29.11 2. Status Of Direct Lease And Condition Of Sublet Premises

• Jurisdiction: New York

2. Status of Direct Lease and Condition of Sublet Premises

Although practitioners often view representations and warranties as an invitation to future disputes and claims, certain representations and warranties about the underlying direct lease documents are essential in a sublease transaction. A subtenant should demand a full set of representations to identify all of the direct lease documents. By making such a demand, a subtenant will know with certainty the “box of rights and obligations” that comes with the sublease. A sublandlord should be willing to represent and warrant, among other...