sublease

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sublease

The relationship created when a tenant rents some or all of its premises to another for some or all of the remaining term of the original tenant's lease. Technically, if the tenant transfers all of its interest, that is an assignment. If the tenant retains some of the space, or some of the time under the lease, that is a sublease. At all times, the tenant remains liable under its lease with the building owner.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.
References in periodicals archive ?
In any case, you may consider filing a criminal complaint against the sub-tenant against a dishonoured cheque and let the matter be determined by the Public Prosecution.
Criminal case can be filed against a sub-tenant for dishonoured cheque.
Financial Federal Corporation, a sub-tenant of NMSS on the seventh floor, also played an important role in the restacking.
Bill Berkis, of MHP, represented the sub-tenant in the transaction.
In Dubai, any tenant who sub-lets the rented premises may be evicted along with the sub-tenants. This is in accordance with Article 25 of Law No.
Dubai Investments Park (DIP), an integrated commercial, industrial and residential community in the Middle East and a wholly-owned subsidiary of Dubai Investments PJSC, has announced that 280 new sub-tenants have leased premises within DIP between January and April.
Sub-tenants Land Rover, Crown Castle Communications, South Warwickshire Tourism and MSX occupied the surplus space.
"We're delighted that over the years so many of our quality sub-tenants, such as Choice Logistics, ultimately sign on as direct tenants," stated Bill Rudin, president of Rudin Management Company, the operating arm of the Rudin Family holdings.
Last, where sponsors master lease the entire asset from the TIC holders (and in turn lease the property to sub-tenants), the sponsor may be able to participate in a long-term income stream from the property (TIC holders typically benefit from such structures as the master lessee usually guarantees minimum rents).