Common use of Proposed Assignment and Subleases Clause in Contracts

Proposed Assignment and Subleases. If Tenant desires to assign or sublease this Lease or any part hereof, then at least thirty (30) days, but not more than one hundred eighty (180) days, prior to the date, when Tenant desires the assignment or sublease to be effective (the "Transfer Date"), Tenant shall give Landlord a Notice (the "Assignment Notice") which shall set forth the name, address and business of the proposed assignee or sublessee, the Transfer Date, information (including references) on the credits and financial condition of the proposed assignee or sublessee and such other material as Landlord shall reasonably require. Landlord shall within thirty (30) days following the Assignment Notice notify Tenant in writing that Landlord elects to (a) either disapprove the proposed assignee or sublessor; (b) terminate this Lease as to the space so affected as of the date so specified by Tenant, in which event Tenant will be relieved of all further obligation hereunder as to such space; or (c) permit Tenant to assign or sublet such space to the proposed assignee or sublessee. If Landlord shall fail to notify Tenant in writing of such election within said thirty (30) day period, Landlord shall be deemed to have elected to approved the proposed assignee or sublessee. If the Rent agreed to by Tenant and its subtenant and assignee is greater than the rent payable under this Lease, such excess Rent shall be paid to Landlord at the same time and in the same manner as the Basic Rent.