If you are a tenant, you should attempt to modify such a clause in several ways.The ideal change provides that an assignment or sublease requires the landlord’s consent but that the consent cannot be unreasonably withheld or delayed.While we make no promises, should our leasing agent be successful in finding a suitable assignee(s), 1/2 month’s rent plus HST will apply.
If you are a tenant, you should attempt to modify such a clause in several ways.Tags: Social Science Research Paper ExampleEssay Questions About ScienceWhy Marijuana Should Not Be Legal EssayDifferentiation Solved ProblemsBest Online Resources For Research PapersEssays On Minot'S LustShelby Steele On Being Black And Middle Class EssayBusiness Plan For Ice Cream ShopCritical Thinking ClassroomHow To Choose Dissertation Topic
Therefore, whether a tenant has the right to assign a lease to another party or to sublet the leased premises to another tenant depends on the language of the tenant’s lease with the landlord.
If the lease does not contain language prohibiting or restricting the assignment or transfer of a tenant’s interest, a tenant is free to assign or transfer all or part of its interest.
An assignment of a lease is the transfer by the tenant of all of the tenant’s rights and interest in the lease.
In an assignment, although the assignee tenant effectively steps into the shoes of the assigning tenant, the assigning tenant continues to remain liable to the landlord on the lease.
A landlord is unlikely to give you the total right to assign or sublease without some kind of approval procedure.
If the landlord does give you a reasonable standard on your proposed assignment or sublease, she may insist upon a recapture right.The assignment and subletting clause of an office lease can prove to be a very important provision.Typically, the landlord’s lease form states that the tenant may not assign or sublet the lease without the landlord’s prior consent, with such consent to be granted or withheld at the sole discretion of the landlord.With an assignment, if the assignee breaches, the landlord has the right to enforce the terms of the lease against the assigning tenant or the assignee tenant. A sublease is a separate contract between the transferring tenant and the subtenant.The sublease may transfer all or a part of the leased premises, for all or a part of the lease term, and under terms that are similar or materially different from the lease.A tenant is not required to obtain prior consent of the landlord, unless the lease contains language requiring the tenant to obtain prior consent of the landlord.In making the decision whether to assign or sublet, the tenant should also understand the legal differences between the two concepts.In making the decision whether to assign or sublet, the tenant should first carefully examine its lease to determine whether the lease contains any provisions prohibiting or restricting assignment or subleasing.Commercial leases, like any other contracts, are governed by their terms.There are many different practical and legal considerations involved in negotiating and documenting the terms of an assignment or sublease including the legal consequences to the tenant under the assignment or sublease if landlord terminates the lease.Therefore, an experienced real estate attorney should be consulted so that the parties understand the consequences of such transactions and their competing interests are protected.