[Audio Download] The Missouribar – 2020 Drafting Subleases & Assignments in Commercial Real Estate, Part 1

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Subleases

Summary

• Practice Area:Real PropertyFormat:Audio OnlyDescriptionSubleasing and assignments are essential instruments for tenants to reduce the size and cost of their space as their needs change.

• Landlords (and their lenders) often disfavor subleases and assignments because they might lose control of who occupies the space.

• Subleases come in a variety of forms, all of which need to conform to the provisions of the master lease.

• Because of this, subleases can quickly become wildly complex, and have the potential to give rise to multiple levels of friction and possibly litigation.

• This program will provide you with a practical guide to the types of subleases and assignments, key issues for landlords, tenants, and subtenants, and drafting tips Day 1:Subleasing v. assignments – when is each used or allowed?Types of subleases – no reference to master leases, reference by incorporation, custom subleasesStandards of “reasonableness” in obtaining landlord consent to assignment or subleaseIdentifying and mitigating risks to tenants and subtenants in subleasingLandlord and lender concerns in subleases and methods to address Day 2:Space recapture, profit sharing, and other landlord remediesRestrictions on use in subleases and subtenant risksNon-disturbance agreements with landlord and lenderSubtenant remedies when tenant defaults on master leaseMost important provisions of lease assignmentsNote: This material qualifies for self-study credit only.