Landlord Transfer definition
Examples of Landlord Transfer in a sentence
The City further acknowledges that each landlord under the Site Lease shall be liable only for those obligations arising during its period of ownership of the Site and shall be released from further obligations after it completes a Landlord Transfer.
The Landlord will not allow or cause a Landlord Transfer, without giving prior written notice to the Tenant.
If Landlord is a corporation, limited liability company or partnership, the transfer, assignment or hypothecation of any stock or interest in such entity in the aggregate in excess of fifty percent (50%), or resulting in a change in management control, shall be deemed a Landlord Transfer within the meaning and provisions of this Section 15.2. Any such Landlord Transfer in violation of this Section 15.2 shall be null and void ab initio and shall be of no force and effect.
In addition, if the Tenant leases and/or occupies seventy-five (75%) percent or more of the Rentable Area of the Building, the Landlord will not allow or cause a Landlord Transfer without obtaining the prior written consent of the Tenant, which consent may not be unreasonably withheld or unduly delayed.
Within thirty (30) calendar days after receipt of the Landlord Transfer Notice, Tenant shall have a right of first offer (“Tenant Right of First Offer”) to acquire the assets proposed to be transferred, pursuant to the Landlord Offer Terms.
In the event of a Landlord Transfer and to the extent that the Landlord Transferee assumes the covenants and obligations of the Landlord hereunder in writing directly with the Tenant, the Landlord shall, thereupon and without further agreement, be freed and relieved of all liability with respect to such covenants and obligations.
Landlord may effect a Landlord Transfer of its interest in the Leased Premises, or any part thereof or interest therein, or this Lease at any time or from time to time to any Person (a “Landlord Transferee”).
Any sale or other transfer, including by consolidation, merger or reorganization, of a majority of the voting stock of Landlord shall be a Landlord Transfer for purposes of this Section 15.2.
The Landlord acknowledges that the factors governing the granting of the Tenant’s consent to any Landlord Transfer may include, without limitation, the financial background, business history and the capability of the proposed Landlord Transferee to perform the obligations of the Landlord under this Lease, and the nature of the business practices of the proposed Landlord Transferee.
Following delivery to ▇▇▇▇▇ of the Landlord Transfer Notice Package (defined below), no notice of a ▇▇▇▇▇ Refutation (defined below) shall have been received by either Purchaser or Seller and ten (10) Business Days shall have elapsed following delivery to ▇▇▇▇▇ of the Landlord Transfer Notice Package.