SMMX » Topics » Options Personal to Original Tenant

This excerpt taken from the SMMX 8-K filed Nov 15, 2005.
Options Personal to Original Tenant.  Each Option granted to Tenant in this Lease is personal to the original Tenant named in Paragraph 1.1 hereof and any Permitted Transferee, and cannot be voluntarily or involuntarily assigned or exercised by any person or entity other than said original Tenant and any Permitted Transferee while the original Tenant or any Permitted Transferee is in full and actual possession of the Premises and without the intention of thereafter assigning or subletting.  The Options, if any, herein granted to Tenant are not assignable, either as a part of an assignment of this Lease or separately or apart therefrom, and no Option may be separated from this Lease in any manner, by reservation or otherwise.

 

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