Question
Subletting is different from an assignment. 1. An assignment is a transfer of the whole of the remainder of the tenant's term to the assignee;
Subletting is different from an assignment.
| 1. | An assignment is a transfer of the whole of the remainder of the tenant's term to the assignee; so long as the assignee performs all its covenants, the tenant retains no further right or interest in the lease. A sublet or sublease is a transfer of only part of the tenant's term to the subtenant. If the term given to the subtenant expires just one day after the expiration of the main lease, the tenancy of the subtenant is created not by an assignment but by a sublease. | |
| 2. | A subletter is an overholding tenant. | |
| 3. | An assignment is a transfer of the whole of the remainder of the tenant's term to the assignee; so long as the assignee performs all its covenants, the tenant retains no further right or interest in the lease. A sublet or sublease is a transfer of only part of the tenant's term to the subtenant. If the term given to the subtenant expires just one day before the expiration of the main lease, the tenancy of the subtenant is created not by an assignment but by a sublease. | |
| 4. | A sublet or sublease is a transfer of the whole of the remainder of the tenant's term to the subletter; so long as the subletter performs all its covenants, the tenant retains no further right or interest in the lease. An assignment is a transfer of only part of the tenant's term to the assignee. If the term given to the assignee expires just one day before the expiration of the main lease, the tenancy of the assignee is created not by a sublet but by an assignment. | |
| 5. | A sublet or sublease is a transfer of the whole of the remainder of the tenant's term to the subletter; so long as the subletter performs all its covenants, the tenant retains no further right or interest in the lease. An assignment is a transfer of only part of the tenant's term to the assignee. If the term given to the assignee expires just one day after the expiration of the main lease, the tenancy of the assignee is created not by a sublet but by an assignment. |
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Global Strategy
Authors: Mike W. Peng
5th Edition
0357512367, 978-0357512364
