Common use of Transfer Documentation Clause in Contracts

Transfer Documentation. Tenant shall deliver to Landlord an original assignment or sublease executed by Tenant, the proposed Transferee, and all Guarantors, if any, of Tenant’s obligations under this Lease. Such document shall be in form and substance acceptable to Landlord, and shall expressly provide, among other things, that: (i) the Transferee assumes all of Tenant’s obligations under this Lease (relating, in the case of a sublease, only to those portions of the Premises which are subject to such sublease); (ii) neither the current Transfer nor any subsequent Transfer (irrespective of whether Tenant is a party thereto) shall relieve Tenant or any Guarantor of any obligation or liability arising out of this Lease; and (iii) the Transfer shall not be deemed effective for any purpose unless and until Landlord’s written consent thereto is obtained; and (iv) if the Transfer is an assignment, no modification of the terms of the Lease between Landlord and the Transferee (including the extension of time for performance or the waiver of any obligation to be performed by the Transferee) will operate to release Tenant or any Guarantor of its obligations with respect to this Lease, and, in the case of an assignment, all of the Tenant’s rights in the Security Deposit are, as of the effective date of the Transfer, the sole property of the Transferee.