ASSIGNMENT, MORTGAGE, SUBLETTING Sample Clauses

The ASSIGNMENT, MORTGAGE, SUBLETTING clause governs whether and how a tenant may transfer their lease rights or obligations to another party, use the lease as collateral, or allow another party to occupy the premises. Typically, this clause outlines the conditions under which the tenant can assign the lease, sublet the property, or grant a mortgage interest, often requiring the landlord’s prior written consent. For example, it may prohibit subletting without approval or specify the process for requesting consent. Its core function is to give the landlord control over who occupies or has an interest in the property, thereby protecting the landlord’s interests and maintaining oversight of the premises.
ASSIGNMENT, MORTGAGE, SUBLETTING. Neither Tenant, nor Tenant's legal representatives, successors or assigns, shall assign, mortgage or encumber this Lease or sublet use occupy, or permit Demised Premises or any part thereof to be used or occupied by others, and any assignment, mortgage, encumbrance, sublease or permission shall be voidable, at the option of Landlord and, at the further option of Landlord, shall terminate this Lease. If this Lease be assigned, or if Demised Premises or any part thereof be sublet or occupied by any party other than Tenant, Landlord may, after default by Tenant, collect rent from the assignee, subtenant or occupant and apply the net amount collect to the recent herein reserved, but no such assignment, subletting, occupancy or collection shall deemed a waiver of this covenant, or the acceptance of the assignee, subtenant or occupant as Tenant, or a release of Tenant from the further performance by Tenant of the obligations on the part of Tenant herein contained. Any sale or other transfer, including transfer by consolidation, merger or reorganization, of a majority of the voting stock of Tenant, if Tenant is a corporation, or any sale or other transfer of a majority of the partnership interests in Tenant, if Tenant is a partnership, shall be an Assignment for purpose of this Article 3. As used in this Section 3.1, the term "Tenant" shall also mean any entity that has guaranteed Tenant's obligations under this Lease, and the prohibition hereof shall be applicable to any sales or transfers of the stock or partnership interests of said guarantor.
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ASSIGNMENT, MORTGAGE, SUBLETTING. Section 7.1. Tenant shall not assign, mortgage, pledge, encumber, sublet or in any manner transfer (collectively, “Transfer”) its interest in this Lease, or any part thereof, without the prior written consent of Landlord in each instance, which consent shall not be unreasonably withheld (subject to any restrictions in agreements that Landlord may have with third parties), and any attempt to do any of such acts without such consent shall be null and void and of no effect. Article 12 hereof constitutes such consent for the circumstances set forth therein. Upon request of the Partnership, Landlord, so long as it shall be a Partner, shall use its best efforts to obtain any such third-party consents or waivers necessary to enable Landlord validly to give its consent as aforesaid, provided Landlord can obtain the same at no cost or obligation to it. Upon obtaining any necessary third-party consents or waivers, Landlord, so long as it shall be a Partner, shall join in the execution of a mortgage which will encumber the Demised Land (and the interest of Landlord therein) and/or the Improvements for the purpose of enabling the Tenant to finance the acquisition or construction of any Improvements. During the existence of any such mortgage on the Demised Land Landlord shall hold a security interest in all Improvements to the extent of the mortgage. Landlord represents and warrants that, as of the date hereof, it has lawful title to the Demised Land free and clear of all liens, mortgages and encumbrances (except as the same may be imposed in connection with a transfer as aforesaid), and full power and authority to execute and perform this Agreement. Landlord further agrees that it will execute all papers necessary to give effect to an undertaking to obtain such mortgage(s), including the application papers which may be required by the proposed mortgagee(s); but such application papers shall contain a statement that Landlord shall not be rendered liable in its capacity as Landlord hereunder (as distinguished from its capacity as Partner of the Partnership) for the payment of the debt proposed to be secured by such mortgage(s). Section 7.2. The making of any assignment, mortgage, pledge, encumbrance or subletting, in whole or in part, made in accordance with Section 7.1 hereof, shall not operate to relieve Tenant herein named from its Obligations under this Lease and, notwithstanding any such assignment, mortgage, pledge, encumbrance or subletting, Tenant herein named s...
