The sublessor is a party to a lease agreement by and between the sublessor and the lessor for the operation of a retail store. The sublessor grants to the sublessee the right to occupy the subleased premises upon the terms and conditions set forth in the agreement. The agreement further provides that the subleased premises will be used by the sublessee only for the purpose of conducting a retail store.
North Dakota Sample Sublease - sublease for Franchisor - Leased Locations - Long Form
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A sublease is a new contract between the lessee and the sublessee. The original lessee turns into a sublessor in this new contract. There is no privity of contract under the sublease between the owner of the property and the sublessee. The original lessee still has the responsibility to fulfill the lease obligations.
Examples of sublease in a Sentence Verb She subleased her apartment to a student for the summer. The agency subleases office space from a law firm.
A sublessor is an original tenant, while the secondary tenant is the subtenant. As long as the original tenant has their lease with the landlord, they can lease out all or part of the space to the new subtenant. The subtenant pays rent to the original tenant under these arrangements.
Sublessor: The original tenant who sublets the property to the sublessee. Sublessee: The party who rents the property from the sublessor. Rent and Security Deposit: The amount of rent and security deposit that the sublessee is required to pay to the sublessor.
A sublet, or sublease agreement, adds someone new to an existing lease. Usually the new person (subletter) replaces someone who is moving out (sublessor or sublessee) but it can also happen with any new person being added to a lease.