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In the Spotlight: Assignment and Subletting Provisions Rock Your World
In the entire universe of legal and business terms that makes up the modern-day commercial lease, there are very few provisions that can change the world of the landlord or tenant. One of those world-changing provisions is the assignment and subletting provision.
Why are assignment and subletting provisions so important?
If you are the landlord, you most likely qualified your tenants based on a variety of criteria. You checked each prospective tenant's finances, background, and experience. You considered the prospect's business model, particular use, and operations for consistency with your tenant mix and vision for the property. You even went through lease negotiations that gave you a feel for how the tenant deals with a variety of good and bad situations. You don't want to lose control of your tenant selection process later and have untested, ill-fitting strangers running amok at your property.
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