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ASSIGNMENT, MORTGAGE, SUBLETTING. This Lease may not be assigned or sublet, by merger, consolidation, operation of law or otherwise, by Ground Lessee without the prior written consent of Ground Lessor, which consent may be withheld by Ground Lessor in its sole discretion. Notwithstanding the foregoing, it is agreed by the parties hereto that Ground Lessee may sublet to one or more tenants for the purpose of operating the Premises and leasing out the Improvements for commercial purposes, subject at all times to the provisions hereof and the Water Use Agreement. Notwithstanding any assignment or sublease of this Lease, be it in whole or in part hereof, Ground Lessee shall remain liable for the full and faithful performance of all of Ground Lessee’s obligations hereunder and with respect to the Premises. In no event shall Ground Lessee have the right to assign or sublet any right, benefit, value under the Water Use Agreement without the prior written consent of Ground Lessor, which consent may be withheld by Ground Lessor in its sole discretion.
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ASSIGNMENT, MORTGAGE, SUBLETTING. Neither Tenant nor its legal representatives, successors or assigns shall voluntarily or involuntarily assign, mortgage or encumber this lease, or sublet or use or occupy or permit the demised premises or any part thereof to be used or occupied by others without the written
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ASSIGNMENT, MORTGAGE, SUBLETTING. Notwithstanding any provision of the Existing Lease to the contrary, as previously provided in the Third Amendment, for the Extended Term (a) Subsection 3.1(5) of Section 3.1 of the Original Lease is hereby deleted. (b) Subsection 3.2 of the Original Lease is deleted in its entirety, and the following substituted therefor:
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ASSIGNMENT, MORTGAGE, SUBLETTING. This Lease may not be assigned or sublet, by merger, consolidation, operation of law or otherwise, by Ground Lessee without the prior written consent of Ground Lessor, which consent may be withheld by Ground Lessor in its sole discretion. Notwithstanding the foregoing, it is agreed by the parties hereto that Ground Lessee may sublet to one or more tenants for the purpose of operating the Premises and leasing out the Improvements for commercial purposes. Notwithstanding any assignment or sublease of this Lease, be it in whole or in part hereof, Ground Lessee shall remain liable for the full and faithful performance of all of Ground Lessee’s obligations hereunder and with respect to the Premises.
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ASSIGNMENT, MORTGAGE, SUBLETTING. Section 5.01 Neither this lease, nor the term and estate hereby granted nor any part hereof or thereof, nor the interest of Lessee in any sublease, or the rentals thereunder, shall be assigned, mortgaged, pledged, encumbered or otherwise transferred by Lessee, and neither the demised premises, nor any part thereof, shall be encumbered in any manner by reason of any act or omission on the part of Lessee or anyone claiming under or through Lessee, or shall be sublet, offered or advertised for subletting, or be used or occupied or permitted to be used or occupied, by anyone other than
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ASSIGNMENT, MORTGAGE, SUBLETTING. (a) Subsection 3.1(5) of Section 3.1 of the Original Lease is hereby deleted. (b) Subsection 3.2 of the Original Lease is deleted in its entirety, and the following substituted therefor: "Tenant shall pay Landlord on the first day of each month during the term of the sublease or assignment fifty percent (50%) of the amount by which the sum of all rent and other consideration (direct or indirect) due from the subtenant or assignee for such month exceeds: (i) that portion of the Monthly Installments of Base Annual Rent and rental adjustments due under this Lease for said month which is allocable to the space sublet or assigned; and (ii) the following costs and expenses for the subletting or assignment of such space: (1) brokerage commissions and attorneys' fees and expenses, and (2) the actual costs paid in making any improvements or substitutions in the Demised Premises required by any sublease or assignment pursuant to sound accounting principles. Vacancy period costs and expenses, including rent paid by Tenant during any vacancy, do not qualify as costs or expenses under item (ii) above."
