Common use of Conveyance Release Clause in Contracts

Conveyance Release. If Landlord or any successor owner shall transfer any portion of the Premises in accordance with this Lease, it shall thereupon be released from all future liabilities and obligations under this Lease arising or accruing from and after the date of such conveyance or other transfer, which instead shall thereupon be binding upon the transferee, provided all applicable deposits with Landlord are also transferred, as necessary, provided any successor or transferee agrees in writing in favor of Tenant to be bound by such future liabilities and obligations, and, if such successor or transferee is not an Approved Landlord, to segregate, and hold in trust, any deposits held on behalf of Tenant in accordance with the terms of this Lease.