Common use of Transfer of the ownership of the premises Clause in Contracts

Transfer of the ownership of the premises. This Agreement will continue to bind the transferee even if the Landlord transfers the ownership to a third party after delivery of the premises and during the occupancy by the Tenant. If the circumstance mentioned in the preceding paragraph occurs, the Landlord shall hand over the security deposit (deposit) and the rent collected in advance to the transferee, and shall notify the Tenant in writing. The provisions of the preceding two paragraphs do not apply to this Agreement if it is not notarized and the term is over five years or is indefinite.