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ASSIGNMENT, MORTGAGE, SUBLETTING 
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Related to ASSIGNMENT, MORTGAGE, SUBLETTING

  • Assignment of Lease The Tenant may not assign the Lease or sublet all or any part of the Premises or otherwise grant possession of the Premises or any portion thereof to any other person without first obtaining the prior written consent of the Landlord, such consent not to be unreasonably withheld. In no event shall the Tenant be released or discharged from the full performance of this Lease and the payment of all rents and monies and the observance of all covenants, agreements, terms and conditions herein contained and any such consent granted by the Landlord shall not be deemed or implied as consent to any further or subsequent assignment or subletting. In the event this Lease is assigned or all or a portion of the Premises sublet, the Tenant shall pay all reasonable out-of-pocket expenses incurred by the Landlord in any such assignment or subletting, including the Landlord’s legal costs in connection therewith and a non-refundable amount of Five Hundred Dollars ($500.00) in advance to the Landlord, representing a reasonable cost to the Landlord for reviewing such application. Any transferee shall enter into an agreement directly with the Landlord covenanting to be bound by all of the Tenant’s obligations hereunder to the extent applicable to it. Notwithstanding the foregoing provisions of this Section 10.01 or anything else contained herein, so long as Tenant is not then in default under this Lease beyond any applicable curative period provided for in this Lease, Tenant shall have the right, without the consent of Landlord, but otherwise in accordance with the requirements of this Lease, including without limitation, the obligation of any transferee to enter into an agreement directly with the Landlord covenanting to be bound by all of the Tenant’s obligations hereunder to the extent applicable, to assign this Lease and/or sublease the whole or part of the Premises to:

  • Assignment/Subletting A. Lessor shall have the right to sell, convey or mortgage all, but not less than all, of the Properties or to assign its right, title and interest as Lessor under this Lease in whole, but not in part; provided, however, the prohibition on Lessor's right to sell, convey or mortgage less than all of the Properties shall not restrict Lessor's right to convey Properties to Lessee pursuant to the provisions of Sections 21.B, 23.A(ix), 57 or 58 hereof. In the event of any such sale or assignment other than a security assignment, provided Lessee receives written notice that such purchaser or assignee has assumed all of Lessor's obligations under this Lease, Lessee shall attorn to such purchaser or assignee and Lessor shall be relieved, from and after the date of such transfer or conveyance, of liability for the performance of any obligation of Lessor contained herein, except for obligations or liabilities accrued prior to such assignment or sale. B. Lessee acknowledges that Lessor has relied both on the business experience and creditworthiness of Lessee and upon the particular purposes for which Lessee intends to use the Properties in entering into this Lease. Without the prior written consent of Lessor and except as provided below: (i) Lessee shall not assign, transfer or convey this Lease or any interest therein, whether by operation of law or otherwise; (ii) no Subject Transfer shall occur; (iii) no interest in Lessee or any of the Guarantors shall be pledged, encumbered, hypothecated or assigned as collateral for any obligation of any of the Lessee Entities; and (iv) Lessee shall not sublet all or any part of any of the Properties. It is expressly agreed that Lessor may withhold or condition such consent based upon such matters as Lessor may in its reasonable discretion determine, including, without limitation, the experience and creditworthiness of any assignee, the assumption by any assignee of all of Lessee's obligations hereunder by undertakings enforceable by Lessor, the transfer to any assignee of all necessary licenses and franchises to continue operating the Properties for the purposes herein provided, receipt of such representations and warranties from any assignee as Lessor may request, including such matters as its organization, existence, good standing and finances and other matters, whether or not similar in kind. At the time of any assignment of this