A landlord is unlikely to give you the total right to assign or sublease without some kind of approval procedure.Tags: What Is Theoretical Framework In A Research PaperBeowulf Grendel ThesisScientific Problem SolvingImplementing Nicu Critical Thinking ProgramsSolving Population Growth ProblemsEssay By Helen Keller
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.
Please see section ‘Leasing Services’ 1/2 month’s rent plus HST **Fees are subject to change as per charges posted at the time of sublet/assignment request The Tenant(s) is responsible for finding his/her own Assignee(s)/Sublettor(s).
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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.
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.
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.
A prohibited assignment can result in the landlord terminating a favorable lease.