Hi Wendy, Thanks for the input!
I am working with a broker. I have a great lease. I was just concerned about putting the right language in for the sublease clause. My attorney came up with some great language even though it is his first coworking lease review. It is very similar to what you have provided, except we were able to get them to agree to let me sublet without LL approval. Sublease profits were also retained. I am glad we were on the right track. Thanks for taking the time to help! Best regards, Brian Burgett 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.
