Sublease Assignment

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Notwithstanding anything to the contrary contained herein, Tenant may, without the prior written consent of Landlord, assign this Lease or sublet the premises or any part thereof to an Affiliate of Tenant.

The term “Affiliate” shall mean (i) any entity which controls or is controlled by or is under common control with Tenant, or (ii) any entity not less than fifty (50%) of whose outstanding stock shall, at the time, be owned by Tenant or Tenant’s parent corporation.

If your lease allows assignments, you or your advisers should first try to negotiate with the landlord to see if he or she would allow the assignment with certain amendments.

A guarantee or a rent deposit might tip the balance.

Tenant shall have the right without Landlord's consent, to assign this Lease to a corporation with which Tenant may merge or consolidate, to any subsidiary of Tenant, to any corporation under common control with Tenant, or to a purchaser of substantially all of Tenant's assets.

Except as set forth above, Tenant shall not sublease all or any part of the Leased Premises, or assign this Lease in whole or in part without Landlord's consent, such consent not to be unreasonably withheld or delayed. Except as otherwise permitted by Section 11.2 and Section 11.3 below, Tenant shall not assign this Lease, or allow it to be assigned, in whole or in part, by operation of law or otherwise or mortgage or pledge the same, or sublet the Premises or any part thereof or permit the Premises to be occupied by any person or business entity, or any combination thereof, other than Tenant, without the prior written consent of Landlord, approval and consent not to be unreasonably withheld as spelled out below in Section 11.2.Obviously, you cannot grant a lease to a sub-tenant which is longer than your own lease from your landlord.Often your landlord will want your sub-tenant’s tenancy to be excluded from the security of tenure provisions of the .Thus, sub-letting involves a continuing management responsibility.What conditions would a landlord normally impose on a sub-letting? Your landlord would probably insist on approving the sub-tenant and the terms of your lease to the sub-tenant.For purposes hereof, “control” shall mean the possession of the power to direct or cause the direction of the management and policies of such corporation, whether through the ownership of voting securities or by contract or otherwise and ownership of the liabilities, losses, profits and tax benefits for such entity.Notwithstanding any subletting or assignment by Tenant hereunder or any provision herein to the contrary, Tenant shall remain fully liable for the performance of all the covenants, agreements, terms, provisions and conditions contained in this Lease on the part of Tenant to be performed.However, the landlord cannot insist that a sub-tenant be required to give up the right to security of tenure unless this was written into your original lease as a condition of sub-letting.Remember that your landlord will require you to fulfil the obligations of your own lease and it is up to you to deal with any breach by your sub-tenant of the sub-lease that you have granted.Your own lease will set out what you are and are not allowed to do by way of assigning or sub-letting, and the conditions that you will need to follow.Most commonly, your lease will permit assignment with your landlord’s consent, which must not be unreasonably withheld.


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