Common use of Assignment Subletting and Encumbering Clause in Contracts

Assignment Subletting and Encumbering. Tenant shall not voluntarily assign or encumber its interest in this Lease of in the Premises, or allow other person or entity (except Tenant’s authorized representative) to occupy or use all or any part of the Premises, without first obtaining Landlord’s consent which shall not be unreasonably withheld, conditioned or delayed. Tenant shall, in each instance of a proposed assignment or subletting, give written notice of its intention to assign or sublet to Landlord at least thirty (30) days or more before the effective date of any such proposed assignment or subletting, specifying in such notice whether Tenant proposes to assign or sublet, the proposed date thereof, and specifically identifying the proposed assignee or sublease, and such notice shall be accompanied by copies of the proposed assignment document or sublease, current financial statements of the proposed assignee or subtenant. One-half of all rents received by Tenant from its subtenants in excess of the rents payable by Tenant to Landlord under this Lease shall be paid to Landlord, and one-half of any sums to be paid by any assignee to Tenant in consideration of the assignment of this Lease shall be paid to Landlord after deducting Tenant’s reasonable brokerage commissions, attorney’s fees and rental concession. Except as provided herein, any assignment, encumbrance, or sublease without Landlord’s consent shall be voidable and, at Landlord’s election shall constitute a default. No consent to any assignment, encumbrance, or sublease shall constitute a waiver of the provisions of this Section. In the event Tenant requests Landlord to consent to a proposed assignment, subletting, or encumbrance, Tenant shall pay to Landlord, whether or not such consent is ultimately given, Landlord’s reasonable administrative fee in connection with such request not to exceed five hundred dollars ($500.00) for each request for consent, plus Landlord’s reasonable attorneys’ fees not to exceed one thousand dollars ($1,000.00) incurred in connection with each such request. Tenant hereby irrevocably assigns to Landlord one-half of all said sums received from subletting of the Premises, and agrees that Landlord, as assignee and as attorney-in-fact for Tenant, or as a receiver for Tenant appointed upon Landlord’s application, may collect such rentals and apply the same as provided in Section 16 upon Tenant’s default; provided, however, that until the occurrence of any act of default by Tenant, Tenant shall have the right to collect such rental. If Tenant is a partnership, a withdrawal or change, voluntary, involuntary, or by operation of law, of the partner or partners owning a majority of the partnership interest as of the date of this Lease, or the dissolution of the partnership shall be deemed an assignment prohibited by this Section unless Landlord’s consent is obtained. If Tenant consists of more than one person, a purported assignment, voluntary, involuntary, or by assignment of law, form a majority of such persons to the other shall be deemed an assignment prohibited by this Section unless Landlord’s consent is obtained. Tenant may assign this Lease or sublet the Premises, or any portion thereof, without Landlord’s consent to any entity which controls, is controlled by, or is under common control with Tenant; to any entity which results from a merger of, reorganization of, or consolidation with Tenant; to any entity engaged in a joint venture with Tenant; or to any entity which requires substantially all of the stock or assets of Tenant, as a growing concern, with respect to the business that is being conducted in the Premises (hereinafter each a “Permitted Transfer”). In addition, a sale or transfer of the Stock of the Tenant shall be deemed a Permitted Transfer if (1) such sale or transfer occurs in connection with any modified financing or capitalization for the benefit of Tenant, or (2) Tenant becomes a publicly traded corporation. Landlord shall have no right to terminate the Lease intention with, and shall have no right to any sums or other economic consideration resulting from any Permitted Transfer.

