Common use of Sublandlord Consent Clause in Contracts

Sublandlord Consent. Subtenant shall not sublet the Sublease Premises or assign this Sublease or any part thereof for any period of time without the prior consent of the Landlord and Sublandlord. Such consent by Sublandlord shall not be unreasonably withheld except: (a) Sublandlord may withhold in its absolute and sole discretion consent to any mortgage, hypothecation, pledge or other encumbrance of any interest in this Sublease or the Sublease Premises by Subtenant, whereby this Sublease or any interest therein becomes collateral for any obligation of Subtenant; (b) Sublandlord may withhold in its absolute and sole discretion consent if Landlord does not consent to the proposed transfer; and (c) Sublandlord may withhold in its absolute and sole discretion consent if Sublandlord determines that the proposed transferee is a business competitor of Sublandlord. It is agreed that any of the following factors, or any other reasonable factor, will be reasonable grounds for Sublandlord deciding whether to consent to Subtenant’s request: (i) the use or occupancy by any proposed assignee, subtenant or other transferee is not consistent with the maintenance and operation of a Class A biotech and office building due to the nature of the proposed occupant’s business or the manner of conducting its business or its experience or reputation in the community, (ii) the use or occupancy by any proposed assignee, subtenant or other transferee is likely to cause disturbance to, or is inconsistent with, the intended use and occupancy of the Building by Sublandlord or other occupants; and (iii) notwithstanding that Subtenant or others remain liable under this Sublease, whether the proposed assignee, subtenant or other transferee has a net worth, financial strength and credit record satisfactory to meet all of the obligations of Subtenant under this Sublease and a history of succession operation. Fifty percent (50%) of all net rent or other consideration received by Subtenant from its subtenants in excess of the rent payable by Subtenant to Sublandlord under this Sublease shall be paid to Landlord, and 50% of any sums to be paid by an assignee to Subtenant in consideration of the assignment of this Sublease shall be paid to Sublandlord, provided that Subtenant shall be entitled to first deduct therefrom Subtenant’s reasonable broker’s fees, legal fees and tenant improvement costs incurred in effecting such sublease or assignment. Notwithstanding the foregoing, Subtenant shall not be required to obtain Sublandlord’s consent to a change of management or ownership as set forth in Section 17(f) of the Master Lease provided that such entity shall have a net worth equal to or greater than that of the Subtenant at the time of mutual execution of this Sublease (a “Permitted Transferee”) and provided that Subtenant provide Sublandlord with (i) unless prohibited by law, thirty (30) days advance notice of such transfer and (ii) documentation evidencing such transfer acceptable to Sublandlord in its reasonable discretion.

