We bought a building from a bank that has an existing tenant. On closing no Estoppell certificate was given to us , neither was a lease "assigned" to us. Is the contract in effect ?
The contract specifically says:
Transfers by Landlord. Landlord has unrestricted right to sell, assign, mortgage, encumber, or otherwise disposr of all pr any prt of the property therein. Upon sale or other disposition of the property, Landlorf will be released from all obligations and liabilities therafter accruing under this lease and tenant will attorn to Landlord's successor and look solely to such successor for performance of the lease theafter.
Answer
The bank could only sell subject to the rights of others in the property, including the tenant's leasehold interest. A more extensive answer would require review of the lease and sale documents.
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