Common use of Assignment by Tenant Clause in Contracts

Assignment by Tenant. Notwithstanding the provisions of Section 23 of the Landlord and Tenant Act, R.C. 1980, Chapter 232 or any amendments thereto, or similar enactments in force now or in the future, the Lessee shall not assign this lease or sub-let or part with possession of all or any part of the herein demised premises or permit any licensee or concessionaire to conduct business on the herein demised premises or a portion thereof without the prior written consent of the Lessor, which consent may not be unreasonably withheld; provided that if the Tenant is a corporation, the transfer of the majority of the stock of the corporation or the transfer or issuance of any of the stock of the corporation sufficient to transfer control of the corporation to others than the immediate families of the then present shareholders shall be deemed substantial violation of the foregoing clause respecting assignment or sublease unless the prior written consent of the Landlord is first obtained. If the tenant shall assign this Lease, the Landlord may collect rent and any other sums from the assignee, and apply the net amount collected to the rent and other amounts payable hereunder but no such assignment shall be deemed a waiver of this covenant or the acceptance of the assignee. All requests to the landlord for consent to assigning this Lease or subletting or parting with the possession of all or part of the herein demised premises shall be made to the Landlord in writing together with such information in writing as a Landlord might reasonably require respecting a proposed assignee, including without limitation, the name address, nature of business experience and responsibility and financial responsibility, standing and background of such proposed assignee and, in the event that such proposed assignee is a corporation, similar information respecting the principal shareholders of such corporation. Any assignee, sub-tenant, licensee or concessionaire approved by the Landlord shall be bound by all the terms, conditions, covenants, provisos, and agreements of this Lease and shall, at the request of the Landlord, execute a covenant to such effect. The Landlord shall have the right to require the execution of such covenant as a prior condition before the granting of consent to assignment or parting with possession of all or part of the herein demised premises. In the event of an assignment consented to by the Landlord, the Tenant shall nonetheless remain responsible to the Landlord for the fulfillment of all obligations created by this Lease.

Assignment by Tenant. Notwithstanding (a) Tenant acknowledges that Landlord has relied both on the provisions business experience and creditworthiness of Section 23 of Tenant and upon the Landlord and particular purposes for which Tenant Actintends to use the Properties in entering into this Lease. Tenant shall not assign, R.C. 1980transfer, Chapter 232 convey, pledge or mortgage this Lease or any amendments thereto, or similar enactments in force now or in the future, the Lessee shall not assign this lease or sub-let or part with possession of all or any part of the interest herein demised premises or permit the assignment of any licensee direct or concessionaire to conduct business on the herein demised premises indirect interest in Tenant, whether by operation of law or a portion thereof otherwise, without the prior written consent of the LessorLandlord, which consent may not be unreasonably withheld; withheld or delayed provided that, among other reasonable factors that if the Tenant is a corporation, the transfer of the majority of the stock of the corporation or the transfer or issuance of any of the stock of the corporation sufficient to transfer control of the corporation to others than the immediate families of the then present shareholders shall be deemed substantial violation of the foregoing clause respecting assignment or sublease unless the prior written consent of the Landlord is first obtained. If the tenant shall assign this Lease, the Landlord may collect rent and any other sums from the assigneeconsider in deciding whether to grant its consent, and apply the net amount collected to the rent and other amounts payable hereunder but no such assignment shall be deemed a waiver of this covenant or the acceptance of the assignee. All requests to the landlord for consent to assigning this Lease or subletting or parting with the possession of all or part of the herein demised premises shall be made to the Landlord in writing together with such information in writing as a Landlord might reasonably require respecting a proposed assigneemay consider, including without limitation, the name address, nature following: (i) the financial strength of business experience and responsibility and financial responsibility, standing and background of such the proposed assignee andincluding its EBITDAR and tangible net worth, in (ii) its operating history and management experience, and (iii) total number of restaurants operated by the event that assignee. Tenant shall provide to Landlord such information regarding the proposed assignee is a corporation, similar information respecting the principal shareholders of such corporation. Any assignee, sub-tenant, licensee or concessionaire approved by the as Landlord shall be bound by all reasonably request. At the terms, conditions, covenants, provisos, and agreements time of any assignment of this Lease and shall, at the request of the Landlord, execute a covenant to such effect. The Landlord shall have the right to require the execution of such covenant as a prior condition before the granting of consent to assignment or parting with possession of all or part of the herein demised premises. In the event of an assignment consented to which is approved by the Landlord, the assignee shall assume all of the obligations of Tenant under this Lease pursuant to a written assumption agreement in form and substance reasonably acceptable to Landlord. Such assignment of the Properties pursuant to this Section 14.01 shall nonetheless remain responsible not relieve Tenant of its obligations respecting this Lease unless otherwise agreed to by Landlord in the exercise of its absolute discretion. Any assignment, transfer, conveyance, pledge or mortgage in violation of this Section 14.01 shall be voidable at the sole option of Landlord. Any consent to an assignment given by Landlord for the fulfillment of all obligations created by this Leasehereunder shall not be deemed a consent to any subsequent assignment.

