Replacement Tenant Sample Clauses - Law Insider

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Replacement Tenant Clause SamplesThe Replacement Tenant clause outlines the conditions under which a tenant may find another party to take over their lease obligations. Typically, this clause specifies the process for proposing a new tenant, such as requiring the landlord’s approval and ensuring the replacement meets certain financial or background criteria. Its core function is to provide flexibility for tenants who need to exit a lease early, while protecting the landlord’s interests by ensuring any new tenant is suitable.POPULAR SAMPLE Copied 149 timesReplacement Tenant. If TENANT finds a replacement tenant acceptable to LANDLORD and LANDLORD expressly approves the replacement tenant, the replacement tenant must sign a new lease contract for the remainder of the TERM. Unless LANDLORD agrees otherwise in writing, TENANT’S SECURITY DEPOSIT will automatically transfer to the replacement tenant as of the date LANDLORD approves such new lease. This LEASE shall be considered terminated when the replacement lease is signed by LANDLORD and LANDLORD receives all outstanding payments and fees due from TENANT, including a rekeying fee if rekeying is requested by the replacement tenant or required. TENANT will no longer have a right to occupy the UNIT or a SECURITY DEPOSIT refund.View SourceView Similar (2)Draft with AISplit ViewDownloadReplacement Tenant. If Housing Services identifies a Replacement Tenant to move into the Rental Property, the Replacement Tenant may begin occupancy at any time. The Occupancy Date by a Replacement Tenant after Tenant's Move-out Date is dependent on the availability of an eligible Replacement Tenant’s acceptance of the Rental Property and the ready date of the Rental Property after turnover. Tenant’s Rent Responsibility ends on the Replacement Tenant’s Occupancy Date. Tenant understands that there is a risk that no suitable Replacement Tenant may be found.View SourceView Similar (2)Draft with AIReplacement Tenant. If an eligible replacement tenant ("Replacement Tenant") is identified to move into the Rental Property, the Replacement Tenant may begin occupancy at any time between the move-out date and the remainder of the term. Immediate occupancy by a Replacement Tenant after Tenant's move-out date is dependent on the availability of a Replacement Tenant and the cleaning and preparation of the Rental Property. Tenant understands that there is a risk that no suitable Replacement Tenant may be found. Applicants on the wait list will receive priority over applicants procured by Tenant.View SourceView Similar (11)Draft with AIReplacement Tenant. The Replacement ▇▇▇▇▇▇ agrees with the Landlord and the Remaining Tenant(s) that from the date of assignment and thereafter during the remainder of the tenancy created by the Agreement, the Replacement Tenant will discharge and perform all obligations and make all due payments contained in the Tenancy Agreement.View SourceDraft with AIReplacement Tenant. Landlord shall not be required to accept any Related Entity as a tenant (regardless of their operational abilities and credit rating) or any proposed tenant which proposes a change in the use of the Premises permitted under this Lease to a use which: (i) violates any prohibition on use in the Building; (ii) is incompatible with the nature and character of the Building; (iii) creates a parking demand or demand on Building equipment, facilities and systems in excess of the demand created by Tenant; or (iv) conflicts with any other existing tenant use in the Building, or with any use of any person or entity that is at that time a lease prospect of Landlord for other space in the Project. Landlord shall not be required to relet the Premises to a tenant pursuant to any proposed lease (i) that is not approved by a Mortgagee or Ground Lessor; (ii) that would cause Landlord to be in default of, or to be unable to perform any of its covenants or obligations under, any agreements between Landlord and any third party; or (iii) that would vary the terms of Landlord’s standard lease form in any manner that is not reasonably acceptable to Landlord. Landlord shall not be required to re-let the Premises for a term longer than the Term, unless the rents for any period after the end of the Term are the then prevailing fair market rates; provided, however, that, during any period of re-letting during the Term, Landlord shall be required to re-let the Premises at a base rental rate that is, at a minimum, equal to the lesser of the prevailing fair market rates and the