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Tenants and their leasing professionals should strongly consider adding the following leasing carve-out to the definition of assignment that would require landlord’s consent: “The direct or indirect sale of a non-controlling interest in tenant, regardless of the percentage of ownership transferred.”
Landlords should include in the lease that upon an assignment of the lease, they have the right to collect rent directly from the assignee.
In addition to trying to secure a landlord non-disturbance and attornment agreement (“NDA”) during the sublet consent process, potential subtenants should negotiate with the sublandlord that they can provide the security deposit in the form of a letter of credit to protect themselves in the event the sublandlord defaults under the master lease and/or goes bankrupt.