This office lease form contains a contractual right in the transfer clause for the landlord to withhold its consent for specific situations not usually prohibited under the reasonableness standard. The tenant shall neither assign the lease nor sublet all or a portion of the demised premises without the landlord's prior written consent. This form outlines the specific situation where the landlord may withhold such consent.
District of Columbia Transfer Clause Containing a contractual Right for the Landlord to Withhold Consent
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Multi-State
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US-OL21013
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How to fill out Transfer Clause Containing A Contractual Right For The Landlord To Withhold Consent?
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FAQ
The original tenant cannot assign more rights than it has under the original lease. For example, if the term of the lease is 1 year, the term of the assignment cannot be 2 years. Most leases will require the landlord's written consent before an assignment becomes effective.
If the lessee transfers his or her entire remaining interest in the tenancy, then the transfer is known as an assignment. If the lessee transfers only part of his or her interest, then the transfer is known as a sublease.
The process of assignment of a lease is essentially selling the lease to a third party (the ?assignee?). If you are a commercial property tenant, your contract likely contains a clause that allows you to assign your lease to a new tenant. To do this, you will need to find a potential new tenant yourself.
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Lessee shall not assign this Lease or sublet any portion of the Premises without prior written consent of the Lessor, which shall not be unreasonably withheld. Any such assignment or subletting without consent shall be void and, at the option of the Lessor, may terminate this Lease.
The phrase is typically used in assignment clauses: No Party may assign rights or obligations of this Agreement without the consent of the other Party, which consent shall not unreasonably be withheld or delayed.
One of the most important elements of the franchise agreement is the transferability clause. The transferability clause spell out the terms under which a party can sell or otherwise transfer their interest in the franchise to another party.
By contrast, an assignment occurs when you transfer all your space to someone else (called an assignee) for the entire remaining term of the lease. As with a sublet, you are free to choose your assignee and determine the rent unless your lease says otherwise.
