Posted by New York Tenant on March 10, 2001 at 12:28:51:
In Reply to: Residential Lease Question posted by Kathleen on March 10, 2001 at 10:23:40:
Essentially this standard lease clause means that your lease continues on the same terms and conditions if your landlord dies or sells the building. The new owner is bound by the lease.
If the landlord lets you assign your lease, the person to whom you assign your lease (the new tenant) would be bound by the same terms and conditions as you were.
: I was wondering if anyone here knew EXACTLY what this paragraph in a lease means? I would appreciate, in layman's terms, an explaination. Thank you. ~Kathleen
: >>>>>Binding on Successors
: This lease shall be binding on and shall inure to the benefit of the heirs, executors, administrators, successors, and assigns of Landlord and Tenant. Nothing in this section shall be construed as a consent by Landlord to any assignment of this Lease or any interest in it by Tenant. >>>>>
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