Assignment Subletting and Encumbering. Tenant shall not voluntarily assign or encumber its interest in this Lease of or in the Leased Premises, or sublease all or any part of the Leased Premises, or allow any other person or entity (except Tenant’s authorized representative) to occupy or use all or any part of the Leased Premises, without first obtaining Landlord’s 's consent in each instance, which consent shall not be unreasonably withheld, conditioned or delayedsubject to the terms and conditions of this Section 11. Landlord shall respond to Tenant's request within fifteen (15) days. Tenant shall, in each instance of a proposed assignment or subletting, give written notice of its intention to assign or sublet to Landlord at least thirty sixty (3060) days or more before the effective date of any such proposed assignment or subletting, specifying in such notice whether Tenant proposes to assign or sublet, the proposed date thereof, and specifically identifying the proposed assignee or subleasesublessee, and such notice shall be accompanied by copies of the proposed assignment document or sublease, current financial statements of the proposed assignee or subtenant. One-half of all rents received by Tenant from its subtenants in excess , a written business plan which includes the nature of the rents payable by Tenant proposed assignee's, subtenant's or occupant's business to Landlord under this Lease shall be paid to Landlordcarried on in the Leased Premises, and one-half detailed documentation relating to the business experience of the proposed assignee or subtenant. At any sums time within fifteen (15) days after Landlord's receipt of Tenant's notice of its intention to be paid assign or sublet, Landlord may by any assignee notice to Tenant in consideration of the assignment of this Lease shall be paid elect to Landlord after deducting Tenant’s reasonable brokerage commissions, attorney’s fees and rental concession. Except as provided herein, any assignment, encumbrance, or sublease without Landlord’s consent shall be voidable and, at Landlord’s election shall constitute a default. No (i) consent to any assignmentthe proposed assignment or sublease, encumbrance, or sublease shall constitute a waiver of the provisions of this Section. In the event Tenant requests Landlord (ii) refuse to consent to a the proposed assignment or sublease; or (iii) terminate this Lease in full with respect to an assignment, subletting, or encumbrance, Tenant shall pay to Landlord, whether or not such consent is ultimately given, Landlord’s reasonable administrative fee terminate in connection with such request not to exceed five hundred dollars ($500.00) for each request for consent, plus Landlord’s reasonable attorneys’ fees not to exceed one thousand dollars ($1,000.00) incurred in connection with each such request. Tenant hereby irrevocably assigns to Landlord one-half of all said sums received from subletting of the Premises, and agrees that Landlord, as assignee and as attorney-in-fact for Tenant, or as a receiver for Tenant appointed upon Landlord’s application, may collect such rentals and apply the same as provided in Section 16 upon Tenant’s default; provided, however, that until the occurrence of any act of default by Tenant, Tenant shall have the right to collect such rental. If Tenant is a partnership, a withdrawal or change, voluntary, involuntary, or by operation of law, of the partner or partners owning a majority of the partnership interest as of the date of this Lease, or the dissolution of the partnership shall be deemed an assignment prohibited by this Section unless Landlord’s consent is obtained. If Tenant consists of more than one person, a purported assignment, voluntary, involuntary, or by assignment of law, form a majority of such persons to the other shall be deemed an assignment prohibited by this Section unless Landlord’s consent is obtained. Tenant may assign this Lease or sublet the Premises, or any portion thereof, without Landlord’s consent to any entity which controls, is controlled by, or is under common control with Tenant; to any entity which results from a merger of, reorganization of, or consolidation with Tenant; to any entity engaged in a joint venture with Tenant; or to any entity which requires substantially all of the stock or assets of Tenant, as a growing concern, part with respect to the business that is being conducted in the Premises (hereinafter each a “Permitted Transfer”). In addition, a sale or transfer portion of the Stock Leased Premises proposed to be subleased and enter into a lease directly with the proposed assignee or sublessee. Landlord and Tenant agree, by way of example and without limitation, that it shall be reasonable for Landlord to withhold its consent if any of the Tenant shall be deemed a Permitted Transfer if (1) such sale following situations exist or transfer occurs in connection with any modified financing or capitalization for the benefit of Tenant, or (2) Tenant becomes a publicly traded corporation. Landlord shall have no right to terminate the Lease intention with, and shall have no right to any sums or other economic consideration resulting from any Permitted Transfer.may exist: