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Ely, Counselor at Law
Category: Real Estate Law
Satisfied Customers: 102601
Experience:  Qualified attorney in private practice including business, family, criminal, and real estate issues.
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Tenant will have a 3-year commercial lease, with a 2-year option

Customer Question

Tenant will have a 3-year commercial lease, with a 2-year option in a building that is for sale. Does the following language protect the tenant in the event that a buyer wishes to terminate the lease or change any terms of the original lease? or should the word buyer be specifically mentioned?
"TERMINATION UPON SALE OF PREMISES. The covenants and agreements contained in this lease shall be binding upon the parties hereto and on their respective successors, heirs, executors, administrators, legal representatives. Landlord, on consummation of the sale or transfer, shall be released from any liability thereafter accruing under the lease."
Submitted: 2 years ago.
Category: Real Estate Law
Expert:  Ely replied 2 years ago.
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While this does the bare minimum, may I suggest adding something akin to the following:
"Landlord and tenant agree that any type of transfer of interest by landlord to any third party shall have the lease in question ASSIGNED to the third party with all duties and rights herein, provided this does not conflict with any federal or state law. It is the duty of the landlord to give notice to any third party receiving said assignment of the lease and the rights and duties therein."
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