This document is an optional condition which can be used in a sale of business agreement.
It is a fundamental requirement in most business sale agreements that, where the business in question is situated in premises subject to a lease, the consent of the lessor is obtained as a condition precedent to the transaction.
Using this precedent
This precedent clause is a condition precedent which can be used in a sale of business agreement. It can also be inserted into the “conditions precedent” schedule of the separate precedents “Business sale agreement – sale of assets (short form)” and “Business sale agreement – sale of shares (short form)”.
When inserting this optional clause into an agreement, care must be taken to ensure that the agreement remains consistent. Cross-references, definitions and schedules should all be checked.
This document has been authored for Lexis Nexis by Jeremy Kriewaldt, Partner, Atanaskovic Hartnell and Elise Margow, Principal, Legally Speaking.
This document is prepared with the assistance of Specialist Editor Murray Landis, Partner, K&L Gates.