Permitted Underlease definition
Permitted Underlease means an underlease of the whole of the Premises which is granted:
Permitted Underlease means an underlease which:
(a) is granted without any fine or premium being paid either to the landlord or to the tenant
(b) reserves a rent not less than the then open market rent of the Premises
(c) incorporates provisions for the review of rent at the same times and on the same basis as in this Lease
(d) is validly excluded from the operation of sections 24-28 of the Landlord and Tenant Act
Permitted Underlease means an underlease which:
(a) is granted without any fine or premium being paid either to the landlord or to the tenant
(b) reserves a rent not less than the then open market rent of the Permitted Part subject to such rent free periods and other incentives as may then be usual in the open market
(c) incorporates provisions for the uplift of open market rent at intervals not greater than five (5) years
(d) is (so far as is consistent with an underlease) in a form substantially the same as this Lease except that: (i) further subletting shall be prohibited (save that one further subletting shall be permitted in respect of an underlease of non-clinical space); (ii) payment of the Principal Rent shall be excluded; (iii) clause 4.9 shall be excluded; (iv) clause 4.25 shall be excluded; (v) Clause 11 shall be excluded; and (vi) Schedules 2, 4, 5, 7, 8, 9 and 10 shall be excluded, and
(e) is validly excluded from the operation of sections 24-28 of the Landlord and Tenant Act
Examples of Permitted Underlease in a sentence
The terms for a Permitted Underlease set out in clause 3(24) of the Lease (other than as set out above).