Sublandlord Consent. Subtenant shall not sublet the Sublease Premises or assign this Sublease or any part thereof for any period of time without the prior consent of the Landlord and without Sublandlord’s prior consent pursuant to and subject to the terms of the Master Lease. Such consent by Sublandlord shall not be unreasonably withheld or delayed except: (a) Sublandlord may withhold in its absolute and sole discretion consent to any mortgage, hypothecation, pledge or other encumbrance of any interest in this Sublease or the Sublease Premises by Subtenant, whereby this Sublease or any interest therein becomes collateral for any obligation of Subtenant; (b) Sublandlord may withhold in its absolute and sole discretion consent if Landlord does not consent to the proposed transfer; and (c) Sublandlord may withhold in its absolute and sole discretion consent if Sublandlord determines that the proposed transferee is a business competitor of Sublandlord. It is agreed that any of the following factors, or any other reasonable factor, will be reasonable grounds for Sublandlord deciding whether to consent to Subtenant’s request: (i) the use or occupancy by any proposed assignee, subtenant or other transferee is not consistent with the maintenance and operation of a Class A biotech and office building due to the nature of the proposed occupant’s 's business or the manner of conducting its business or its experience or reputation in the community, (ii) the use or occupancy by any proposed assignee, subtenant or other transferee is likely to cause disturbance to, or is inconsistent with, to the intended normal use and occupancy of the Building by Sublandlord or other occupants; and (iii) notwithstanding that Subtenant or others remain liable under this Sublease, whether the proposed assignee, subtenant or other transferee has a net worth, financial strength and credit record satisfactory to meet all of the obligations of Subtenant under this Sublease and a history of succession operation. Fifty percent (50%) of all net rent or other consideration received by Subtenant from its subtenants in excess of the rent payable by Subtenant to Sublandlord under this Sublease shall be paid to Landlord, and 50% of any sums to be paid by an assignee to Subtenant in consideration of the assignment of this Sublease shall be paid to Sublandlord, provided that Subtenant shall be entitled to first deduct therefrom Subtenant’s reasonable broker’s fees, legal fees and tenant improvement costs incurred in effecting such sublease or assignment. Notwithstanding the foregoing, Subtenant shall not be required to obtain Sublandlord’s consent to a change of management or ownership as set forth in Section 17(f) of the Master Lease provided that such entity shall have a net worth equal to or greater than that of the Subtenant at as of the time Commencement Date or the effective date of mutual execution of this Sublease (a “Permitted Transferee”) and provided that Subtenant provide Sublandlord with (i) unless prohibited by lawthe assignment or sublease, thirty (30) days advance notice of such transfer and (ii) documentation evidencing such transfer acceptable to Sublandlord in its reasonable discretionwhichever is higher.

Sublandlord Consent. Subtenant shall not sublet the Sublease Premises or assign this Sublease or any part thereof for any period of time without the prior consent of the Landlord and Sublandlord. Such consent by Sublandlord shall not be unreasonably withheld except: (a) Sublandlord may withhold in its absolute and sole discretion consent to any mortgage, hypothecation, pledge or other encumbrance of any interest in this Sublease or the Sublease Premises by Subtenant, whereby this Sublease or any interest therein becomes collateral for any obligation of Subtenant; (b) Sublandlord may withhold in its absolute and sole discretion consent if Landlord does not consent to the proposed transfer; and (c) Sublandlord may withhold in its absolute and sole discretion consent if Sublandlord determines that the proposed transferee is a business competitor of Sublandlord. It is agreed that any of the following factors, or any other reasonable factor, will be reasonable grounds for Sublandlord deciding whether to consent to Subtenant’s request: (i) the use or occupancy by any proposed assignee, subtenant or other transferee is not consistent with the maintenance and operation of a Class A biotech and office building due to the nature of the proposed occupant’s business or the manner of conducting its business or its experience or reputation in the community, (ii) the use or occupancy by any proposed assignee, subtenant or other transferee is likely to cause disturbance to, or is inconsistent with, the intended use and occupancy of the Building by Sublandlord or other occupants; and (iii) notwithstanding that Subtenant or others remain liable under this Sublease, whether the proposed assignee, subtenant or other transferee has a net worth, financial strength and credit record satisfactory to meet all of the obligations of Subtenant under this Sublease and a history of succession operation. Fifty percent (50%) of all net rent or other consideration received by Subtenant from its subtenants in excess of the rent payable by Subtenant to Sublandlord under this Sublease shall be paid to Landlord, and 50% of any sums to be paid by an assignee to Subtenant in consideration of the assignment of this Sublease shall be paid to Sublandlord, provided that Subtenant shall be entitled to first deduct therefrom Subtenant’s reasonable broker’s fees, legal fees and tenant improvement costs incurred in effecting such sublease or assignment. Notwithstanding the foregoing, Subtenant shall not be required to obtain Sublandlord’s consent to a change of management or ownership as set forth in Section 17(f) of the Master Lease Lease, provided that such entity shall have a net worth equal to or greater than that of the Subtenant at the time of mutual execution of this Sublease (a “Permitted Transferee”) and provided that Subtenant provide Sublandlord with (i) unless prohibited by law, thirty (30) days advance notice of such transfer and (ii) documentation evidencing such transfer acceptable to Sublandlord in its reasonable discretion.