Assignment and Subsubletting Clause Samples
The Assignment and Subsubletting clause governs whether and how a tenant may transfer their lease rights or sublease the premises to another party. Typically, this clause outlines the conditions under which the landlord’s consent is required for such transfers, and may specify any restrictions or procedures, such as providing written notice or meeting certain qualifications for the new tenant. Its core function is to give the landlord control over who occupies the property, thereby protecting their interests and maintaining oversight of the premises.
Assignment and Subsubletting. (A) Sublessee shall not (a) assign this Sublease, or (b) permit this Sublease to be assigned by operation of law or otherwise, or (c) sublet all or any part of the demised premises, or (d) mortgage, pledge, hypothecate or otherwise encumber its interest in this Sublease, the term and estate hereby granted or the rentals hereunder, in whole of in part, or (e) grant any concession, license or otherwise permit the demised premises to be used or occupied by any person(s) other than Sublessee (the term "Sublessee" includes, the directors, officers and employees of Sublessee in their capacities as such), or (f) permit the demised premises or any desk space therein to be used or occupied by any person(s) other than Sublessee, without the prior written consent of Sublessor (which may be given or withheld in Sublessor's sole discretions) and Underlying Landlord (which may be given or withheld in accordance with Article 19 of the Underlying Lease).
(B) If this Sublease is assigned, or if the demised premises or any part thereof is subsublet or occupied by one other than Sublessee, whether or not Sublessee shall have been granted any required consent, Sublessor may, after default by Sublessee, collect rent and other charges from such assignee, subsubtenant or other occupant, and apply the net amount collected to fixed rent and other charges herein reserved, but no such assignment, subsubletting, occupancy or collection shall be deemed to be a waiver of the requirements of this Article 13 or an acceptance of the assignee, subsubtenant or other occupant as the sublessee under this Sublease. The consent by Sublessor to an assignment or subsubletting shall not in any way be construed to relieve Sublessee from obtaining the consent of Underlying Landlord and Sublessor to any further assignment or subsubletting. No assignment or subsubletting shall, in any way, release, relieve or modify the liability of Sublessee under this Sublease and Sublessee shall be and remain liable under all of the terms, covenants, conditions, provisions and agreements hereof.
Assignment and Subsubletting. 12.1. Tenant shall not (a) assign or otherwise transfer this Lease or the term and estate hereby granted, (b) sublet (or subsublet as the case may be) the Premises or any part thereof or allow the same to be sublet, except that, Tenant may sublet (or subsublet as the case may be) less than 20% of the space within the Improvements to be used or occupied by others without Landlord's prior consent for any Permitted Use or (c) mortgage, pledge or encumber this Lease or the Premises or any part thereof in any manner by reason of any act or omission on the part of Tenant, except as otherwise expressly provided in this Article 13 or with the prior written consent of Landlord, which consent may be withheld in its sole and absolute discretion.
(a) Subject to the exceptions set forth in subsection 13.2(b) below, for purposes of this Article 13, (i) the transfer of a majority of the issued and outstanding capital stock of any corporate tenant, or of a corporate subtenant, or the transfer of a majority of the total interest in any partnership tenant or subtenant, however accomplished, whether in a single transaction or in a series of related or unrelated transactions, or the creation of new stock by which an aggregate of fifty (50%) percent or more of Tenant's stock shall be vested in a party or parties who are nonstockholders as of the date hereof, shall be deemed an assignment of this Lease, or of such Lease, as the case may be, except that the transfer of the outstanding capital stock of any corporate tenant, or subtenant, shall be deemed not to include the sale of such stock by persons or parties through the "over-the-counter market" or through any recognized stock exchange, other than those deemed "INSIDERS" within the meaning of the Securities Exchange Act of 1934, as amended, (ii) a takeover agreement shall be deemed a transfer of this Lease, (iii) any person or legal representative of Tenant to whom Tenant's interest under this Lease passes by operation of law, or otherwise, shall be bound by the provisions of this Article 13, and (iv) a material modification, material amendment or extension of the term of a Lease shall be deemed a subsublease subject to the provisions of this Article 13.
(b) Notwithstanding anything to the contrary set forth above, Tenant may, subject to the terms and conditions hereinafter set forth, without the consent of, but upon not less than thirty (30) days prior notice to, Landlord, assign its interest in this Lease or subsublet all o...
Assignment and Subsubletting. 12 18. Insurance..............................................13
Assignment and Subsubletting. 11 Insurance.........................................................12 Default...........................................................14 Destruction by Fire or Other Casualty, Condemnation...............14 Attornment........................................................15