ASSIGNMENT, MORTGAGE, SUBLETTING Sample Clauses
The ASSIGNMENT, MORTGAGE, SUBLETTING clause governs whether and how a tenant may transfer their lease rights or obligations to another party, use the lease as collateral, or allow another party to occupy the premises. Typically, this clause outlines the conditions under which the tenant can assign the lease, sublet the property, or grant a mortgage interest, often requiring the landlord’s prior written consent. For example, it may prohibit subletting without approval or specify the process for requesting consent. Its core function is to give the landlord control over who occupies or has an interest in the property, thereby protecting the landlord’s interests and maintaining oversight of the premises.
ASSIGNMENT, MORTGAGE, SUBLETTING. Neither Tenant, nor Tenant's legal representatives, successors or assigns, shall assign, mortgage or encumber this Lease or sublet use occupy, or permit Demised Premises or any part thereof to be used or occupied by others, and any assignment, mortgage, encumbrance, sublease or permission shall be voidable, at the option of Landlord and, at the further option of Landlord, shall terminate this Lease. If this Lease be assigned, or if Demised Premises or any part thereof be sublet or occupied by any party other than Tenant, Landlord may, after default by Tenant, collect rent from the assignee, subtenant or occupant and apply the net amount collect to the recent herein reserved, but no such assignment, subletting, occupancy or collection shall deemed a waiver of this covenant, or the acceptance of the assignee, subtenant or occupant as Tenant, or a release of Tenant from the further performance by Tenant of the obligations on the part of Tenant herein contained. Any sale or other transfer, including transfer by consolidation, merger or reorganization, of a majority of the voting stock of Tenant, if Tenant is a corporation, or any sale or other transfer of a majority of the partnership interests in Tenant, if Tenant is a partnership, shall be an Assignment for purpose of this Article 3. As used in this Section 3.1, the term "Tenant" shall also mean any entity that has guaranteed Tenant's obligations under this Lease, and the prohibition hereof shall be applicable to any sales or transfers of the stock or partnership interests of said guarantor.
ASSIGNMENT, MORTGAGE, SUBLETTING. Section 7.1. Tenant shall not assign, mortgage, pledge, encumber, sublet or in any manner transfer (collectively, “Transfer”) its interest in this Lease, or any part thereof, without the prior written consent of Landlord in each instance, which consent shall not be unreasonably withheld (subject to any restrictions in agreements that Landlord may have with third parties), and any attempt to do any of such acts without such consent shall be null and void and of no effect. Article 12 hereof constitutes such consent for the circumstances set forth therein. Upon request of the Partnership, Landlord, so long as it shall be a Partner, shall use its best efforts to obtain any such third-party consents or waivers necessary to enable Landlord validly to give its consent as aforesaid, provided Landlord can obtain the same at no cost or obligation to it. Upon obtaining any necessary third-party consents or waivers, Landlord, so long as it shall be a Partner, shall join in the execution of a mortgage which will encumber the Demised Land (and the interest of Landlord therein) and/or the Improvements for the purpose of enabling the Tenant to finance the acquisition or construction of any Improvements. During the existence of any such mortgage on the Demised Land Landlord shall hold a security interest in all Improvements to the extent of the mortgage. Landlord represents and warrants that, as of the date hereof, it has lawful title to the Demised Land free and clear of all liens, mortgages and encumbrances (except as the same may be imposed in connection with a transfer as aforesaid), and full power and authority to execute and perform this Agreement. Landlord further agrees that it will execute all papers necessary to give effect to an undertaking to obtain such mortgage(s), including the application papers which may be required by the proposed mortgagee(s); but such application papers shall contain a statement that Landlord shall not be rendered liable in its capacity as Landlord hereunder (as distinguished from its capacity as Partner of the Partnership) for the payment of the debt proposed to be secured by such mortgage(s).
Section 7.2. The making of any assignment, mortgage, pledge, encumbrance or subletting, in whole or in part, made in accordance with Section 7.1 hereof, shall not operate to relieve Tenant herein named from its Obligations under this Lease and, notwithstanding any such assignment, mortgage, pledge, encumbrance or subletting, Tenant herein named s...
