Lease Option Survival Upon Property Transfer
Synthèse Legislator
Généré par l'IAA commercial lease agreement containing an option to purchase was found to be valid despite the initial landlord's subsequent transfer of the property, because the option constituted an accessory obligation to the principal lease contract, which survived the transfer of the leased asset, and the transferee was bound by the terms of the lease, including the option, as the obligations attached to the property itself, meaning the option holder was entitled to exercise the right against the new owner.
Regeste Legislator
Généré par l'IALease Option Survival Upon Property Transfer: A commercial lease agreement containing an option to purchase was found to be valid despite the initial landlord's subsequent transfer of the property, because the option constituted an accessory obligation to the principal lease contract, which survived the transfer of the leased asset, and the transferee was bound by the terms of the lease, including the option, as the obligations attached to the property itself, meaning the option holder was entitled to exercise the right against the new owner.