Assignment of Subleases Clause Samples
The Assignment of Subleases clause governs the conditions under which a tenant may transfer their rights and obligations under a sublease to another party. Typically, this clause outlines whether landlord consent is required, any procedures for requesting approval, and the criteria that must be met for an assignment to be valid. For example, it may specify that the new subtenant must meet certain financial standards or that the original tenant remains liable after assignment. The core function of this clause is to control changes in occupancy and responsibility, ensuring the landlord maintains oversight and that the property is managed according to the original lease terms.
Assignment of Subleases. To secure the prompt and full payment by Tenant of the Rent and the faithful performance by Tenant of all the other terms and conditions herein contained on its part to be kept and performed, Tenant hereby assigns, transfers and sets over unto Landlord, subject to the conditions hereinafter set forth, all of Tenant’s right, title and interest in and to all Subleases and hereby confers upon Landlord, its agents and representatives, a right of entry (subject to prior notice) in, and sufficient possession of, the Premises to permit and insure the collection by Landlord of the rentals and other sums payable under the Subleases, and further agrees that the exercise of said right of entry and qualified possession by Landlord shall not constitute an eviction of Tenant from the Premises or any portion thereof and that should said right of entry and possession be denied Landlord, its agent or representative, Landlord, in the exercise of said right, may use all requisite force to gain and enjoy the same without responsibility or liability to Tenant, its servants, employees, guests or invitees, or any Person whomsoever; provided, however, that such assignment shall become operative and effective only if (a) an Event of a Default shall occur, or (b) this Lease and the Term shall be cancelled or terminated pursuant to the terms, covenants and conditions hereof, or (c) there occurs repossession under a dispossess warrant or other re-entry or repossession by Landlord under the provisions hereof, or (d) a receiver for the Premises is appointed pursuant to applicable Laws, and then only as to such of the subleases that Landlord may elect to take over and assume. At any time and from time to time within five (5) days after Landlord’s written demand, Tenant promptly shall deliver to Landlord a schedule of all Subleases, setting forth the names of all Subtenants, with a photocopy of each of the Subleases. Upon reasonable request of Landlord, Tenant shall permit Landlord and its agents and representatives to inspect all Subleases affecting the Premises. Tenant covenants that each Sublease shall provide that the Subtenant thereunder shall be required from time to time, upon request of Landlord or Tenant, to execute, acknowledge and deliver, to and for the benefit of Landlord and Mortgagee, an estoppel certificate confirming with respect to such sublease the information set forth in Section 14.1 hereof. Concurrently with the execution of this Lease, Tenant is executing and deliv...
Assignment of Subleases. Upon the execution and delivery of a new lease pursuant to the provisions of this Section 31.6, all Subleases that may have been assigned to Landlord and all leases that Landlord makes directly shall be assigned and transferred, without recourse, to the tenant named in the new lease. Between the date of termination of this Lease and the date of the execution and delivery of the new lease, if a Recognized Mortgagee has timely requested a new lease as provided in this Section 31.6, Landlord shall not materially modify or amend, or cancel, any Sublease or accept any cancellation, termination or surrender thereof (unless such termination occurs as a matter of law upon the termination of this Lease or pursuant to the express terms of the Sublease) or enter into any new Sublease without the consent of the Recognized Mortgagee or such designee or nominee.
Assignment of Subleases. The Lessee shall assign each Sublease with a term of more than 12 months (including mandatory renewals and extensions) to the Security Trustee as security for the obligations secured hereby, which assignment shall be in form and substance reasonably satisfactory to the Security Trustee and shall provide that so long as no Event of Default or Special Default shall have occurred and be continuing, all payments made under such Sublease shall be paid to the Lessee and, during any period when a Special Default shall have occurred and be continuing, shall be paid to the Security Trustee to be held as collateral and applied against the Lessee’s obligations hereunder as and when due. Unless a Special Default shall have occurred and be continuing, the Lessee shall be entitled to exercise all rights as lessor under any Sublease, including with respect to any amendment thereto or any defaults thereunder.
Assignment of Subleases. Upon the assignment of this Lease pursuant to the provisions of this Section 31.6(i), all Subleases shall concurrently therewith be assigned and transferred, together with any security or other deposits held by Tenant and not applied under such Subleases.
Assignment of Subleases. Tenant hereby irrevocably assigns to Landlord all rents and other charges due, or to become due, from any subleases of Tenant, together with the right to collect and receive such rents and other charges, provided that, so long as Tenant is not in default under this Lease, Tenant shall have the right to collect such rents and other charges.
Assignment of Subleases. (a) Existing Subleases are hereby assigned by Lessor to Lessee for the Term, and Lessee assumes and agrees to perform each and every obligation of the landlord with respect to the Existing Subleases affecting the Leased Property, whether such obligations accrued prior to the Closing Date or accrue during the period from and after the Closing Date to the date such Existing Subleases are absolutely reassigned to Lessor as provided in Section 9.7(b) hereof.
