Common use of LEASE CONDITION Clause in Contracts

LEASE CONDITION. As of the respective Closing Date for any Property Entity, (1) Seller and Purchaser shall have executed the Subject Lease with respect to the respective Property, (2) the Subject Lease with respect to the respective Property shall be in full force and effect, (3) Seller shall be the sole tenant with respect to the respective Property, and (4) Purchaser shall have received assurances acceptable to Purchaser in its sole and absolute discretion that on the consummation of the respective Closing, all of the leases affecting any portion of the respective Property, other than the Subject Lease, including each of the Existing Leases with respect to the respective Property, shall have been terminated and each party under any such lease to which such Property Entity is a party shall have released such Property Entity from all obligations and liabilities under such lease;