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.
The Oregon Landlord Bankruptcy Clause is a legal provision that outlines the rights and obligations of landlords and tenants in the event of a bankruptcy filing by the landlord. It serves to protect the rights of both parties and provides clarity on how the bankruptcy process affects the ongoing lease agreement. In Oregon, there are primarily two types of Landlord Bankruptcy Clauses commonly used — the "Continuation Clause" and the "Termination Clause." 1. Continuation Clause: This clause allows the lease to remain in effect even if the landlord files for bankruptcy. It enables the tenant to continue occupying the property and paying rent as agreed upon. Under this clause, the tenant is usually required to divert rental payments to a court-appointed receiver or trustee, ensuring that the rent goes towards satisfying the landlord's debts or obligations. The lease terms and conditions, including rent, maintenance, and other obligations, remain unchanged. 2. Termination Clause: This type of clause allows either the tenant or the landlord to terminate the lease agreement if either party files for bankruptcy. It provides the tenants with the flexibility to exit the lease without any penalty in case the landlord is unable to fulfill their obligations due to bankruptcy. This clause typically includes specific procedures and timelines for termination and may require written notice from the party intending to terminate the lease. It is crucial for both landlords and tenants to review their lease agreement carefully to understand the specific terms and provisions related to bankruptcy. The Oregon Landlord Bankruptcy Clause may vary depending on the lease agreement drafted by the landlord or their legal representatives. It is advisable for both parties to seek legal advice to ensure their rights are protected and to understand the consequences of bankruptcy on the lease agreement. Keywords: Oregon, Landlord Bankruptcy Clause, legal provision, rights, obligations, bankruptcy filing, lease agreement, Continuation Clause, Termination Clause, occupancy, rent, court-appointed receiver, trustee, debts, lease terms, termination, penalty, written notice, legal advice.The Oregon Landlord Bankruptcy Clause is a legal provision that outlines the rights and obligations of landlords and tenants in the event of a bankruptcy filing by the landlord. It serves to protect the rights of both parties and provides clarity on how the bankruptcy process affects the ongoing lease agreement. In Oregon, there are primarily two types of Landlord Bankruptcy Clauses commonly used — the "Continuation Clause" and the "Termination Clause." 1. Continuation Clause: This clause allows the lease to remain in effect even if the landlord files for bankruptcy. It enables the tenant to continue occupying the property and paying rent as agreed upon. Under this clause, the tenant is usually required to divert rental payments to a court-appointed receiver or trustee, ensuring that the rent goes towards satisfying the landlord's debts or obligations. The lease terms and conditions, including rent, maintenance, and other obligations, remain unchanged. 2. Termination Clause: This type of clause allows either the tenant or the landlord to terminate the lease agreement if either party files for bankruptcy. It provides the tenants with the flexibility to exit the lease without any penalty in case the landlord is unable to fulfill their obligations due to bankruptcy. This clause typically includes specific procedures and timelines for termination and may require written notice from the party intending to terminate the lease. It is crucial for both landlords and tenants to review their lease agreement carefully to understand the specific terms and provisions related to bankruptcy. The Oregon Landlord Bankruptcy Clause may vary depending on the lease agreement drafted by the landlord or their legal representatives. It is advisable for both parties to seek legal advice to ensure their rights are protected and to understand the consequences of bankruptcy on the lease agreement. Keywords: Oregon, Landlord Bankruptcy Clause, legal provision, rights, obligations, bankruptcy filing, lease agreement, Continuation Clause, Termination Clause, occupancy, rent, court-appointed receiver, trustee, debts, lease terms, termination, penalty, written notice, legal advice.
