ASSIGNMENT OF SUBLEASE
An Assignment of Sublease is when a tenant leases all or a just a portion of the premises they are leasing from a landlord to another tenant. In some cases, the original lease does not allow for subleasing or requires the written consent of the landlord to sublease.
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ASSIGNMENT OF SUBLEASE
THIS ASSIGNMENT OF SUBLEASE AGREEMENT effective as of the _____ day of _______________, 20___. BETWEEN:
___________________________________ (hereinafter called the AAssignor@) OF THE FIRST PART -and-
________________________________ (hereinafter called the AAssignee@) OF THE SECOND PART WHEREAS by a Master Lease fully executed on the ______ day of ___________, _________ (the ALease@) _______________________ (the ALandlord@), leased to ______________________ (A______________@) certain premises (the APremises@) municipally known as ___________________________________ as shown outlined in red on the plan attached to said lease (the ALeased Premises@) consisting of approximately _____________ square feet, for a term of ___________ (____) years from ____________ and subject to the terms and conditions set forth therein; WHEREAS _______________ entered into a Sublease dated the _____ day of __________, _________ (the ASublease@) wherein the Assignor agreed to sublease and ______________ agreed to sublet the Leased Premises for a term of ____________ (____) years less a day, commencing _________________ and subject to the terms and conditions set forth therein; WHEREAS the Assignor, subject to __________________ consent as received, has agreed to sell and assign its/his/her unexpired residual interest in the Sublease as amended unto the Assignee, and the Assignee has agreed to take the Assignment of the Sublease; WHEREAS ________________ shall not be released from its/his/her obligations under the Sublease; WHEREAS the Assignor and the Assignee consent to the assignment on the following terms and conditions: 2 of 5
NOW THEREFORE THIS AGREEMENT WITNESSETH that in consideration of the respective covenants and conditions herein contained and the sum of two dollars ($2.00) now paid by the Assignee to the Assignor, the receipt and sufficiency whereof is hereby by it acknowledged, the Assignor does hereby grant and assign unto the Assignee, the Assignor=s interest in the Leased Premises together with the unexpired residue of the said term of