Posted by Mark Smith on March 05, 1999 at 14:13:36:
In Reply to: Applicability of Existing Lease to New Landlord posted by Jason Rambo on March 04, 1999 at 00:12:26:
Most leases -- residential, loft, store, and office -- contain a clause that states "[T]he agreements in this Lease shall be binding on Owner and You [Tenant] and on those who succeed to the interest of Owner and You [Tenant] by law, by approved assignment or by transfer."
This is Section 32, Successor Interests, of the Standard Form of Apartment Lease Subject to Rent Stabilization of the Real Estate Board of New York (REBNY). You will find similar clauses in Blumberg form leases and in leases in general.
: Within a few days, I expect to sign a new lease. I also know that my
: landlord has been trying to sell the property. People have told me that, even
: if he should sell the place at some point down the road, the new landlord
: would be bound by the terms of the lease.
: Does this seem right to all of you, at least as far as NYC law is concerned?
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