UNDERLEASE Sample Clauses
An UNDERLEASE clause defines the conditions under which a tenant (the lessee) may grant a sublease of the leased premises to another party. Typically, this clause outlines whether the landlord's consent is required, any restrictions on the terms or duration of the underlease, and the responsibilities of the original tenant during the sublease period. For example, it may specify that the underlease cannot extend beyond the original lease term or that the subtenant must comply with all obligations of the main lease. The core function of this clause is to regulate subletting, ensuring the landlord retains control over occupancy and use of the property while providing flexibility for the tenant.
UNDERLEASE. (A) This clause shall apply to any Business Property (an "UNCONSENTED PROPERTY") in relation to which a Property Consent is required where:
(i) the parties agree that Property Consent has been reasonably withheld; or
(ii) the Property Consent has been refused and the landlord has no obligation to act reasonably in deciding whether or not to grant a Property Consent; or
(iii) the relevant Business Seller having complied with its obligations under sub-paragraph 4(E)
(i) the Court has refused to grant a declaration; or
(iv) the Property Consent has not been issued by the date nine months after the date of this Agreement unless an application has been made to the Court for a declaration that the Property Consent has been unreasonably withheld and such application has not been determined.
(B) The relevant Business Seller agrees to grant (or procure to be granted) and the Purchaser agrees to take up an underlease of each Unconsented Property (the "UNDERLEASE").
(C) The relevant Business Seller shall apply for and use its reasonable endeavours to obtain Property Underlease Approval and the Purchaser shall support such application in like manner as the applications pursuant to paragraph 4 above. The relevant Business Seller will make an application to a Court of competent jurisdiction for a declaration that the Property Underlease Approval is being withheld unreasonably upon request by the Purchaser (acting reasonably) (even though nine months has not elapsed since the Completion Date) and at the Purchaser's expense. This paragraph 6(C) shall not apply where the landlord has no obligation to act reasonably in deciding whether or not to grant a Property Underlease Approval.
(D) Such underlease shall be completed on the tenth Business Day after the earlier of:
(i) the Property Underlease Approval being obtained; and
(ii) the expiry of the period for the lodging of an appeal against a decision made by a Court of competent 170 170 jurisdiction that the Property Underlease Approval has been unreasonably withheld without such appeal being lodged.
(E) The underleases of each Unconsented Property will be for terms equal to the unexpired term of the relevant Lease less three days and will be otherwise on the same terms as the relevant Lease with provision for the rent to be the same as the rent agreed or determined from time to time under the Lease, a covenant by the underlessee to observe and perform the terms of the Lease other than those relating to the payment of rent ...
UNDERLEASE. This clause shall apply to any Transferred Property (an Unconsented Property) in relation to which a Transferred Property Consent is required where:
UNDERLEASE. The Seller and Buyer agree that Seller and Airspan Communications Limited will enter into an agreement for lease in respect of the premises at ▇▇▇▇ ▇, ▇▇▇▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇ which are currently occupied by Seller under a lease dated December 19, 1986 by and between ▇▇▇▇▇▇▇▇ Investments Limited and Northern Telecom plc.