Michigan Sale of Business - Landlord's Consent to Assignment of Lease - Asset Purchase Transaction
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FAQ
How long does a commercial lease take to complete? Allow six to eight weeks for a 'standard' lease transaction from receiving the heads of terms from the agents to actually signing.
An assignment of lease can only work if your landlord agrees with your intention to transfer your lease to someone else. If you know someone who would be willing to take over your lease, you can apply to your landlord for an assignment of lease. If they agree, you can get out of your commercial lease without fuss.
Many legal documents, such as leases and contracts for deed, contain a transfer clause that states in effect that the property may be transferred only with the owner's consent, which consent shall not be unreasonably withheld. There is no acceptable definition of what is unreasonable.
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.
Every commercial lease contains an assignment provision that lays out the landlord's and the tenant's rights and obligations in the event that the tenant seeks to assign the lease.
Allow six to eight weeks for a 'standard' lease transaction from receiving the heads of terms from the agents to actually signing. For very short leases it can be as little as a few days or a couple of weeks but expect to have much less flexibility about what goes into the documents.
You can apply to the NSW Civil and Administrative Tribunal (NCAT) for an order that allows the transfer or sub-let. The Tribunal will decide if the landlord's withholding consent is reasonable. You must apply to the Tribunal within 3 months of becoming aware that the landlord has withheld consent do not delay.
A landlord cannot unreasonably or arbitrarily refuse consent to an assignment of a rental unit to a potential assignee.
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.
Generally, a landlord cannot refuse consent simply because the landlord is able to identify a breach of covenant in the lease.