SAMPLE ASSIGNMENT/SUBLETTING CLAUSE
FALLS SOMEWHERE BETWEEN PRO-LANDLORD AND PRO-TENANT
X.ASSIGNMENT OR SUBLEASE.
X.1Tenant shall not assign or encumber any or all of its interest in this Lease or the Premises, or sublease all or any part of the Premises, or allow any other person or entity to occupy or use all or any part of the Premises, without first obtaining Landlord's consent, which consent shall not be unreasonably withheld, conditioned or delayed for tenants meeting Landlord's then-existing reasonable standards for creditworthiness and use. No assignment or sublease shall release Tenant from the obligation to perform all obligations under this Lease. Any assignment, encumbrance or sublease without Landlord's written consent shall be voidable and at Landlord's election, shall constitute a default.
X.2If at the time of requesting Landlord’s consent hereunder, the Building is greater than ten percent (10%) vacant, then as a condition for granting its consent to any assignment, encumbrance or sublease, Landlord may require that the rent payable by such assignee or sublessee is at Landlord’s then current rental rate for the Premises or comparable premises in the Building, but not less than the then current Rent under this Lease. Landlord may also require that the assignee or sublessee remit directly to Landlord on a monthly basis, all moneys due to Tenant by said assignee or sublessee. Also as a condition to Landlord's consent to any sublease, such sublease shall provide that it is subject and subordinate to this Lease and to all mortgages; that Landlord may enforce the provisions of the sublease, including collection of rent; that in the event of termination of this Lease for any reason, including without limitation a voluntary surrender by Tenant, or in the event of any reentry or repossession of the Premises by Landlord, Landlord may, at its option, either (1) terminate the sublease or (2) take over all of the right, title and interest of Tenant, as sublessor, under such sublease, in which case such sublessee shall attorn to Landlord, but that nevertheless Landlord shall not (1) be liable for any previous act or omission of Tenant under such sublease, (2) be subject to any defense or offset previously accrued in favor of the sublessee against Tenant, or (3) be bound by any previous modification of any sublease made without Landlord's written consent, or by any previous prepayment by sublessee of more than one month's payment of Base Monthly Rent. No consent to an assignment, encumbrance or sublease shall constitute a further waiver of the provisions of this Article X.
X.3The joint and several liability of Tenant named herein and any immediate and remote successor in interest of Tenant (by assignment or otherwise), and the due performance of the obligations of this Lease on Tenant’s part to be performed or observed, shall not in any way be discharged, released or impaired by any (a) agreement that modifies any of the rights or obligations of the parties under this Lease, (b)
X.4If Tenant is a partnership, a withdrawal or change, voluntary, involuntary or by operation of law of any partner, or the dissolution of the partnership, shall be deemed a voluntary assignment. If Tenant consists of more than one person, a purported assignment, voluntary or involuntary or by operation of law from one person to the other shall be deemed a voluntary assignment. If Tenant is a corporation, partnership, limited liability company, or other business entity, any dissolution, merger, consolidation or other reorganization of Tenant, or sale or other transfer of 25% or more of the equity