This office lease clause states that in the event the tenant becomes a debtor under Chapter 7 of the federal Bankruptcy Code and the Trustee of the tenant's property or the tenant elects to assume the lease for the purpose of assigning the same or otherwise, such election and assignment may only be made if all of the terms and conditions are satisfied. If such Trustee shall fail to elect or assume the lease within sixty (60) days after the filing of the petition, the lease shall be deemed to have been rejected.
Colorado Landlord Bankruptcy Clause refers to a provision or clause that is commonly included in lease agreements in the state of Colorado. This clause outlines the rights and responsibilities of both landlords and tenants in the event of a bankruptcy filed by the landlord. In Colorado, there are various types of Landlord Bankruptcy Clauses that can be included in lease agreements to ensure protection and clarity for both parties involved. These clauses may include: 1. Bankruptcy Notice: This clause specifies the requirement for the landlord to provide written notice to the tenant in the event of a bankruptcy filing. This notice typically includes information about the bankruptcy case, such as the case number and the bankruptcy court where the case is pending. 2. Termination of Lease: This clause outlines the circumstances under which the lease agreement may be terminated due to the landlord's bankruptcy. It may specify that the lease automatically terminates upon the landlord's bankruptcy filing or allow the tenant the option to terminate the lease. 3. Rent Collection: This clause describes how rent payments will be handled during the landlord's bankruptcy proceedings. It may require the tenant to continue making rental payments directly to the bankruptcy trustee or to the landlord's designated representative. 4. Security Deposit: This clause addresses the disposition of the tenant's security deposit in the event of the landlord's bankruptcy. It may specify whether the security deposit will be treated as part of the landlord's bankruptcy estate or if it will be returned to the tenant. 5. Assignment of Lease: This clause covers the ability of the bankruptcy trustee or the landlord to assign the lease to another party. It may outline the tenant's rights and obligations in the event of the lease being assigned to a new landlord. 6. Limitations on Landlord's Liability: This clause protects the landlord from any liability claims or damages arising from the bankruptcy filing. It may state that the tenant cannot hold the landlord responsible for any financial losses or damages incurred due to the bankruptcy. 7. Cure Rights: This clause specifies the tenant's rights to cure any defaults or breaches by the landlord under the lease agreement. It may grant the tenant the ability to cure any monetary defaults or other lease violations caused by the landlord's bankruptcy. It is important for both landlords and tenants in Colorado to understand the implications of the Landlord Bankruptcy Clause and seek legal advice before entering into any lease agreement. Consulting with a qualified attorney can ensure that the clause is fair, comprehensive, and legally enforceable, protecting the interests of both parties involved in the lease.
