This office lease form illustrates the landlord consent in the form of a short letter from the landlord to its tenant, the sublessor.
Virginia Short Form Landlord Consent - Assignment of Office Lease
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US-OL30042A
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How to fill out Short Form Landlord Consent - Assignment Of Office Lease?
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FAQ
The landlord must consent to the assignment of the lease prior to the assignment. For example, Jake is renting a commercial property for his business from Paul for two years beginning January 2013 up until January 2015.
A percentage lease requires commercial tenants to pay to the landlord a set percentage of gross revenue earned from business conducted at the leased premises.
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.
When making a request for consent to assign a lease, the Tenant should include all relevant information about the proposed assignee, to enable the Landlord to make a decision. Relevant information is likely to include company details, audited accounts and references.
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.
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.
Although a landlord is not required to consent to a lease assignment, in some cases your lease will state that a landlord's consent will not be ?unreasonably? withheld. This is more common in commercial leases.
In an assignment of lease, the new tenant will be responsible for paying rent to the landlord. What is the most common cause for breaching a lease? The rent isn't paid as agreed.