Basic Rent provided under this Lease. Before re-letting the Premises to any replacement tenant, Landlord may require the proposed replacement tenant to demonstrate the same financial capability that Landlord would require from any other lease prospect as a condition to leasing any other space in the Project.View SourceDraft with AIReplacement Tenant. It is agreed that on the date hereof, Kazbor’s is not in default. Furthermore, it is understood that as part of this transaction Seller shall have the right to subsidize Kazbor’s rent and such action shall not be deemed a default under the Kazbor’s Lease. In the event that during the term of the Guarantee Period, Kazbor’s materially defaults under the terms of the Kazbor’s Lease and fails to timely cure such default pursuant to the terms of the Kazbor’s Lease, and as a result of such default, Purchaser chooses to evict Kazbor’s, then (i) Seller shall be entitled to any remaining portion of Kazbor’s $14,355.00 security deposit (to the extent not required to repair any damage to the Property caused by Kazbor’s) and (ii) Seller shall have the option to release the Kazbor’s Space to one or more replacement tenants with acceptable credit worthiness and which is (are) reasonably acceptable to Purchaser (each a “Replacement Tenant”). Seller shall submit any proposed leases for a Replacement Tenant to Purchaser, which Purchaser shall approve within ten (10) business days of receipt of such lease, such approval to not be unreasonably withheld. In the event the term of the Replacement Tenant’s lease (“Replacement Tenant Lease”) shall be for a period extending beyond the Guarantee Period, then in no event shall the Rent and CAM required under such Replacement Tenant Lease for such period be less than the Rent and CAM required under the Kazbor’s Lease for the corresponding lease year and in no event shall the term of the Replacement Tenant Lease extend beyond the original term and two renewal periods set forth in the Kazbor’s Lease. In the event the landlord is required to pay leasing commissions (to parties other than the Seller or its affiliates) (“L.C.”) or tenant improvement costs (“T.I.”) in connection with the Replacement Tenant Lease, then (i) Seller shall be responsible for paying directly to the appropriate parties (not out of the escrow funds) a proportionate share of the L.C. and T.I based on the ratio of the remaining term of the Guarantee Period divided by the term of the Replacement Tenant Lease and (ii) Purchaser shall be responsible for paying directly to the appropriate parties (not out of the escrow funds) the remainder of the L.C. and T.I. Notwithstanding the foregoing, all L.C. and T.I. required in connection with the Replacement Tenant Lease must be previously approved by Purchaser, which approval shall not be unreasonably withheld, and any amount...View SourceDraft with AIReplacement Tenant. Landlord shall have the right to hold the property vacant until an acceptable, creditworthy tenant is located who is willing to rent the premises for a reasonable term. A reasonable term shall be defined as between 6 months and one year, depending upon market conditions, time of leasing and time of expiration of this lease so as not to place the landlord in a position which would adversely affect their ability to rent or negatively impact their cash flow because of Tenants early termination. This shall be considered adequate mitigation.View SourceDraft with AIReplacement Tenant. A. At any time from the date this Agreement is signed through the Occupancy End date, Student may propose to Landlord a suitable eligible student replacement tenant to accept Student’s obligations under this Agreement. Landlord shall not unreasonably decline to accept an eligible student replacement tenant. B. When Landlord enters an Agreement with an eligible student replacement tenant, Landlord shall notify Student in writing of Student’s release of obligations and refund any prepaid rent and security deposit minus a reasonable transfer fee and legal deductions. C. If Student is unable to provide an eligible student replacement tenant, Landlord may collect for all the obligations contained in this Agreement but must first demonstrate it has undertaken reasonable efforts to mitigate damages by attempting to fill the leased space and has been unable to do so. D. If Student finds a suitable eligible student replacement tenant, which ▇▇▇▇▇▇▇▇ refuses to accept in a timely manner, Student may terminate this Agreement without penalty or further contractual obligation.View SourceDraft with AI

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