Common use of Assignment and Sub Clause in Contracts

Assignment and Sub. Letting -------------------------- (1) The Lessee shall not assign, sublet or part with possession of the Premises or any part thereof, or share the occupation of the Premises or any part thereof without the consent of the Lessor in writing first had and obtained, which consent may not be unreasonably or arbitrarily withheld, provided however, and it is made a condition to the giving of such consent that: (i) the Lessee be not in default in the performance of any of its covenants, provisos or obligations contained in the within lease; (ii) the proposed Lessee, Assignee or sub--lessee of this Lease shall agree in writing to assume and perform all of the terms, covenants, conditions and agreements by this Lease imposed upon the Lessee herein in the form to be approved by the solicitor for the Lessor; (2) At the time that such consent for assignment, subletting or parting with possession of the Premises is requested by the Lessee as contemplated by sub--paragraph (1) hereof, the Lessee shall furnish to the Lessor copies of all proposed agreements relating to the assignment, subletting or parting with possession and such information required by the Lessor relating to the financial integrity of the proposed lessee or sub-lessee. In the event that the proposed Assignee, sub-lessee or occupant is unsatisfactory to the Lessor, the Lessor shall have the option, to be exercised within five (5) days from the date upon which such consent is requested (provided the Lessor has received the documentation set forth herein) to terminate this Lease upon the date on which such assignment, subletting or parting with possession was to become effective, unless within five (5) days from the date upon which the Lessor notifies the Lessee of its intention to terminate this Lease, the Lessee by notice in writing to the Lessor withdraws its request for such consent and indicates that it will continue to occupy the Premises under the provisions hereof whereupon this Lease shall continue as if such consent had not been requested.