Common use of Sublet and Assignment Clause in Contracts

Sublet and Assignment. The tenant may not sublet the premises or any part thereof without the express written permission of the landlord, which permission shall not be unreasonably withheld, provided the following conditions precedent are met: a) Such request to sublet or assign shall be in writing setting forth the following: 1) The names and addresses of the principals of the proposed assignment; 2) The background and experience of the proposed assignee with respect to the use set forth in this Lease; 3) Evidence of financial responsibility including such financial statements as landlord may require; and 4) If use differs from use provided for in the Lease, then landlord must approve the sub-tenant's use. All of the foregoing are required so that landlord may be in a position to determine whether or not the requested consent should be given, it being the intention of the landlord that the proposed assignee shall conduct business on a quality standard similar to the standards of the tenant. b) Each assignment or sublease of this Lease shall be accompanied by an agreement in writing, executed by the assignee or sublessee, for the benefit of the landlord, wherein the assignee or sublessee shall assume all the duties and obligations of the tenant herein. In the event said subtenant or assignee is a corporation or partnership, the principals of said entity shall execute a personal guarantee of the terms of the Lease. c) Said agreement executed by the assignee or sublessee shall be deposited with the landlord with five (5) days of the making of the assignment or sublease. d) Assignment or sublease of this Lease agreement shall in no way operate to release the assignor or sublessor from the obligation of the tenant herein. its interest may appear, but otherwise in the form herein above provided, shall be deemed a compliance with the provision of its covenant as acceptable to the landlord.

Sublet and Assignment. The tenant may Subtenant shall not assign or transfer this Sublease, nor sublet the premises Sub-Premises or any part thereof without the express written permission prior consent of Sublandlord and the landlord, which permission shall not be unreasonably withheld, provided the following conditions precedent are met: a) Such request to sublet or assign shall be in writing setting forth the following: 1) The names and addresses prior consent of the principals of the proposed assignment; 2) The background and experience of the proposed assignee Overlandlord (with respect to the use set forth in this Lease; 3) Evidence of financial responsibility including such financial statements as landlord may require; and 4) If use differs from use provided for Overlandlord in the manner provided by the Primary Lease, then landlord must approve the sub-tenant). Sublandlord's use. All of the foregoing are required so that landlord may be in a position consent to determine whether or not the requested consent should be given, it being the intention of the landlord that the proposed assignee shall conduct business on a quality standard similar to the standards of the tenant. b) Each any assignment or sublease subletting shall not release Subtenant of liability under this Lease Sublease or permit any subsequent prohibited act, unless specifically provided in such written consent. Subtenant agrees to pay to Sublandlord, on demand, all reasonable costs incurred by Sublandlord in connection with any request by Subtenant of Sublandlord in connection with any consent to any assignment or subletting by Subtenant. If Sublandlord consents to any assignment or sublease, Subtenant shall be accompanied by pay Sublandlord, as Additional Rent in the case of each and every assignment or sublease, fifty (50%) per cent of all sums, including rents, additional charges or other consideration whatsoever payable to Subtenant (and/or Sublandlord in the case of an agreement in writing, executed assignment) by the assignee or sublessee, for the benefit of the landlord, wherein the assignee or sublessee shall assume all the duties and obligations of the tenant herein. In the event said subtenant or assignee is which exceed all rent under this Sublease accruing during the term of the sublease or assignment in respect of the subleased or assigned space (i.e., allocated in proportion to the space demised, as reasonably computed by Subtenant's fixtures, leasehold improvements, equipment, furniture or furnishings or other personal property, less, in the case of a corporation or partnershipsale thereof, the principals then net unamortized or undepreciated cost thereof determined on the basis of said entity shall execute a personal guarantee of Subtenant's federal income tax returns), less the terms of the Lease. c) Said agreement executed by the assignee or sublessee shall be deposited with the landlord with five (5) days of the making of the assignment or sublease. d) Assignment or sublease of this Lease agreement shall in no way operate to release the assignor or sublessor from the obligation of the tenant herein. its interest may appearactual costs expended for brokerage commissions, but otherwise in the form herein above provided, shall be deemed a compliance with the provision of its covenant as acceptable lease preparation and negotiation and improvements to the landlordSub-Premises.