Proposed Sublet Premises Clause Samples
The "Proposed Sublet Premises" clause defines the specific portion of leased property that a tenant intends to sublet to another party. This clause typically outlines the exact area, address, or unit within the larger premises that will be subject to the sublease, ensuring both the landlord and subtenant are clear on what space is involved. By precisely identifying the sublet area, the clause helps prevent disputes over boundaries and responsibilities, ensuring clarity and mutual understanding among all parties.
Proposed Sublet Premises. Landlord hereby acknowledges that, during the first year of the Lease Term, Tenant intends to sublease up to fifty percent of the Leased Premises. Provided Tenant is not in default of this Lease, Landlord agrees that it will not exercise its right, as provided for in Paragraph 19, to terminate the Lease as a result of a request by Tenant to sublease fifty percent or less of the Premises for a sublease term not to extend beyond July 14, 1999. In such event, Landlord agrees to issue Landlord's standard consent to said sublease, subject to (a) Tenant submitting to Landlord a copy of said sublease (prior to said sublease commencing), (b) Landlord, Tenant and Subtenant thereafter executing Landlord's standard Consent to Sublease agreement and (c) Landlord receives payment from Tenant of Landlord's costs for processing said Sublease Consent prior to said sublease commencing. In addition to and notwithstanding anything to the contrary in Paragraph 19, Tenant shall be entitled to retain one hundred percent of any rents due Tenant from a subtenant on the Proposed Sublet Premises in excess of the Rent payable by Tenant to Landlord hereunder ("Excess Rent") during the period prior to July 15, 1999.