(b) Upon the expiration of the Term in circumstances in which Lessee is returning the Leased Property to Lessor in accordance with Article 13 hereof, (1) each Existing Sublease and (2) each and every sublease that Lessee may enter into with respect to the Leased Property from time to time after the Closing Date (the "Assigned Subleases") in the Leased Property shall automatically and without further action of Lessor or Lessee be assigned to Lessor, in all cases free and clear of all Liens except Lessor's Liens and Owner Participant's Liens. Upon Lessor's reasonable request, Lessee shall execute an assignment of leases in form and substance reasonably satisfactory to Lessor confirming the foregoing.
Assignment of Subleases. Landlord and Tenant acknowledge ------------- ----------------------- that portions of the Premises are occupied by certain subtenants under the following subleases (collectively, the "PERMITTED SUBLEASES"): (a) an Agreement of Sublease dated as of April 1, 1997, as amended by First Amendment of Sublease dated as of June 9, 1998, as further amended by the letter agreement dated January 18, 2000, as further amended by a letter agreement dated March 1, 2000, between Thermedics, as sublessor, and Thermo Cardiosystems Inc., as sublessee; (b) an Agreement of Sublease dated as of June, 1997, between Thermedics, as sublandlord, and Imagraph Corporation ("Imagraph"), as sublessee (the "Imagraph Sublease"); and (c) an Agreement of Sublease dated as of February, 1997, as amended by a letter agreement dated March 1, 2000, between Thermedics and American Express Travel Related Services Company, Inc. Landlord and Tenant further acknowledge that Lumisys Corporation, a Delaware corporation ("Lumisys"), successor to Imagraph under the Imagraph Sublease, sub-subleased portions of the Premises subleased under the Imagraph Sublease under the following sub-subleases (together, the "Permitted Sub-Subleases"): (i) a Sublease Agreement dated November 9, 1999, between Lumisys and MMC Networks, Inc., and (ii) a Sublease Agreement dated October 21, 1999, between Lumisys and Foresight Imaging, LLC. Landlord hereby acknowledges its consent to the execution of the Permitted Subleases, the subtenancies and occupancies of portions of the Premises under the Permitted Subleases, the assignment of the subtenant's rights, interests and estate under the Imagraph Sublease by Imagraph to Lumisys, the execution of the Permitted Sub-Subleases, the sub-subtenancies and occupancies of portions of the Premises under the Permitted Sub-Subleases, and the assignment by Thermedics of its rights, title and interests under the Permitted Subleases pursuant to the Assignment of Subleases, which assignment shall be effective simultaneously with the termination of the Thermedics Lease and the creation of Tenant's rights, title, interest and estate in the Premises under the Lease as of the Commencement Date. Landlord and Tenant hereby agree that, the execution of the Termination Agreement and the termination of the Thermedics Lease thereunder notwithstanding, the Permitted Subleases shall not terminate, the rights, title, interests and estate of the sublandlord under the Permitted Subleases shall not merge wi...
Assignment of Subleases. Subject to the rights of each Leasehold Mortgage, Tenant hereby assigns to Landlord, effective upon the occurrence of any Event of Default hereunder, and as long as such Event of Default remains uncured, as collateral security for the performance of all obligations of Tenant under this Lease, any sublease created by Tenant and each and every amendment, modification, or extension thereof. In no event shall such assignment impose upon Landlord any duty or obligation to perform any of the obligations of Tenant as landlord under any such lease or subleases. Following the occurrence and during the continuance of an Event of Default, and after the expiration of the periods provided in Section 16.5 hereof, Landlord may, subject to the rights of a Leasehold Mortgagee, collect the rents and subrents from any and all subtenants or occupants and apply the net amount collected to the Net Rent and Additional Payments, but no such collection by Landlord will be deemed to be a waiver of any agreement, term, covenant, or condition of this Lease by Landlord, nor the acceptance by Landlord of any subtenant or occupant, as Tenant. The provisions of this Section 17.6 shall be subject to and subordinate to any Leasehold Mortgage and the rights and remedies of the Leasehold Mortgagee.
Assignment of Subleases. Tenant hereby assigns to Landlord, effective upon the occurrence of any Event of Default hereunder, and so long as such Default remains uncured, as collateral security for the performance of all obligations of Tenant under this Lease, any sublease created by Tenant and each and every amendment, modification, or extension thereof. In no event shall such assignment impose upon Landlord any duty or obligation to perform any of the obligations of Tenant as landlord under any such lease or subleases. After default by Tenant, Landlord may collect the rents and subrents from any and all subtenants or occupants and apply the net amount collected to the Net Rent and Additional Payments, but no such collection by Landlord will be deemed to be a waiver of any agreement, term, covenant, or condition of this Lease by Landlord, nor the acceptance by Landlord of any subtenant or occupant, as Tenant. The assignment in this Section shall be subordinate to any assignment of rents to a Permitted Mortgagee.
Assignment of Subleases. 19 Section 10.8