qualified qualified Person as defined below or otherwise only as explicitly permitted by the provisions of this Article 10. All such transfers shall be subject to Lessor’s review and purchase option rights set forth in this Article 10. Any purported transfer not in compliance with Internal Revenue Service Revenue Procedure 96-32 or which are done without following the procedures set forth below, except in the case of a transfer to a Permitted Mortgagee in lieu of foreclosure, shall be null and void.

TRANSFERS TO INCOME-QUALIFIED PERSONS. Lessee may transfer its interest in the Leased Premises or the Improvements only to Lessor or an Income-Qualified Person as defined below or otherwise only as explicitly permitted by the provisions of this Article 10. All such transfers shall be subject to Lessor’s review and purchase option rights set forth in this Article 10. Any purported transfer done without following the procedures set forth below, except in the case of a transfer to a Permitted Mortgagee in lieu of foreclosure, shall be null and void.