Vetting Potential Subtenants. With the sublease, a tenant leases space from another tenant. To sublet . US : a legal agreement by which someone who is renting an apartment, house, etc., is allowed to rent it to someone else for a period of time. Learn more. sublease. Subleases are distinct from regular leases, and any Agreement Forms concerning subleased property should reflect this. contradicted by this Sublease in which event the terms of this Sublease shall control over the Master Lease. This Sublease shall be bound to the laws in the State of Indiana.. Investopedia uses cookies to provide you with a great user experience. Remember, any sublease agreement that you make with your tenant is going to be subordinate to the underlying lease, which means you're still on … For example, in New York City, a tenant who lives in a building with four or more units may sublease regardless of any statement to the contrary on the lease agreement. This is an agreement (the "Sublease Agreement") to sublet real property according to the terms specified below. The original tenant then becomes the sub-tenant’s landlord – both this relationship and the one with the original landlord involve enforceable rights and responsibilities. English Language Learners Definition of sublease. A Sublease Agreement substantially in the form of Exhibit 3.2(d) duly executed by LeaseCo and the Company.. A sublet refers to the property being temporarily leased as well as the action of leasing your property to a subtenant. For example, a person abroad may say, “I decided to sublet my apartment while I travel.” A sublease usually describes the sublet agreement itself, but it can also be used as another term for sublet. The laws of many states and local municipalities affect a tenant’s right to sublease. For example, if a tenant is renting an apartment in Chicago with a 12-month lease and in month four that tenant receives a job offer in Boston, the tenant may decide to sublease the apartment to another tenant for the remaining eight months. If a tenant decides to sublease, they are still responsible for rent payments and other contractual obligations. 2. In the real estate market, you will sometimes hear the terms sublet and sublease in reference to a particular type of rental agreement. The lease states the length of time the contract is to run and the amount of the tenant’s rent. A Sublease Agreement is a contract used by a tenant to lease a portion or the entire premises they are renting to a third party for the remainder or even a portion of the remaining lease term. See more. The Sellers shall pay to Purchaser, on the Closing Date, a one-time payment of $600,000 in connection with the Sublease Agreement in order to offset a portion of the costs incurred by 340B OpCo in agreeing to reduce the total area of the Subleased Premises (as such term is defined in the Sublease Agreement), though the Parties agree that the obligation to make such payment shall be satisfied at Closing by treating such amount as a Transaction Expense. As a general rule, the owner must obtain the owner`s consent before he can sublet the premises. A sublease agreement is an agreement made between the current tenant and a third-party to whom the current tenant plans to lease the property while they are away. However, everybody must have heard the horror stories involving unwanted tenants or visitors. Master Lease. The distinction between a sublease and a leaseis important from a legal standpoint because both are legal documents with binding effects: 1. SUBLEASE AGREEMENT This Sublease Agreement (“Sublease”) is made and entered into this ___ day of _____, 2019, by and between Las Vegas Stadium Authority (“Sublandlord”), and LV Stadium Events Company LLC, a Nevada limited liability company (“Subtenant”). With this kind of agreement, the original lessee is both a tenant and a landlord/lessor. What You Should Know About Tenancy-at-Will. The landlord also benefits because they receive all 12 rent payments and are saved the expense and effort of finding a replacement tenant. The original tenant is referred to … That arrangement requires a lease assignment contract. See a more detailed definition of a sublease or subletting in our commercial real estate glossary. A legal agreement in which a person who is renting a house or apartment, rents it to someone else. Also benefits because they receive all 12 rent payments and other contractual.! Sublet and sublease in reference to a third party for a specified period agreement which... 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