ttnguyen
Dec 15, 2009, 03:47 PM
In Irvine, CA, there exists a 20yr old apartment building.
This apartment building was owned by John in Jan 2009. At that time, he signed a 10yr lease with ABC Laundry to provide laundry services for his apartment building.
ABC Laundry established washers and dryers and performed maintenance on these onsite appliances.
In Jul 2009, John foreclosed on this apartment building. The apartment building became owned by Acme Bank of Oregon.
In Aug 2009, Mark purchases the apartment building from Acme Bank of Oregon.
Does the lease between ABC Laundry and John still apply to Mark?
The pertinent clause of the lease:
9. Assignment or Transfer.
This Lease shall be binding upon the parties hereto, their respective heirs, personal representatives, successors, assigns, or transferees.
Is Mark a transferee of this lease?
All names, dates and locations have been changed from the original to protect identities.
This apartment building was owned by John in Jan 2009. At that time, he signed a 10yr lease with ABC Laundry to provide laundry services for his apartment building.
ABC Laundry established washers and dryers and performed maintenance on these onsite appliances.
In Jul 2009, John foreclosed on this apartment building. The apartment building became owned by Acme Bank of Oregon.
In Aug 2009, Mark purchases the apartment building from Acme Bank of Oregon.
Does the lease between ABC Laundry and John still apply to Mark?
The pertinent clause of the lease:
9. Assignment or Transfer.
This Lease shall be binding upon the parties hereto, their respective heirs, personal representatives, successors, assigns, or transferees.
Is Mark a transferee of this lease?
All names, dates and locations have been changed from the original to protect identities.