Sample Residential Lease Agreement Template Page 13
ADVERTISEMENT
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
1834.2
The laws of the state of [NAME OF STATE] shall govern the validity,
interpretation, performance and enforcement of this Lease.
34.3
Except as otherwise provided herein, this Lease shall be binding
upon and shall inure to the benefit of the parties hereto and their respective
successors and assigns. The parties expressly stipulate that there are no third party
beneficiaries to this Lease. The parties further stipulate that the “Non-Resident
Guarantor” (per Section 39, infra) is not a beneficiary to this Lease.
35. TIME IS OF THE ESSENCE
In all instances where Resident is required by the terms and provisions of this
Lease to pay any sum or to do any act at a particular indicated time or within any
particular period, it is understood and agreed that time is of the essence.
36. TRANSFER OF MANAGEMENT’S INTEREST
In the event of the sale, assignment or transfer by Management of its interest
in the Property or in this Lease (other than a collateral assignment to secure a debt
of Management) to a successor in the interest who expressly assumes the
obligations of Management hereunder, Management shall thereupon be released or
discharged from all of its covenants and obligations hereunder; and Resident
agrees to look solely to such successor in interest of Management for performance
of such obligations.
Any deposits or other security given by Resident to
Management to secure performance of Resident's obligations hereunder may be
assigned by Management to such successor in interest of Management; and, upon
acknowledgment by such successor of receipt of such security and its express
assumption of the obligation to this Lease, Management's assignment of the Lease
or of any or all of its rights herein shall in no manner affect Resident s obligations
hereunder.
Resident shall thereafter attorn and look to such assignee as
Management, provided Resident has first received written notice of such
assignment of Management's interest.
37. ESTOPPEL CERTIFICATE
Within THIRTY (30) days after request therefor by Management or any
holder of any security instrument
covering the Property, or upon any sale,
assignment or other transfer of the Property by Management, Resident shall deliver
in recordable form an estoppel certificate in form and substance satisfactory to
Management, to any proposed security instrument holder or other transferee, or to
Management, certifying those facts contained therein that are then true with respect
to this Lease and specifying with particularly any such facts which are not then true
with respect to this Lease.
38. PETS
ADVERTISEMENT
0 votes
Related Articles
Related forms
Related Categories
Parent category: Business