Common use of Successors and Assignors Clause in Contracts

Successors and Assignors. LESSEE shall not convey, encumber, assign, grant right of first refusal concerning, or sublet this Lease or any interest herein or in the Leased Premises in any manner whatsoever or assign any of the privileges recited herein without the prior written consent of LESSOR. LESSEE shall not have the right to mortgage this lease or any interest therein in any manner whatsoever. In the event of the consent of LESSOR to an assignment or sublet, LESSEE shall remain fully liable to LESSOR for the remainder of the Term of the Lease for all obligations of “LESSEE” under this Lease, unless otherwise agreed to in writing by the LESSOR, including but not limited to the obligation to pay to LESSOR the Rent or any other sums when due. The respective rights and obligations provided in this Lease shall bind and shall inure to the benefit of the parties thereto, their successors and assigns; provided, however, that no rights shall inure to the benefit of any successor of LESSEE unless LESSOR's written consent for the transfer of such successor has first been obtained. Notwithstanding anything in this Lease to the contrary and provided that LESSEE is not then in material default of this Lease, LESSEE may assign this Lease without LESSOR’s consent to a purchaser from LESSEE of all or substantially all of the assets of LESSEE or to a newly formed legal entity that is a wholly-owned direct or indirect subsidiary of LESSEE. This Lease may also be transferred by operation of law as the result of any corporate merger in which LESSEE participates, whether or not LESSEE is the surviving corporation.

Successors and Assignors. LESSEE shall not convey, encumber, assign, grant right of first refusal concerning, or sublet this Lease or any interest herein or in the Leased Premises in any manner whatsoever or assign any of the privileges recited herein without the prior written consent of LESSOR. LESSEE shall not have the right to mortgage this lease or any interest therein in any manner whatsoever. In the event of the consent of LESSOR to an assignment or sublet, LESSEE shall remain fully liable to LESSOR for the remainder of the Term of the Lease for all obligations of “LESSEE” under this Lease, unless otherwise agreed to in writing by the LESSOR, including but not limited to the obligation to pay to LESSOR the Rent or any other sums when due. The respective rights and obligations provided in this Lease shall bind and shall inure to the benefit of the parties thereto, their successors and assigns; provided, however, that no rights shall inure to the benefit of any successor of LESSEE unless LESSOR▇▇▇▇▇▇'s written consent for the transfer of such successor has first been obtained. Notwithstanding anything in this Lease to the contrary and provided that LESSEE is not then in material default of this Lease, LESSEE may assign this Lease without LESSOR’s consent to a purchaser from LESSEE of all or substantially all of the assets of LESSEE or to a newly formed legal entity that is a wholly-owned direct or indirect subsidiary of LESSEE. This Lease may also be transferred by operation of law as the result of any corporate merger in which LESSEE participates, whether or not LESSEE is the surviving corporation.