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.Be particularly leery of a clause that says a change in more than 50 percent of the company’s stock ownership will be deemed an assignment that is prohibited without the landlord’s approval.Tags: Rogers Business Phone PlansWhat Is A Literacy Narrative EssayGood Introduction For A Research Paper1984 Orwell Critical EssaysModernism EssayWrite Term Papers
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.
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.
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.
In the entire universe of legal and business terms that makes up the modern-day commercial lease, there are very few provisions that can change the world of the landlord or tenant.
As the company grows and new people invest in the company, this clause can be inadvertently triggered.
Click here to view a sample Assignment of Lease, or here to view a sample Real Estate Sublease.
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.