In this form, the landlord consents to the assignment of a certain lease by the current tenants. The landlord acknowledges that all covenants and conditions of the lease and amendments have been performed and observed at all times prior to the effective date of the assignment and the lease is not in default in any respect. It is also stated that the lease will be in full force and effect until it is scheduled to expire. The executed instrument must be signed in the presence of a notary public.
District of Columbia Landlord's Consent to Assignment - Asset Purchase Transaction
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Multi-State
Control #:
US-00241
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Word;
Rich Text
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FAQ
The conditions are: 1) the assignee to covenant with the landlord to observe and perform the tenant's covenants; 2) to pay the landlord's legal fees; and 3) to procure two directors to guarantee the assignee if it is a company.
Landlord Consent means the consent (or waiver) of a landlord under a Real Property Lease or ATM Real Property Lease, as applicable, as shall be required pursuant to the terms of such Real Property Lease or ATM Real Property Lease, as applicable, to assign or sublease the subject Business Premises or ATM, as applicable,
In a contract for deed situation, it would generally be unreasonable for the vendor to refuse an assignment or to demand a share in the profits where the assignee is as good a credit risk, if not better, as the assignor-vendee.
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 landlord cannot refuse consent to assign on grounds which have nothing to do with the relationship of landlord and tenant with regard to the lease of the premises. Generally, a landlord cannot refuse consent simply because the landlord is able to identify a breach of covenant in the lease.
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.
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 and Tenant Acts of 1927 and 1954, confirm that a landlord, also commonly referred to as a freeholder, cannot unreasonably withhold or refuse a licence to alter request.
A landlord cannot unreasonably or arbitrarily refuse consent to an assignment of a rental unit to a potential assignee.
Consent to assignment refers to allowing a party of a contract to assign a contract and move the obligations to another party. The party of the existing contract, known as the assignor, will pass on the contract to another party, known as the assignee.
