What does this mean? This is a clause in my commercial lease:
"Termination of Lease at sale of premises
Notwithstanding any provisions in this contract, The Landlord may terminate the lease upon 60 days written notice that the building has been sold"
Does this mean that if my landlord writes me the building has been sold he has 60 days to terminate lease, or does it mean he has to wait 60 days to terminate my lease once the written "building has been sold" notice is given?
The answer is as follows:
The least contract may have number of provisions. The termination of lease clause dominates whatever the clauses may in the contract. it means, the the landlord may terminate the lease after 60 days from the notice of that the building has been sold. So the landlord may give notice of stating that the building has been sold and hence LEASE MAY BE TERMINATED after 60 days from the notice.
Hence it does not mean that he has to wait 60 days to terminate the lease. Writing of sale intimation enough to count 60 days
MASTER OF COMMERCE, BACHELOR OF LAWS, P.G. DIPLOMA IN PERSONNEL MANAGEMENT AND INDUSTRAL COUNSELING