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How do I assign a lease in NYC?

Assign a Lease A tenant may not assign the lease without the landlords written con- sent. The landlord may withhold consent without cause. If the landlord reasonably refuses consent, the tenant cannot assign and is not entitled to be released from the Lease.

Who must provide consent when a tenant assigns his/her lease?

Most negotiated leases will instead contain a provision requiring that landlords consent to an assignment is required, but such consent will not be unreasonably withheld. The tenant will likely also try to include landlords obligation to not unreasonably delay or condition its consent.

What is an assignment clause in a lease?

Every commercial lease contains an assignment provision that lays out the landlords and the tenants rights and obligations in the event that the tenant seeks to assign the lease.

What does it mean when you assign a lease?

What is an assignment? To assign a lease is to transfer the legal interest to another. Meaning the incoming tenant will step into the shoes of the outgoing tenant and take on the obligations under the lease.

Who pays for assignment of lease?

The parties will foot their own legal bill except for the Landlord. Its common practice that the Assignee pays the landlords legal fees in addition to his own.

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