PRP.10.3.170 Subleases, Assignments, Amendments, and Leasehold Mortgages

(a) Subleases, assignments, amendments, or leasehold mortgages of any lease shall be by written consent of the Tribal Governing Board and lessee, unless otherwise provided herein.

(b) The lease may authorize subleases and assignments, in whole or in part, without approval from the Tribe, provided a copy of the sublease or assignment is provided to the Tribe and the following conditions, where applicable, are met and stated in the lease:

(1) There is no event of default under the lease or this Code;

(2) Any restrictions and use limitations on the use of the premises shall continue to apply to any subtenant or assignee;

(3) The proposed assignee or sublessee submits a current financial statement showing financial adequacy; and

(4) The lessee shall not be relieved or released from any of its obligations under the lease.

This PRP.10.3.140(b) in no way relieves the parties from carrying out their duties under the lease, which may contain additional restrictions and conditions.

(c) The lease may authorize mortgages of the leasehold interest for the purpose of financing to develop and improve the premises subject to the approval of the Tribe. The lease shall state the foreclosure law that shall apply in the event of default and foreclosure.

(d) If a sale or foreclosure of the lessee's business or assets occurs and the leasehold mortgagee is also the purchaser, the leasehold mortgagee may assign the lease without approval of the Tribe or lessee, provided the assignee agrees in writing to be bound by all the terms and conditions of the lease. If the purchaser is a party other than the leasehold mortgagee, approval by the Tribe is required and the purchaser shall agree in writing to be bound by all terms and conditions of the lease.