I am reviewing a lease of a townhouse that has a Landlord's Successor paragraph -- something I've never seen in a lease and is therefore making me a bit uncomfortable about what might happen with a new Landlord, my security deposit, etc. Here's the language:
LANDLORD'S SUCCESSOR. If Landlord in any transfers its interests in the Premises to a third party, Landlord acknowledges that any such transfer will be subject to the terms and conditions of this lease. Landlord may transfer the security deposit to the transferee and is thereafter released from all liability for the return of the security deposit to Tenant(s). If such a transfer occurs, Tenant(s) agrees to look to the transferee solely for the return of the security deposit and release Landlord from all obligations and liability relating thereto.
What are my risks regarding this paragraph? Is this the best way to handle the possibility of a transfer of the property or is there some other way that would offer better protections for the Tenant? Thanks for your help!
LANDLORD'S SUCCESSOR. If Landlord in any transfers its interests in the Premises to a third party, Landlord acknowledges that any such transfer will be subject to the terms and conditions of this lease. Landlord may transfer the security deposit to the transferee and is thereafter released from all liability for the return of the security deposit to Tenant(s). If such a transfer occurs, Tenant(s) agrees to look to the transferee solely for the return of the security deposit and release Landlord from all obligations and liability relating thereto.
What are my risks regarding this paragraph? Is this the best way to handle the possibility of a transfer of the property or is there some other way that would offer better protections for the Tenant? Thanks for your help!
