Common use of Replacement Tenant Clause in Contracts

Replacement Tenant. If TENANT finds a replacement tenant acceptable to LANDLORD and LANDLORD expressly approves the replacement tenant, the replacement tenant must sign a new lease contract for the remainder of the TERM. Unless LANDLORD agrees otherwise in writing, TENANT’S SECURITY DEPOSIT will automatically transfer to the replacement tenant as of the date LANDLORD approves such new lease. This LEASE shall be considered terminated when the replacement lease is signed by LANDLORD and LANDLORD receives all outstanding payments and fees due from TENANT, including a rekeying fee if rekeying is requested by the replacement tenant or required. TENANT will no longer have a right to occupy the UNIT or a SECURITY DEPOSIT refund.