Replacement Tenant Clause Samples

The Replacement Tenant clause outlines the conditions under which a tenant may find another party to take over their lease obligations. Typically, this clause specifies the process for proposing a new tenant, such as requiring the landlord’s approval and ensuring the replacement meets certain financial or background criteria. Its core function is to provide flexibility for tenants who need to exit a lease early, while protecting the landlord’s interests by ensuring any new tenant is suitable.
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Replacement Tenant. If TENANT finds a replacement tenant acceptable to LANDLORD and LANDLORD expressly approves the replacement tenant, the replacement tenant must sign a new lease contract for the remainder of the TERM. Unless LANDLORD agrees otherwise in writing, TENANT’S SECURITY DEPOSIT will automatically transfer to the replacement tenant as of the date LANDLORD approves such new lease. This LEASE shall be considered terminated when the replacement lease is signed by LANDLORD and LANDLORD receives all outstanding payments and fees due from TENANT, including a rekeying fee if rekeying is requested by the replacement tenant or required. TENANT will no longer have a right to occupy the UNIT or a SECURITY DEPOSIT refund.
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Replacement Tenant. If Housing Services identifies a Replacement Tenant to move into the Rental Property, the Replacement Tenant may begin occupancy at any time. The Occupancy Date by a Replacement Tenant after Tenant's Move-out Date is dependent on the availability of an eligible Replacement Tenant’s acceptance of the Rental Property and the ready date of the Rental Property after turnover. Tenant’s Rent Responsibility ends on the Replacement Tenant’s Occupancy Date. Tenant understands that there is a risk that no suitable Replacement Tenant may be found.
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Replacement Tenant. If an eligible replacement tenant ("Replacement Tenant") is identified to move into the Rental Property, the Replacement Tenant may begin occupancy at any time between the move-out date and the remainder of the term. Immediate occupancy by a Replacement Tenant after Tenant's move-out date is dependent on the availability of a Replacement Tenant and the cleaning and preparation of the Rental Property. Tenant understands that there is a risk that no suitable Replacement Tenant may be found. Applicants on the wait list will receive priority over applicants procured by Tenant.
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Replacement Tenant. The Replacement ▇▇▇▇▇▇ agrees with the Landlord and the Remaining Tenant(s) that from the date of assignment and thereafter during the remainder of the tenancy created by the Agreement, the Replacement Tenant will discharge and perform all obligations and make all due payments contained in the Tenancy Agreement.
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Replacement Tenant. Landlord shall not be required to accept any Related Entity as a tenant (regardless of their operational abilities and credit rating) or any proposed tenant which proposes a change in the use of the Premises permitted under this Lease to a use which: (i) violates any prohibition on use in the Building; (ii) is incompatible with the nature and character of the Building; (iii) creates a parking demand or demand on Building equipment, facilities and systems in excess of the demand created by Tenant; or (iv) conflicts with any other existing tenant use in the Building, or with any use of any person or entity that is at that time a lease prospect of Landlord for other space in the Project. Landlord shall not be required to relet the Premises to a tenant pursuant to any proposed lease (i) that is not approved by a Mortgagee or Ground Lessor; (ii) that would cause Landlord to be in default of, or to be unable to perform any of its covenants or obligations under, any agreements between Landlord and any third party; or (iii) that would vary the terms of Landlord’s standard lease form in any manner that is not reasonably acceptable to Landlord. Landlord shall not be required to re-let the Premises for a term longer than the Term, unless the rents for any period after the end of the Term are the then prevailing fair market rates; provided, however, that, during any period of re-letting during the Term, Landlord shall be required to re-let the Premises at a base rental rate that is, at a minimum, equal to the lesser of the prevailing fair market rates and the Basic Rent provided under this Lease. Before re-letting the Premises to any replacement tenant, Landlord may require the proposed replacement tenant to demonstrate the same financial capability that Landlord would require from any other lease prospect as a condition to leasing any other space in the Project.
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Replacement Tenant. It is agreed that on the date hereof, Kazbor’s is not in default. Furthermore, it is understood that as part of this transaction Seller shall have the right to subsidize Kazbor’s rent and such action shall not be deemed a default under the Kazbor’s Lease. In the event that during the term of the Guarantee Period, Kazbor’s materially defaults under the terms of the Kazbor’s Lease and fails to timely cure such default pursuant to the terms of the Kazbor’s Lease, and as a result of such default, Purchaser chooses to evict Kazbor’s, then (i) Seller shall be entitled to any remaining portion of Kazbor’s $14,355.00 security deposit (to the extent not required to repair any damage to the Property caused by Kazbor’s) and (ii) Seller shall have the option to release the Kazbor’s Space to one or more replacement tenants with acceptable credit worthiness and which is (are) reasonably acceptable to Purchaser (each a “Replacement Tenant”). Seller shall submit any proposed leases for a Replacement Tenant to Purchaser, which Purchaser shall approve within ten (10) business days of receipt of such lease, such approval to not be unreasonably withheld. In the event the term of the Replacement Tenant’s lease (“Replacement Tenant Lease”) shall be for a period extending beyond the Guarantee Period, then in no event shall the Rent and CAM required under such Replacement Tenant Lease for such period be less than the Rent and CAM required under the Kazbor’s Lease for the corresponding lease year and in no event shall the term of the Replacement Tenant Lease extend beyond the original term and two renewal periods set forth in the Kazbor’s Lease. In the event the landlord is required to pay leasing commissions (to parties other than the Seller or its affiliates) (“L.C.”) or tenant improvement costs (“T.I.”) in connection with the Replacement Tenant Lease, then (i) Seller shall be responsible for paying directly to the appropriate parties (not out of the escrow funds) a proportionate share of the L.C. and T.I based on the ratio of the remaining term of the Guarantee Period divided by the term of the Replacement Tenant Lease and (ii) Purchaser shall be responsible for paying directly to the appropriate parties (not out of the escrow funds) the remainder of the L.C. and T.I. Notwithstanding the foregoing, all L.C. and T.I. required in connection with the Replacement Tenant Lease must be previously approved by Purchaser, which approval shall not be unreasonably withheld, and any amount...
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Replacement Tenant. Landlord shall have the right to hold the property vacant until an acceptable, creditworthy tenant is located who is willing to rent the premises for a reasonable term. A reasonable term shall be defined as between 6 months and one year, depending upon market conditions, time of leasing and time of expiration of this lease so as not to place the landlord in a position which would adversely affect their ability to rent or negatively impact their cash flow because of Tenants early termination. This shall be considered adequate mitigation.
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Replacement Tenant. A. At any time from the date this Agreement is signed through the Occupancy End date, Student may propose to Landlord a suitable eligible student replacement tenant to accept Student’s obligations under this Agreement. Landlord shall not unreasonably decline to accept an eligible student replacement tenant. B. When Landlord enters an Agreement with an eligible student replacement tenant, Landlord shall notify Student in writing of Student’s release of obligations and refund any prepaid rent and security deposit minus a reasonable transfer fee and legal deductions. C. If Student is unable to provide an eligible student replacement tenant, Landlord may collect for all the obligations contained in this Agreement but must first demonstrate it has undertaken reasonable efforts to mitigate damages by attempting to fill the leased space and has been unable to do so. D. If Student finds a suitable eligible student replacement tenant, which ▇▇▇▇▇▇▇▇ refuses to accept in a timely manner, Student may terminate this Agreement without penalty or further contractual obligation.
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Related to Replacement Tenant

