Sublease Agreement For Office Space In Wake
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FAQ
If you're looking to sublease the entirety of your space, then you should review your lease and assess if you have any termination rights. Another option may include an attempt to negotiate a lease buyout with your landlord. This process, however, is typically capital intensive and not always realistic.
Steps to Subleasing Commercial Property Refer to your Commercial Lease Agreement. Provide notice. Find a tenant. Draft and sign a Commercial Sublease Agreement. Carry out the sublease.
Reasons a landlord might deny a sublet request Allowing the sublet would result in too many people living in the unit. Too many residents would be under 18. The prospective subtenant won't agree to the same terms as the original rental agreement. The prospective subtenant plans to keep pets in the unit.
ByStep Guide to Subletting Office Space Step #1: Check the Terms of Your Current Lease Agreement. Step #2: Search for Potential Subtenants. Step #3: Vet Potential Subtenants Carefully. Step #4: Determine the Price and Draft the Contract Terms. Step #5: Finalize the Agreement.
The basic framework: A sublease clause permits the tenant, with certain stipulations, to rent out either a portion or the entirety of their leased space to a third party, referred to as a subtenant.
In reality, a commercial lease will either entirely prohibit subletting or allow it but with restrictions, which will be in the lease agreement. A commercial tenant must comply with these. Therefore, they must either refrain from subletting or follow the rules when doing so.
What is included in a standard Commercial Sublease Agreement? Contract information. Names, addresses and contract information for both parties. Location of property. Physical address of building as well as a description of the specific space to be subleased. Terms. Payments. Utilities and services. Termination.
Make Your Request to Sublet in Writing Even if you've orally discussed a sublet in person with your landlord, it's a good idea to follow up the request in writing. This ensures that you're both on the same page regarding the terms of the sublet, and gives you a written record to refer to if memories fail.
Look for any clauses related to subletting. Contact your landlord. Discuss your situation and ask for permission to sublet. Explain your financial hardship and provide them with information about your proposed subtenant. If your landlord denies your request, ask for their reason in writing.
The Landlord hereby consents to the Tenant's sublease of the Lease to the New Tenant on the terms of the sublease of the Lease, a copy of which is attached as Exhibit B (the "Sublease"). The Landlord's consent to the sublease does not constitute consent to any subsequent subleases or assignments of the Property.
