Subletting Clause Samples

Subletting. The Lessee shall not rent, license, or sublet the whole or any portion of the premises, without the prior written approval of the Board; provided, however, that prior to this approval, the Board shall have the right to review and approve the rent to be charged to the proposed sublessee and licensee and that in the case where the Lessee is required to pay rent based on a percentage of its gross receipts, the receipts of the sublessee and licensee or any subsequent sublessees and licensees shall be included as part of the Lessee’s gross receipts, and the Board shall have the right to revise the rent for the premises based upon the rental rate charged to the sublessee and licensee including the percentage rent, if applicable, and provided, further, that the rent may not be revised downward. For good cause, the Board may waive the requirement that the Lessee obtain prior written approval to rent, license, or sublet all or any portion of the premises. The Lessor will share in the gross revenues from subleases and licenses at the rate of thirty percent (30%) for the first sublease and license, forty percent (40%) for the second sublease and license, and fifty percent (50%) for the third and subsequent sublease and licenses.” Currently, there are four active subleases under GL S-4588;1 to ▇▇▇▇▇▇▇ Hawaii-Three, Inc., the United States Secret Service, Salem Media of Hawaii, Inc. and Blow Up, LLC.2 Therefore, the two (2) sublessees mentioned in this request, Blow Up, LLC and Polynesian Broadcasting, Inc. are the fifth and sixth sublessees, which trigger a sandwich rent of 50% to be collected by the State pursuant to the above-mentioned amendment regarding subletting. The Sublessor should remit $6,000.00 annually ($500.00 per month) for Blow Up, LLC and $6000.00 annually for Polynesian Broadcasting, Inc. to the State. This will be an additional sublease to Blow Up, LLC as they are seeking a second site on another tower separate from the tower they are currently occupying. A map showing the proposed locations of the subleases is attached as Exhibit B. As noted previously, both licensee agreements provide options to extend past the term of the master lease GL 4588. Staff recommends that the consents granted by the Board be applicable up to June 5, 2038, i.e., the expiration of the master lease. The Lessee intends to seek a new lease to continue use of the leased premises upon the expiration of GL 4588. Furthermore, ▇▇▇▇▇▇ understands that any sublease will be subordina...