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Old 06-27-2007, 06:00 AM
al76slc al76slc is offline
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Join Date: Mar 2006
Posts: 201
Quote:
Originally Posted by The Swede View Post
The sub-agreement will be in the leasee's hands before the closing.
Be careful. If the lease requires the lessor's consent to the sublease, make sure that it is given in writing... " hereby consents to the sub-lease of the demised premises by TS."

Also get an estoppel certificate from the Lessor that all rent is paid, the prime lease is not in default and Lessor does not have any claims against Lessee.

Are you permitted to pay rent directly to Lessor, or do you pay Lessee and he pays Lessor?

If the latter, and Lessee does not pay, will you get notices of default and the right to cure? Does your sublease give you the same right?

There are a number of wrinkles. An hour or 2 of a real estate lawyer's time could be worthwhile.
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