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.

References in periodicals archive ?
Some courts have determined that, in enacting the surrender provision, Congress intended for property to revert immediately to the lessor upon rejection by the bankrupt sublessor, even in a subletting situation.(19) Other courts, relying on the applicable nonbankruptcy law provision, have held that the property rights of a sublessee are matters of nonbankruptcy law.(20) These courts have found that once the bankrupt sublessor's actions result in the rejection of a leased premise, sublessees can assert applicable nonbankruptcy law in state courts.(21) By applying the applicable nonbankruptcy law provision instead of the surrender provision, these jurisdictions hold that the rejection of a lease does not necessarily extinguish the rights of third-party sublessees to the lease.(22)
Typically, the sublessee gets a discount, $5-$10 less per sq.
Sublessee Ambac Financial was represented by Michael Monahan, vice chairman, and Adam Foster, executive vice president, both with CBRE Group Inc.
The probability of lease renewal might add reversionary value to the hangar sublessee. As the end of the sublease approaches, both tenant and landlord have an incentive to write a new lease.
* The building or portion of the improvement is occupied by the lessee or sublessee.
* The improvement is made under a lease by either the lessee (or sublessee) or lessor of that portion of the building;
If the lease does not prohibit transfer, or "assignment," you can sublease the space and go, although you will still be liable for rent if your sublessee falls to pay.
Vice Chairman Leon Manoff, Director John Pavone and Associate Sayo Kamara of Colliers led marketing and leasing efforts and secured a credit-worthy sublessee on behalf of Macmillan Publishers, which ensures a minimal gap in tenancy.
Ground lease rates can also be tied to the volume of fuel consumption by the lessee or sublessee. Fuel sales are an important consideration because the fixed base operator or the hangar owner can make the majority of the income from this.
The improvement is made under a lease either by the lessee (or sublessee), or by the lessor, of that portion of the building to be occupied exclusively by the lessee (or sublessee);
The following journal entries are related to this transaction (assuming the sublessee pays the landlord directly):
He gave reporters a copy of Fontana's deal with a sublessee, Next Games Outsourcing Inc., to run a business process outsourcing services, including 'other information technology services related to the gaming industry' inside Lam's casino complex.