  • Landlord Repairs (a) Throughout the Term, Landlord shall diligently perform all repairs, maintenance and replacements required to keep the roof, foundation, floor slab, structural elements and exterior walls of the Premises in compliance with the Incentive Agreements and in a good, clean and safe condition, in proper working order at all times; except (i) Tenant shall be responsible for normal preventive maintenance of the roof of the Building to the extent expressly provided in Section 9.02, and (ii) Tenant shall be responsible for repairing the roof membrane and roof insulation as expressly provided in Section 9.02 (excluding the roof deck and trusses) from and after the end of the first (1st) Extension Period if Tenant exercises the second (2nd) Extension Option and the Term is extended as a result thereof. In addition, Landlord shall cause the Premises to comply with Applicable Laws as of the Delivery Date, including, but not limited to, the Americans with Disabilities Act, 42 U.S.C. § 12101, et seq., or any successor thereto. All repairs, maintenance and replacements to be made by Landlord under this Lease shall be completed in a good and workmanlike manner, in compliance with all Applicable Laws, and consistent with (or better than) the initial quality of Landlord’s Work. Landlord shall use its best efforts to perform all maintenance, repairs and replacements that are Landlord’s responsibility under this Section 9.01 in a manner that does not materially interfere with Tenant’s use and enjoyment of the Premises. (b) Landlord shall use reasonable efforts to enforce all manufacturer, supplier, contractor, subcontractor and other warranties and guaranties related to Landlord’s Work; provided if Landlord fails to enforce any such warranties or guaranties, Tenant may (but shall not be obligated to) enforce the same and Landlord shall cooperate, assist and join in such efforts. (c) If any repairs, maintenance or replacements are required to the roof, foundation, structural elements, floor slab or exterior walls of the Building as a result of damage to the Premises caused by Tenant or its Affiliates, agents, employees, contractors or representatives, excluding ordinary wear and tear and damage that is subject to the waiver set forth in Section 11.04, then Tenant shall reimburse Landlord for the third party actual, verifiable and reasonable cost of such repairs, maintenance or replacements, within sixty (60) days of Tenant’s receipt of a written demand for the same from Landlord, accompanied by reliable evidence of the costs for which reimbursement is sought.

