Commercial Lease Assignment Literary Analysis Essay For Life Of Pi
11/1/2016 | Articles & Alerts Over the past several years as businesses struggle to ride out the tough economic times, they have had no choice but to downsize.
Tied to commercial leases for more office or retail space than they need, an assignment of the lease or the subletting of the extra space seems like an attractive way of saving on expenses.
Not a desirable option for most tenants, however, there may be situations where it is the only choice.
For example, if you were closing your business before the expiry of your lease term and there was no way to arrange an assignment or sublease, paying out the remainder of your term may be the only course of action.
However, if the contract contains such provisions, the existing tenant needs to get the landlord’s consent.
Unlike an assignment, a sublease only turns over part of a property.With an assignment, if the assignee breaches, the landlord has the right to enforce the terms of the lease against the assigning tenant or the assignee tenant. A sublease is a separate contract between the transferring tenant and the subtenant.The sublease may transfer all or a part of the leased premises, for all or a part of the lease term, and under terms that are similar or materially different from the lease.There are many different practical and legal considerations involved in negotiating and documenting the terms of an assignment or sublease including the legal consequences to the tenant under the assignment or sublease if landlord terminates the lease.Therefore, an experienced real estate attorney should be consulted so that the parties understand the consequences of such transactions and their competing interests are protected.We can also provide associated advice on the impact of environmental legislation, planning law and other statutory requirements relating to your situation.It costs nothing to pick up the phone and find out more.We will always be clear about the cost of our services and we never undertake work before you agree to it. transfer) its lease to someone else, or who is looking to sublet their property, will almost always need to first obtain the consent of their landlord.As with an assignment, the tenant remains liable to the landlord on the original commercial lease.With a sublet, the landlord does not have a legal right to enforce the terms of the original lease or sublease against the subtenant in the event of breach.