Arkansas Sale of Business - Landlord's Consent to Assignment of Lease - Asset Purchase Transaction
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How to fill out Sale Of Business - Landlord's Consent To Assignment Of Lease - Asset Purchase Transaction?
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FAQ
12. Can my landlord stop me assigning my business premises lease to another business? You usually need the landlord's consent to assign the lease. Typically, the landlord cannot 'unreasonably' withhold consent.
An application for consent to assign should usually be sent to the landlord or its agents. The tenant will be liable for the landlord's costs whether or not the application is approved (although it may be possible to get the assignee to pay if the assignment is completed).
Generally, a landlord need only consider its own interests but, if there is such a disproportion between the benefit to the landlord and the detriment to the tenant in refusing consent, then it may be unreasonable to withhold consent (International Drilling Fluids).
The landlord should give this consent within a reasonable amount of time. By unreasonably withholding consent, the landlord would be in breach of covenant under the lease. However, the test is subjective and whether a landlord is being reasonable will depend on the facts of the case.
Where consent is refused the landlord's statutory obligation extends to giving reasons for its refusal within a reasonable period. If a number of reasons is given and only one of those is reasonable, which viewed independently stands as being reasonable, the landlord is acting reasonably in not granting consent.
A lease assignment, often called a lease takeover or a lease transfer, is the legal term for when your landlord allows you to pass responsibility for your apartment to another tenant. The new tenant, your assignee, becomes the tenant under the lease agreement instead of you.
An assignment is the transfer of the a party's entire interest in a lease. When a tenant assigns its lease, the assignee takes over the tenant's obligations under the lease and deals directly with the landlord.
An assignment is when the tenant transfers their lease interest to a new tenant using a Lease Assignment. The assignee takes the assignor's place in the landlord-tenant relationship, although the assignor may remain liable for damages, missed rent payments, and other lease violations.
An assignment ensures the complete transfer of the rights to the property from one tenant to another. The assignor is no longer responsible for rent or utilities and other costs that they might have had under the lease. Here, the assignee becomes the tenant and takes over all responsibilities such as rent.
If the lease is silent on assignments, the tenant is free to assign without the landlord's consent.