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If the Lessor does not approve the buyer of the business ie based on the terms of the lease (not just under the assignment provisions), it is possible to reject the prospective tenant or under such terms that can be held not to be unreasonable (if the term 'consent not to be unreasonably...

The owner of the building doesn't put the obligation that they provide any guarantee over the tenant to a buyer of the premises, that is the purchaser's risk in due diligence. The vendor's obligation is simply to procure new guarantees from the tenant in favour of the purchaser/transfer any...

I'll disagree on that point Tony. The lessor should not let the original tenant off the hook until the assignee has proved themselves for the balance of the lease. Alot can happen in 3-5 years (or in this case 10 years). You would have to be asking why did the lessee take on the premises with a...

That one is typically in the lease. Getting the vendor to continue to cover the lease if the person that they put in place fails is the risk that they should bear otherwise they could sell to someone with no track record, less financial backing or no business skills. It is neither harsh nor...

That one is typically in the lease. Getting the vendor to continue to cover the lease if the person that they put in place fails is the risk that they should bear otherwise they could sell to someone with no track record, less financial backing or no business skills. It is neither harsh nor...

That's a deed of variation. An assignment pertains to the change of tenant whether by sale of shares of the tenant or complete transferof the lease to another party. The lessor and lessee may negotiate a termination of the lease upon agreement (usually with a payout by one party or the other).

This is wholly dependent upon the terms of the assignment provisions and the changes in beneficial ownership of any company. Not all leases are the same, not all assignments are the same

Lou, what you are referring to is the assignment of lease. The clause covering sale of the business will vary between leases but generally consent cannot be unreasonably withheld. The tenant is responsible for the lessor costs (legal, accounting and property advice) as well as for the...