  • Lessee The related Lessee is a Person other than MBFS USA, any Affiliate thereof or a Governmental Authority and, at the time of origination of the 201[__]-[__] Lease, based on information provided by the Lessee, the Lessee is located in and has a billing address within a State.

  • Tenant Tenant shall not make any alterations to or modifications of the Leased Premises or construct any improvements within the Leased Premises until Landlord shall have first approved, in writing, the plans and specifications therefore, which approvals shall not be unreasonably withheld or delayed. Landlord's consent shall not be required for non-structural interior improvements costing less than $10,000 in any calendar year. Plans are required. All such modifications, alterations or improvements, once so approved, shall be made, constructed or installed by Tenant at Tenant's expense (including all permit fees and governmental charges related thereto), using a licensed contractor first approved by Landlord, in substantial compliance with the Landlord approved plans and specifications therefore. All work undertaken by Tenant shall be done in accordance with all Laws and in a good and workmanlike manner using new materials of good quality. Tenant shall not commence the making of any such modifications or alterations or the construction of any such improvements until (i) all required governmental approvals and permits shall have been obtained, (ii) all requirements regarding insurance imposed by this Lease have been satisfied, (iii) Tenant shall have given Landlord at least five business days prior written notice of its intention to commence such work so that Landlord may post and file notices of non-responsibility, and (iv) if requested by Landlord, Tenant shall have obtained contingent liability and broad form builder's risk insurance in an amount reasonably satisfactory to Landlord to cover any perils relating to the proposed work not covered by insurance carried by Tenant pursuant to Article 9. In no event shall Tenant make any modifications, alterations or improvements whatsoever to the Outside Areas or the exterior or structural components of the Building including, without limitation, any cuts or penetrations in the floor, roof or exterior walls of the Leased Premises without Landlord's approval which shall not be unreasonably withheld. As used in this Article, the term "modifications, alterations and/or improvements" shall include, without limitation, the installation of additional electrical outlets, overhead lighting fixtures, drains, sinks, partitions, doorways, or the like.

  • Lessor It is important that the full name of the Entity leasing the commercial space is reported as the Lessor.

  • Landlord’s Entry Landlord and its authorized representatives may at all reasonable times and upon reasonable notice to Tenant enter the Premises to: (a) inspect the Premises; (b) exercise and perform Landlord's rights and obligations under this Lease; (c) post notices of non-responsibility or other protective notices available under the Laws; (d) show the Premises to current or prospective mortgagees, or to prospective purchasers of the Property; or (e) during the last 12 months of the Term, show the Premises to prospective tenants. Landlord, in the event of any emergency, may enter the Premises at any time without notice to Tenant. If Landlord receives prior written notification from Tenant that specified areas within the Premises contain confidential materials, then Landlord shall not enter such portions of the Premises unless accompanied by a representative of Tenant except (i) in case of an emergency, or (ii) if Tenant authorizes Landlord to enter such portions of the Premises without accompaniment of Tenant's representative. Landlord's entry into the Premises is not to be construed as a forcible or unlawful entry into, or detainer of, the Premises or as an eviction of Tenant from all or any part of the Premises. Subject to Section 9.3 below, Tenant will also permit Landlord (or its designees) to erect, install, use, maintain, replace and repair pipes, cables, conduits, plumbing and vents, and telephone, electric and other wires or other items, in, to and through the Premises if Landlord reasonably determines that such activities are necessary for properly operating and maintaining the Building.