Assignment by Tenant. Notwithstanding the provisions of Section 23 of the Landlord and Tenant Act, R.C. 1980, Chapter 232 or any amendments thereto, or similar enactments in force now or in the future, the Lessee shall will not assign this lease or sub-let or part with possession of all Lease or any part of the herein demised premises or permit any licensee or concessionaire to conduct business on the herein demised premises or a portion thereof interest in this Lease without the prior written consent of the LessorLandlord, which consent may not be unreasonably withheld; withheld in its reasonable discretion. At the Landlord’s option, any attempted transfer without said prior written approval shall be void, ab initio, shall be of no force and effect, and shall confer no rights on or in favor of third parties, provided that if the Tenant is a corporation, the transfer of the majority of the stock of the corporation or the transfer or issuance of any of the stock of the corporation sufficient to transfer control of the corporation to others than the immediate families of the then present shareholders shall be deemed substantial violation of the foregoing clause respecting assignment or sublease unless the prior written consent of the Landlord is first obtained. If the tenant shall assign this Leasemay, the Landlord may at its option, collect rent and from any other sums from the assignee, such transferee and apply the net amount collected to the rent and other amounts payable hereunder Rent due from Tenant hereunder, but no such assignment collection shall be deemed a waiver of this covenant such violation, or the acceptance of such transferee as a tenant, or a release of Tenant from the assignee. All requests to further performance by Tenant of covenants on the landlord for consent to assigning this Lease or subletting or parting with the possession of all or part of the herein demised premises Tenant set forth in this Lease. Tenant shall be made give written notice to the Landlord in writing together with such information in writing as a Landlord might reasonably require respecting a proposed assignee, including without limitation, of the name addressand address of any proposed assignee and any other information reasonably requested by Landlord regarding such proposed assignee and any documents of assignment as Landlord may reasonably request. Landlord shall, nature within thirty (30) days from the date of business experience and responsibility and financial responsibilityreceipt from Tenant of such notice, standing and background give notice to Tenant of Landlord’s approval or disapproval of such proposed assignee and, assignment. Where Landlord has given such approval to Tenant to transfer Tenant’s interest in the event that Lease, such proposed assignee is a corporation, similar information respecting the principal shareholders of such corporation. Any assignee, sub-tenant, licensee or concessionaire approved by the Landlord transfer shall be bound by all effective upon compliance with the terms, following conditions, covenants, provisos, and agreements of this Lease and shall, at the request of the Landlord, execute a covenant to such effect. The Landlord shall have the right to require the execution of such covenant as a prior condition before the granting of consent to assignment or parting with possession of all or part of the herein demised premises. In the event of an assignment consented to by the Landlord, the Tenant shall nonetheless remain responsible to the Landlord for the fulfillment of all obligations created by this Lease.: