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.
Wyoming Landlord Bankruptcy Clause: The Wyoming Landlord Bankruptcy Clause is a legal provision included in lease agreements in the state of Wyoming that addresses the rights and responsibilities of both landlords and tenants in the event of the landlord filing for bankruptcy. This clause aims to provide clarity and protection to both parties during such circumstances. Keywords: — Wyoming: Referring to the specific state where this clause is applicable. — Landlord: The party who owns the leased property and rents it out to tenants. — Bankruptcy: The legal process where an individual or entity is unable to meet their financial obligations and seeks protection from creditors. — Clause: A provision within a contract or agreement that outlines specific conditions or terms. Types of Wyoming Landlord Bankruptcy Clause: 1. Automatic Stay Clause: This type of clause states that if the landlord files for bankruptcy, it triggers an automatic stay, effectively halting all legal actions against the landlord by the tenants, including eviction proceedings or debt collection efforts. 2. Lease Termination Clause: Under this clause, the lease may be terminated by either the landlord or tenant in case of the landlord's bankruptcy. The termination may be subject to certain conditions, notice periods, or obligations. 3. Security Deposit Clause: This clause defines how the landlord's bankruptcy impacts the security deposit paid by the tenants. It specifies whether the tenant's security deposit will be refunded, held in escrow, or used to offset any unpaid rents or damages. 4. Continuation of Lease Clause: In some cases, the landlord's bankruptcy may have minimal impact on the tenant's ability to remain in the leased property. This clause outlines the conditions under which the lease will continue despite the landlord's bankruptcy filing. 5. Assumption or Rejection of Lease Clause: This clause encompasses the tenant's rights in case the bankrupt landlord's lease is assumed by a new entity or rejected altogether. It determines whether the tenant's lease will be continued by the new owner or terminated, and the implications of each scenario. It is important to note that the specific terms and language of the Wyoming Landlord Bankruptcy Clause may vary depending on the lease agreement, the intentions of the parties involved, and the advice of legal professionals. Both landlords and tenants should carefully review and understand this clause to ensure they are adequately protected in the event of bankruptcy.Wyoming Landlord Bankruptcy Clause: The Wyoming Landlord Bankruptcy Clause is a legal provision included in lease agreements in the state of Wyoming that addresses the rights and responsibilities of both landlords and tenants in the event of the landlord filing for bankruptcy. This clause aims to provide clarity and protection to both parties during such circumstances. Keywords: — Wyoming: Referring to the specific state where this clause is applicable. — Landlord: The party who owns the leased property and rents it out to tenants. — Bankruptcy: The legal process where an individual or entity is unable to meet their financial obligations and seeks protection from creditors. — Clause: A provision within a contract or agreement that outlines specific conditions or terms. Types of Wyoming Landlord Bankruptcy Clause: 1. Automatic Stay Clause: This type of clause states that if the landlord files for bankruptcy, it triggers an automatic stay, effectively halting all legal actions against the landlord by the tenants, including eviction proceedings or debt collection efforts. 2. Lease Termination Clause: Under this clause, the lease may be terminated by either the landlord or tenant in case of the landlord's bankruptcy. The termination may be subject to certain conditions, notice periods, or obligations. 3. Security Deposit Clause: This clause defines how the landlord's bankruptcy impacts the security deposit paid by the tenants. It specifies whether the tenant's security deposit will be refunded, held in escrow, or used to offset any unpaid rents or damages. 4. Continuation of Lease Clause: In some cases, the landlord's bankruptcy may have minimal impact on the tenant's ability to remain in the leased property. This clause outlines the conditions under which the lease will continue despite the landlord's bankruptcy filing. 5. Assumption or Rejection of Lease Clause: This clause encompasses the tenant's rights in case the bankrupt landlord's lease is assumed by a new entity or rejected altogether. It determines whether the tenant's lease will be continued by the new owner or terminated, and the implications of each scenario. It is important to note that the specific terms and language of the Wyoming Landlord Bankruptcy Clause may vary depending on the lease agreement, the intentions of the parties involved, and the advice of legal professionals. Both landlords and tenants should carefully review and understand this clause to ensure they are adequately protected in the event of bankruptcy.