ASSIGNMENT, MORTGAGE, SUBLETTING. This Lease may not be assigned or sublet, by merger, consolidation, operation of law or otherwise, by Ground Lessee without the prior written consent of Ground Lessor, which consent may be withheld by Ground Lessor in its sole discretion. Notwithstanding the foregoing, it is agreed by the parties hereto that Ground Lessee may sublet to one or more tenants for the purpose of operating the Premises and leasing out the Improvements for commercial purposes, subject at all times to the provisions hereof and the Water Use Agreement. Notwithstanding any assignment or sublease of this Lease, be it in whole or in part hereof, Ground Lessee shall remain liable for the full and faithful performance of all of Ground Lessee’s obligations hereunder and with respect to the Premises. In no event shall Ground Lessee have the right to assign or sublet any right, benefit, value under the Water Use Agreement without the prior written consent of Ground Lessor, which consent may be withheld by Ground Lessor in its sole discretion.
ASSIGNMENT, MORTGAGE, SUBLETTING. Neither Tenant nor its legal representatives, successors or assigns shall voluntarily or involuntarily assign, mortgage or encumber this lease, or sublet or use or occupy or permit the demised premises or any part thereof to be used or occupied by others without the written
ASSIGNMENT, MORTGAGE, SUBLETTING. Notwithstanding any provision of the Existing Lease to the contrary, as previously provided in the Third Amendment, for the Extended Term
(a) Subsection 3.1(5) of Section 3.1 of the Original Lease is hereby deleted.
(b) Subsection 3.2 of the Original Lease is deleted in its entirety, and the following substituted therefor:
ASSIGNMENT, MORTGAGE, SUBLETTING. This Lease may not be assigned or sublet, by merger, consolidation, operation of law or otherwise, by Ground Lessee without the prior written consent of Ground Lessor, which consent may be withheld by Ground Lessor in its sole discretion. Notwithstanding the foregoing, it is agreed by the parties hereto that Ground Lessee may sublet to one or more tenants for the purpose of operating the Premises and leasing out the Improvements for commercial purposes. Notwithstanding any assignment or sublease of this Lease, be it in whole or in part hereof, Ground Lessee shall remain liable for the full and faithful performance of all of Ground Lessee’s obligations hereunder and with respect to the Premises.
ASSIGNMENT, MORTGAGE, SUBLETTING. Section 5.01 Neither this lease, nor the term and estate hereby granted nor any part hereof or thereof, nor the interest of Lessee in any sublease, or the rentals thereunder, shall be assigned, mortgaged, pledged, encumbered or otherwise transferred by Lessee, and neither the demised premises, nor any part thereof, shall be encumbered in any manner by reason of any act or omission on the part of Lessee or anyone claiming under or through Lessee, or shall be sublet, offered or advertised for subletting, or be used or occupied or permitted to be used or occupied, by anyone other than
ASSIGNMENT, MORTGAGE, SUBLETTING. (a) Subsection 3.1(5) of Section 3.1 of the Original Lease is hereby deleted.
(b) Subsection 3.2 of the Original Lease is deleted in its entirety, and the following substituted therefor: "Tenant shall pay Landlord on the first day of each month during the term of the sublease or assignment fifty percent (50%) of the amount by which the sum of all rent and other consideration (direct or indirect) due from the subtenant or assignee for such month exceeds: (i) that portion of the Monthly Installments of Base Annual Rent and rental adjustments due under this Lease for said month which is allocable to the space sublet or assigned; and (ii) the following costs and expenses for the subletting or assignment of such space: (1) brokerage commissions and attorneys' fees and expenses, and (2) the actual costs paid in making any improvements or substitutions in the Demised Premises required by any sublease or assignment pursuant to sound accounting principles. Vacancy period costs and expenses, including rent paid by Tenant during any vacancy, do not qualify as costs or expenses under item (ii) above."
ASSIGNMENT, MORTGAGE, SUBLETTING