Lease which is approved by Lessor, the assignee shall assume all of the obligations of Lessee under this Lease pursuant to Lessor's standard form of assumption agreement. No such assignment nor any subletting of any of the Properties shall relieve Lessee of its obligations respecting this Lease or Guarantors of any of their obligations respecting the Guaranty. Any rentals owing under a sublease which are in excess of the rentals owing hereunder may be retained by Lessee unless an Event of Default has occurred, in which case, Lessor shall be entitled to receive such excess rentals applicable to the period during which such Event of Default is continuing. Any assignment, transfer, conveyance, pledge, mortgage or subletting in violation of this Section shall be voidable at the sole option of Lessor. C. Notwithstanding the provisions of Section 26.B, Lessor's consent to a Subject Transfer shall not be required if each of the following conditions are satisfied: (i) no Event of Default shall have occurred and be continuing under this Lease as of the date on which Lessee gives the Subject Transfer Notice (as hereinafter defined) and as of the date on which such Subject Transfer is consummated; (ii) after giving effect to such Subject Transfer, whether as a single transaction or as a series of transactions, the Lessee Entities, including any surviving entity as a result of such Subject Transfer and/or successor of Lessee or any of the Guarantors, shall have a consolidated net worth determined in accordance with GAAP of not less than the sum of (1) $29,690,500.00, plus (2) fifty (50%) percent of Net Income, if positive, for each fiscal quarter of the Lessee Entities ending after the Effective Date (i.e., exclusive of any negative Net Income for any such fiscal quarter) determined on a cumulative basis subsequent to the Effective Date, plus (3) seventy-five (75%) percent of the proceeds of any issuance of equity securities of any of the Lessee Entities or other contributions to the capital of any of the Lessee Entities subsequent to the Effective Date (the "Net Worth Condition"); (iii) Lessee and Guarantors, including any surviving entity as a result of such Subject Transfer and/or successor of Lessee or any of the Guarantors, shall not be released from any of their respective obligations under this Lease and the Guaranty, and any such surviving entity or successor entity, as applicable, has assumed in writing or by operation of law (provided Lessor has received a satisfactory opinion of counsel confirming that such assumption will occur by operation of law) all obligations of Lessee under this Lease or Guarantors under the Guaranty, as applicable; (iv) after giving effect to such Subject Transfer, whether as a single transaction or as a series of transactions, the Lessee Entities shall have a Corporate Fixed Charge Coverage Ratio (as hereinafter defined) determined as of the end of Lessee's most recently closed fiscal quarter on a proforma basis after giving effect to such Subject Transfer of at least equal to 1.50:1 (the "Corporate Fixed Charge Coverage Ratio Condition") (v) after such Subject Transfer, the Properties will be operated as a Permitted Facility or such other nationally or regionally recognized casual dining concepts reasonably acceptable to Lessor; (vi) the Lessee Entities, including any surviving entity as a result of such Subject Transfer and/or successor of Lessee or any of the Guarantors, shall have at least 5 years' experience operating a multi-unit casual dining restaurant concept with the same or greater number of units as are operated by the Lessee Entities immediately prior to the consummation of such Subject Transfer; (vii) if and to the extent that the loans contemplated by the Loan Documents have been subject to a Securitization, Lender shall have received a notice or confirmation of the rating agencies which have issued ratings in connection with such Securitization that such Subject Transfer will not cause any of such rating agencies to downgrade, modify, withdraw or qualify any of such ratings (the "Rating Agency Condition"); and (viii) Lessee shall have delivered to Lessor a certification that all of the conditions to such Subject Transfer set forth in this Section 26.C have been satisfied. Notwithstanding the foregoing, in the event that Lessee is unable to satisfy the Net Worth Condition, the Corporate Fixed Charge Coverage Ratio Condition and/or the Rating Agency Condition, such conditions shall be deemed satisfied