Common use of TRANSFER BY LESSOR Clause in Contracts

TRANSFER BY LESSOR. IF LESSOR SELLS OR TRANSFERS THE PREMISES OR THE LEASEHOLD ESTATE OR ANY PART THEREOF AND AS A PART OF SUCH TRANSACTION, ASSIGNS ITS INTEREST AS LESSOR IN AND TO THIS LEASE, THEN FROM AND AFTER THE EFFECTIVE DATE OF SALE, ASSIGNMENT OR TRANSFER, LESSOR WILL HAVE NO FURTHER LIABILITY UNDER THIS LEASE TO LESSEE, IT BEING INTENDED THAT THE COVENANTS AND OBLIGATIONS CONTAINED IN THIS LEASE ON THE PART OF LESSOR WILL BE BINDING ON LESSOR AND ITS SUCCESSORS AND ASSIGNS ONLY DURING AND IN RESPECT OF ITS PERIODS OF OWNERSHIP OF THE FEE.