SUBLEASING, ASSIGNMENT, OR TRANSFER Clause Samples

SUBLEASING, ASSIGNMENT, OR TRANSFER. Subtenant shall not have the right to sublease, assign, or transfer the Subleased Premises or any portion thereof, and shall not suffer or permit the Subleased Premises or any portion thereof to be subleased, assigned, or transferred by operation of law or otherwise except in accordance with the terms set forth in the Main Lease applicable to Tenant and further provided that consent from Tenant, not to be unreasonably withheld, conditioned or delayed, shall be required where consent of the Landlord is required under the Main Lease.

SUBLEASING, ASSIGNMENT, OR TRANSFER a. Subtenant shall not have the right to sublease, assign, or transfer (whether voluntarily or by operation of law) the Premises or any portion thereof, and shall not suffer or permit the Premises or any portion thereof to be subleased, assigned, or transferred by operation of law or otherwise. Subtenant covenants and agrees that neither the Premises, nor any part thereof, will be encumbered in any manner by reason of any act or omission on the part of Subtenant, or used or occupied, or permitted to be used or occupied, or utilized for any reason whatsoever, by anyone other than Subtenant, or for any use or purpose other than as permitted hereunder. For purposes of this Sublease, “transfer” shall mean the assignment (collateral or otherwise), mortgage, sublease, transfer, pledge or encumbrance by Subtenant of this Sublease or any interest therein or the grant by Subtenant of any license, concession or other right of occupancy of the Premises or any portion thereof. “Transfer” shall also include the transfer (a) if Subtenant is a corporation, and Subtenant’s stock is not publicly traded over a recognized securities exchange, of more than fifty percent (50%) of the voting stock of such corporation during the Term of this Sublease (whether or not in one or more transfers) or the dissolution, merger or liquidation of the corporation, or (b) if Subtenant is a partnership or other entity, of more than twenty-five percent (25%) of the profit and loss participation in such partnership or entity during the Term of this Sublease (whether or not in one or more transfers) or the dissolution, merger of liquidation of the partnership. If Subtenant is a limited or general partnership (or is comprised of two or more persons, individually or as co-partners), Subtenant shall not be entitled to change or convert to (i) a limited liability company, (ii) a limited liability partnership or (iii) any other entity which possesses the characteristics of limited liability without the prior written consent of Tenant, which consent may be given or withheld in Tenant’s sole discretion.