TABLE OF CONTENTS
SUBLEASE OF CONDOMINIUM
AND
GRANT DEED OF IMPROVEMENTS
- ASSIGNMENT.
Within the limitations herein expressed, Sublessee is hereby given the right to assign Sublessee's interest in and to this Sublease as a whole to a bona fide assignee without the prior written consent of Sublessor. No assignment shall be valid and effective if Sublessee or any of his successors or assigns shall at the time of assignment be in default hereunder. In no event shall this Sublease or any right hereunder be assigned separate and apart from Sublessee's interest in the improvements conveyed herewith. Any attempt at such assignment whether voluntary or involuntary, shall be void and of no effect whatsoever. Provided that the foregoing provisions of this Paragraph have been complied with, Sublessee may assign this Sublease as a whole, so long as: (a) Sublessee or any Sublessee's successors or assigns shall not be in default hereunder at the time of the proposed assignment; (b) the proposed transferee shall covenant with Sublessor in writing to keep, perform and be bound by each and all of the covenants and conditions of this Sublease to be kept and performed herein by Sublessee; (c) there shall have first been delivered to Sublessor a copy of a proposed Assignment and Assumption of Sublease and Grant Deed of improvements, executed by the Sublessee and the proposed assignee, in a form substantially as set forth in Exhibit "B" attached hereto and incorporated herein by this reference; (d) the Sublessee or assignee shall pay to Sublessor a transfer fee of Fifty Dollars ($50.00); and, (e) the transferor or transferee shall furnish to Sublessor free of expense to Sublessor a copy of a policy of title insurance showing that all interests so assigned (including Sublessor's interest therein) are free and clear of all mechanics' and material men’s liens as of the date of said assignment.
Notwithstanding any of the foregoing provisions of this Paragraph there shall be no assignment of this Sublease without the prior written consent and approval of Sublessor, until such time as the structure housing the Unit comprising a portion of the Subleased Property has been constructed on the Project or until an encumbrance has made a Subleasehold loan on the Condominium and taken an assignment of Sublessee's interest under this Sublease pursuant to the provisions of Paragraph 14 hereof, as the case may be. There shall be no assignment of this Sublease except in accordance with the provisions of this Paragraph, and any attempted assignment not in accordance with these provisions shall be ineffective for all purposes and confer no right on any person. Upon the occurrence and compliance by Sublessee (or waiver by Sublessor) of each and every one of the foregoing conditions, Sublessee shall have no further rights, interests, duties or obligations under or with respect to this Sublease arising after the effective date of such assignment, and the assignee under said assignment shall be entitled to all of the rights provided for hereunder. The provisions of this Paragraph 13 shall be binding upon Sublessee and its successors and assigns.
SUBLEASE OF CONDOMIUM |
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