Agreed, I am a commercial broker and not just a partner in the coworking biz, and gave him per his email the exact information he nees for the higher sentiment of his scenario and things to do as a tenant vs an operator biz-owner.
See my email from a few days ago, but the landlord either knows of this infringement or is using the sublet as a known right. However, you "Coworking Owner" should not be subletting license agreement baby. Never set a goal without attaching a timeline to it. To breathe life into a goal you must attach a precise deadline to it." - Robin S. Sharma m. 917.504.9180 | f. 917.591.1917 | bbm.7EF58010 theloftsocial.com hessbk.com On Mon, Jun 18, 2018 at 11:14 AM, Wendy S. <we...@siteresolve.com> wrote: > Hi Brian > if I may be so bold, sounds like you are not working with a commercial > real estate broker. They would be able to do the first phase of this > language for you in the negotiation as this is material to the business. > This can then be viewed by your attorney when it reaches the lease document > stage- a few dollars spent in advance on this saves you heartache (and > money) in the future. So, this may be for your next location - as you > expand! :-) > > I don't want to impinge on progress already made. You may already know > this. The broker gets paid by the landlord and works for you and protects > YOUR interests. The commission should already be "baked" into your rental > rate, so don't let the landlord hedge on the rental rate since a commission > would be due. It also creates a buffer for you - you stay on good terms > with the LL and your broker is the "bad cop". It may be a good time to ask > your LL if they've worked with brokers before. Not to nix the deal, just as > a reference point. > > If you are doing this on your own, great. > > Some language that may be useful: > > *Right to Assign/* > > *Sublease:* > > Tenant will have the right to assign and/or sublet to a subsidiary, > related or successor company without Landlord approval. Tenant will also > have the right to assign and/or sublet to an unrelated company with > Landlord consent, which shall not be unreasonably withheld or delayed. > Landlord will have 15 days from the time of notice to provide their > response to Tenant’s requested assignment and/or sublease consent. Tenant > will retain all sublease profits (if any). > > > Hope all of this is helpful and best of luck > Wendy Spreenberg > SITE REsolutions, LLC > e) we...@siteresolve.com > > On Friday, June 8, 2018 at 7:23:05 PM UTC-5, Brian Burgett wrote: >> >> Hi all, >> >> This is such a great resource! Thank you! >> >> I am working on opening a coworking space in northern Cincy. >> >> I have been working hard on getting a great lease put together. I >> absolutely love the space. We are the landlords first coworking tenant. >> They are pretty excited about having us join. The problem is that they have >> a pretty standard lease and it includes a non-assignment clause. They agree >> it doesn't fit. It states they have to approve any sublease agreements (my >> attorney says it could apply to our type of business). It also states that >> any sublease rent we get over the lease amount goes to the landlord. The >> landlord has asked my attorney to come up with a better clause. >> >> Can any of you who have signed a lease for a coworking space share the >> terms you have laid out in your lease on this issue? I would think I need >> to include that I have sole discretion to sublease and assign. It may >> include a description of how we make money? Am I missing anything? >> >> Thank you all for the great conversations we have on this group! >> >> >> >> Best regards, >> >> Brian Burgett >> >> >> >> >> >> >> >> Create your own email signature >> <https://www.wisestamp.com?utm_source=promotion&utm_medium=signature&utm_campaign=create_your_own> >> >> >> >> >> >> >> >> >> -- > You received this message because you are subscribed to the Google Groups > "Coworking" group. > To unsubscribe from this group and stop receiving emails from it, send an > email to coworking+unsubscr...@googlegroups.com. > For more options, visit https://groups.google.com/d/optout. > -- You received this message because you are subscribed to the Google Groups "Coworking" group. To unsubscribe from this group and stop receiving emails from it, send an email to coworking+unsubscr...@googlegroups.com. For more options, visit https://groups.google.com/d/optout.