if Lessee shall (1) pay to Lessor the Subject Transfer Rent Prepayment Amount (as hereinafter defined), and (2) pay to Lessor the Prepayment Charges payable by Lessor to Lender as a result of the payment of the Subject Transfer Rent Prepayment Amount. Upon Lessee's payment of the Subject Transfer Rent Prepayment Amount and Prepayment Charges as contemplated by the preceding sentence, Lessor agrees that the Base Monthly Rental beginning with the calendar month immediately following the month in which such payment is made (or, if such payment is made on the first day of a calendar month, beginning with the calendar month in which such payment is made) shall be equal to the Base Monthly Rental then in effect reduced by the Subject Transfer Rent Reduction Amount (as hereinafter defined) For purposes of this Section 26.C, the following terms shall be defined as set forth below:

  • Lease Assignment A LEASE ASSIGNMENT occurs when all RESIDENT(s) will be vacating the premises during the current lease term. RESIDENT(s) will not assign this LEASE without first obtaining MANAGEMENT’S prior written consent. Any Lease Assignment shall be on MANAGEMENT’S form (Lease Assignment Addendum and Deposit Brief) and it shall be signed by ALL persons therein designated. The New Resident(s) must apply and qualify for occupancy. An approval by MANAGEMENT of a Lease Assignment fully releases the RESIDENT(s) from his/her obligations under the LEASE. The Security Deposit on hand will be transferred to the incoming Resident(s). The Security Deposit disposition will be handled between the Resident(s) moving out and the New Resident(s) moving in. A one hundred dollars ($100.00) Administrative Fee is charged for processing. Airbnb rentals, short term online rentals, and 3rd party rental contracts are not allowed.

  • Assignment of Leases The Assignment of Leases creates a valid assignment of, or a valid security interest in, certain rights under the Leases, subject only to a license granted to Borrower to exercise certain rights and to perform certain obligations of the lessor under the Leases, including the right to operate the Property. No Person other than Lender has any interest in or assignment of the Leases or any portion of the Rents due and payable or to become due and payable thereunder.

  • Subordination to Mortgages; Estoppel Certificate Tenant accepts this Lease subject and subordinate to any mortgage(s), deed(s) of trust, ground lease(s) or other lien(s) now or subsequently arising upon the Premises, the Building or the Property, and to renewals, modifications, refinancings and extensions thereof (collectively referred to as a “Mortgage”). The party having the benefit of a Mortgage shall be referred to as a “Mortgagee”. This clause shall be self-operative, but upon request from a Mortgagee, Tenant shall execute a commercially reasonable subordination agreement in favor of the Mortgagee. As an alternative, a Mortgagee shall have the right at any time to subordinate its Mortgage to this Lease. Upon request, Tenant, without charge, shall attorn to any successor to Landlord’s interest in this Lease. Landlord and Tenant shall each, within 10 days after receipt of a written request from the other, execute and deliver a commercially reasonable estoppel certificate to those parties as are reasonably requested by the other (including a Mortgagee or prospective purchaser). Without limitation, such estoppel certificate may include a certification as to the status of this Lease, the existence of any defaults and the amount of Rent that is due and payable. Notwithstanding the foregoing, upon written request by Tenant, Landlord will use reasonable efforts to obtain a non-disturbance, subordination and attornment agreement from Landlord’s then current Mortgagee on such Mortgagee’s then current standard form of agreement. “Reasonable efforts” of Landlord shall not require Landlord to incur any cost, expense or liability to obtain such agreement, it being agreed that Tenant shall be responsible for any fee or review costs charged by the Mortgagee. Upon request of Landlord, Tenant will execute the Mortgagee’s form of non-disturbance, subordination and attornment agreement and return the same to Landlord for execution by the Mortgagee. Landlord’s failure to obtain a non-disturbance, subordination and attornment agreement for Tenant shall have no effect on the rights, obligations and liabilities of Landlord and Tenant or be considered to be a default by Landlord hereunder.