Conveyance of Leased Property Clause Samples
The Conveyance of Leased Property clause outlines the process and conditions under which the ownership or interest in a leased property may be transferred from one party to another. Typically, this clause specifies whether the landlord can sell or otherwise transfer the property during the lease term and what rights or protections the tenant has in such an event. For example, it may require the new owner to honor the existing lease or notify the tenant of the change in ownership. The core function of this clause is to ensure continuity and clarity for both landlord and tenant in the event of a property transfer, protecting the tenant’s rights and clarifying obligations after conveyance.
Conveyance of Leased Property. In the event Lessee elects to purchase the Leased Property pursuant to Section 19.2, then on the first Payment Date occurring not less than 120 days after the date of the Officer's Certificate referred to in Section 19.2, Lessor shall, upon receipt from Lessee of the Minimum Repurchase Price as of the date of such purchase and all Rent and or other sums then due and payable under this Lease (excluding any installment of Minimum Rent due on such Payment Date), convey the Leased Property to Lessee on such date in accordance with the provisions of Article XVII and this Lease shall thereupon terminate as to the Leased Property.
Conveyance of Leased Property. In the event Lessee elects to purchase ----------------------------- the Leased Property pursuant to Section 19.2, then on the first Payment Date occurring not less than 120 days after the date of the Officer's Certificate referred to in Section 19.2, Lessor shall, upon receipt from Lessee of the Minimum Purchase Price as of the date of such purchase and all Rent and or other sums then due and payable under this Lease (excluding any installment of Minimum Rent due on such Payment Date), convey the Leased Property to Lessee on such date in accordance with the provisions of Article 17 and this Lease shall thereupon terminate as to the Leased Property.
Conveyance of Leased Property. At the closing of any purchase of the Leased Property pursuant to Section 9.01 hereof, the State shall execute and deliver, and shall cooperate with the Sublessee to cause the Trustee to execute and deliver, to the Sublessee all necessary documents assigning, transferring and conveying to the Sublessee or its designee the same ownership interest in the Leased Property that was conveyed to the Trustee by the Site Lessor under its Site Lease to the Trustee, subject only to the following: (i) Permitted Encumbrances, other than this Sublease, the 2017J Lease, the Indenture and the Site Lease pursuant to which the Leased Property was leased to the Trustee; (ii) all liens, encumbrances and restrictions created or suffered to exist by the Trustee or the State as required or permitted by the 2017J Lease or this Sublease or arising as a result of any action taken or omitted to be taken by the Trustee or the State as required or permitted by this Sublease, the 2017J Lease, the Indenture, the Site Lease pursuant to which the Leased Property was leased to the Trustee; (iii) any lien or encumbrance created or suffered to exist by action of the Sublessee; and (iv) those liens and encumbrances (if any) to which the Leased Property was subject when acquired by the Trustee and the State.
Conveyance of Leased Property. (a) In the event Lessee elects to purchase the Leased Property pursuant to Section 19.2, then on the first Payment Date occurring not less than 120 days after the date of the Officer's Certificate referenced in Section 19.2, Lessor shall, upon receipt from Lessee of the purchase price provided for in Section 19.2 and any Rent or other sums then due and payable under this Lease (excluding the installment of Minimum Rent due on the date of conveyance), convey the Leased Property to Lessee on such date in accordance with the provisions of Article 17 and this Lease shall thereupon terminate as to the Leased Property.
(b) In the event Lessee elects to purchase the Leased Property pursuant to Section 19.3, then on the last day of the Term, or the next Business Day if the last day of the Term is not a Business Day, Lessor shall, upon receipt from Lessee of the purchase price provided for in Section 19.3 and any Rent or other sums then due and payable under this Lease (excluding the installment of Minimum Rent due on the date of conveyance), convey the Leased Property to Lessee on such date in accordance with the provisions of Article 17 and this Lease shall thereupon terminate as to the Leased Property.
Conveyance of Leased Property. In the event Lessee elects to purchase the Leased Property pursuant to Sections 19.1 or 19.2, then on the first Payment Date occurring not less than 120 days (subject to extension by revision of appraisal delays, if any) after the date of the Officer's Certificate referred to in Section 19.2 or the written notice referred to in Section 19.1, Lessor shall, upon receipt from Lessee of the Minimum Purchase Price, as of the date of such purchase and all Rent and or other sums then due and payable under this Lease (excluding any installment of Minimum Rent due on such Payment Date), convey the Leased Property to Lessee on such date in accordance with the mechanism set forth in Article XVII and this Lease shall thereupon terminate as to the Leased Property.
Conveyance of Leased Property. 28 ARTICLE XX RESERVED . . . . . . . . . . . . . . . . . . . . 28 --------
Conveyance of Leased Property. 31 ARTICLE 20