Common use of Transfer of Leased Property Clause in Contracts

Transfer of Leased Property. Tenant and Landlord each acknowledge and agree that each party has entered into the Mortgage Loan and executed and/or delivered the Loan Documents to Lender and each party, in accordance with the provisions of this Agreement, has the otherwise unrestricted right to mortgage, encumber, convey and assign its interest in the Leased Property to the Mortgagee under the Mortgage and the other Loan Documents. If Landlord conveys the Leased Property to the Mortgagee, or to a grantee or transferee that expressly assumes in writing all obligations of Landlord hereunder arising or accruing from and after the date of such conveyance or transfer, Landlord shall thereupon be released from all future liabilities and obligations of Landlord under this Agreement arising or accruing from and after the date of such conveyance or other transfer as to the Leased Property and all such future liabilities and obligations shall thereupon be binding upon the new owner.

Transfer of Leased Property. Tenant and Landlord each acknowledge and agree that each party has entered into or Mortgagee (including, in all cases a Subsequent Owner) shall have the Mortgage Loan and executed and/or delivered unrestricted right to convey, transfer, assign or encumber the Loan Documents Leased Property or its interest in this Lease in whole or in part to Lender and each party, a Mortgagee or to any other grantee or transferee. If Landlord or Mortgagee conveys the Leased Property in accordance with the provisions of this Agreement, has the otherwise unrestricted right to mortgage, encumber, convey and assign its interest in the Leased Property to the Mortgagee under the Mortgage and the other Loan Documents. If Landlord conveys the Leased Property to the Mortgagee, or terms hereof to a grantee or transferee that expressly assumes in writing all obligations of Landlord hereunder or Mortgagee under its Mortgage Loan Documents arising or accruing from and after the date of such conveyance or transfer, Landlord or Mortgagee shall thereupon be released from all future liabilities and obligations of Landlord or Mortgagee under this Agreement Lease or its Mortgage Loan Documents arising or accruing from and after the date of such conveyance or other transfer as to the Leased Property and all such future liabilities and obligations shall thereupon be binding upon the new ownerowner or mortgagee.