9.24 B. Assignment
| Jurisdiction | New York |
B. Assignment
Protect your clients especially from leases that flatly prohibit assignments or give a prospective landlord unfettered discretion to prohibit one. In many cases, a merger or acquisition will result in an assignment when the lease is transferred to a new legal entity. This means your client could be in technical default, and it could enable the landlord to force your client out of the space—especially in a rising market, or if the preferred use for this type of space has changed.
The...
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- 9.0 I. Introduction
- 9.1 II. The Space
- 9.2 III. Operating Expenses— The Trickiest Clause
- 9.3 A. Umbrella Or Enabling Clause
- 9.4 B. Exclusions
- 9.5 C. Capital Improvements
- 9.6 D. Double-Dipping
- 9.7 E. Electricity
- 9.8 IV. Rent Increases
- 9.9 A. Base Year
- 9.10 B. Fair Share
- 9.11 C. IndeXIng The Rent
- 9.12 D. Overlapping Escalation Formulas
- 9.13 E. Disappearing Indices
- 9.14 V. Real Estate Taxes
- 9.15 VI. Alterations, Maintenance, And Repair
- 9.16 A. Alterations
- 9.17 B. Maintenance
- 9.18 C. Wear And Tear
- 9.19 VII. Casualties And Catastrophes
- 9.20 A. Casualties
- 9.21 B. Other Catastrophes—Off-Site Events
- 9.22 VIII. Escapes And Extensions
- 9.23 A. Subleasing
- 9.24 B. Assignment
- 9.25 C. Renewals
- 9.26 IX. Dispute Resolution
- 9.27 X. Negotiating The Workletter
- 9.28 A. The Build-Out Workletter
- 9.29 B. Interior Allowance And Fit-Up
- 9.30 XI. Conclusion
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