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.
Nassau New York Landlord Bankruptcy Clause is a legal provision that addresses the scenario of a landlord filing for bankruptcy in Nassau County, New York. This clause is crucial in lease agreements as it outlines the rights and obligations of both the landlord and the tenant in the event of such a bankruptcy filing. In essence, it aims to protect the interests of both parties during this financially challenging period. Under the Nassau New York Landlord Bankruptcy Clause, there are primarily two types or variations that can be included in lease agreements. These variations are: 1. Automatic Stay Provision: This clause ensures that if the landlord files for bankruptcy, it automatically halts any ongoing legal actions or efforts to collect rent, terminate the lease, or evict the tenant. During the bankruptcy proceedings, the tenant must continue to pay rent and comply with all lease terms and conditions. This provision provides the tenant with some stability and prevents abrupt disruptions to their tenancy. 2. Termination Option Provision: In contrast to the Automatic Stay Provision, this clause allows either the landlord or the tenant to terminate the lease agreement if the landlord files for bankruptcy. This gives the non-bankrupt party the right to end the lease and seek alternative housing or tenants as necessary. However, it is important to note that certain conditions and notice periods may be specified in this provision to ensure fairness and protect both parties' interests. Keywords: Nassau New York, Landlord Bankruptcy Clause, lease agreement, automatic stay provision, termination option provision, bankruptcy filing, tenant rights, landlord rights, rent collection, eviction, ongoing legal actions, stability, tenancy, lease termination, notice periods.Nassau New York Landlord Bankruptcy Clause is a legal provision that addresses the scenario of a landlord filing for bankruptcy in Nassau County, New York. This clause is crucial in lease agreements as it outlines the rights and obligations of both the landlord and the tenant in the event of such a bankruptcy filing. In essence, it aims to protect the interests of both parties during this financially challenging period. Under the Nassau New York Landlord Bankruptcy Clause, there are primarily two types or variations that can be included in lease agreements. These variations are: 1. Automatic Stay Provision: This clause ensures that if the landlord files for bankruptcy, it automatically halts any ongoing legal actions or efforts to collect rent, terminate the lease, or evict the tenant. During the bankruptcy proceedings, the tenant must continue to pay rent and comply with all lease terms and conditions. This provision provides the tenant with some stability and prevents abrupt disruptions to their tenancy. 2. Termination Option Provision: In contrast to the Automatic Stay Provision, this clause allows either the landlord or the tenant to terminate the lease agreement if the landlord files for bankruptcy. This gives the non-bankrupt party the right to end the lease and seek alternative housing or tenants as necessary. However, it is important to note that certain conditions and notice periods may be specified in this provision to ensure fairness and protect both parties' interests. Keywords: Nassau New York, Landlord Bankruptcy Clause, lease agreement, automatic stay provision, termination option provision, bankruptcy filing, tenant rights, landlord rights, rent collection, eviction, ongoing legal actions, stability, tenancy, lease termination, notice periods.
