DIY Legal Forms

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Prohibition Against Assignment, Mortgaging, Subletting

1. No Right to Assign or Sublet. Tenant, Tenant's successors and assigns, agree that this Lease will not be assigned, mortgaged, transferred, or encumbered in any way.

Tenant agrees that the Premises will not be used for desk space or for mailing privileges by anyone other than Tenant, or for any other purpose that is not consistent with the use clause of this Lease.

Tenant also agrees that the Premises will not be sublet without the prior written consent of Landlord, who may withhold such consent in Landlord's absolute discretion.

If Tenant is a corporation, a transfer of the majority of its stock will be deemed a prohibited assignment of this Lease, unless otherwise consented to, in writing, by Landlord.

Notwithstanding the preceding provisions, if Tenant is a corporation, and it assigns or transfers this Lease to another corporation into which Tenant merges, with which Tenant is consolidated, or to which Tenant sells all or substantially all of its assets;

(a) such assignment or transfer will not be deemed a violation of this Lease;

(b) and no consent of Landlord shall be required for it provided the assignee or transferee promptly executes an agreement, satisfactory to Landlord, in which it agrees to be bound by all of the provisions of this Lease, including this Paragraph.

2. No Release of Tenant. No subletting, assignment, or transfer will be deemed a waiver or release of Tenant's covenants under this Lease. If this Lease is assigned or sublet, or if the Premises are occupied by anyone other than Tenant, Landlord may collect rent from the occupant after default by Tenant.