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21. ASSIGNMENT AND SUBLETTING


(a) Except as expressly permitted pursuant to this Article, Tenant shall not assign or hypothecate this Lease or any interest therein or sublet the Premises or any part thereof, without the prior written consent of Landlord. Any of the foregoing acts without such consent shall be voidable and shall, at the option of Landlord, be an event of default under this Lease. Neither this Lease nor any interest therein shall be assignable as to the interest of Tenant by operation of law, without the written consent of Landlord. Notwithstanding the foregoing, a corporate Tenant may, without the consent of Landlord but upon notice to Landlord, assign this Lease to its parent, affiliate or subsidiary, provided the assignee assumes, in full, the obligations of Tenant under this Lease, and provided further that such assignment shall not relieve Tenant of any of its obligations under this Lease.

(b) If at any time or from time to time during the term of this Lease, Tenant desires to assign this Lease or sublet all or a portion of the Premises, Tenant shall notify Landlord of such intent. Landlord shall have the option, exercisable by notice given to Tenant within twenty (20) days after receipt of Tenant's notice, of reacquiring the Premises or portion thereof proposed to be sublet or assigned and terminating the Lease with respect thereto. If Landlord does not exercise such option, Tenant may assign this Lease or sublet such space to any third party, subject to the following terms and conditions: Tenant shall obtain the consent of Landlord, which consent shall not be unreasonably withheld; Landlord shall base its decision upon exclusive uses given to other Building tenants, the financial condition and character of the proposed assignee or subtenant and the proposed assignee or subtenant and the proposed use of the Premises;

  1. Tenant may not sublease the Premises or any portion thereof or assign this Lease to an existing tenant in the Building;

  2. No sublease or assignment shall be valid and no subtenant or assignee shall take possession of the premises subleased or assigned until an executed counterpart of such sublease or assignment of this Lease has been delivered to Landlord;

  3. No subtenant shall have a further right to sublet;

  4. No assignee shall have a further right to assign the Lease, except in accordance with the provisions of this Section 21; and

  5. In no event shall Tenant be entitled to have more than two subtenants per floor simultaneously in the Premises.

(c) Tenant shall pay Landlord, as additional rent, one half (1/2) of any sums or other economic consideration received by Tenant as a result of any subletting or assignment (except payments received which are attributable to the amortization of the cost of leasehold improvements made to the sublet or assigned portion of the Premises by Tenant for the subtenant or assignee, and other reasonable expenses incident to the subletting or assignment, including standard leasing commissions), whether denominated rentals under the sublease or otherwise, which exceed, in the aggregate, the total sums which Tenant is obligated to pay Landlord under this Lease (prorated to reflect obligations allocable to that portion of the Premises subject to such sublease or assignment). If such subleasing or assignment has been made without the consent of the Landlord as provided herein, Landlord shall be entitled to all economic consideration received by Tenant in accordance with the provisions of this subparagraph 21 (c), but the receipt of such moneys shall not be deemed to be a waiver of the provisions of this Section 21 with respect to assignment and subletting, or the acceptance of such assignee or subtenant as Tenant hereunder.

(d) Regardless of Landlord's consent, no subletting or assignment shall release Tenant of Tenant's obligations or alter the primary liability of Tenant to pay the Base Rent and additional rent and to perform all other obligations to be performed by Tenant under this Lease. The acceptance of rental by Landlord from any other person shall not be deemed to be a waiver by Landlord of any provision hereof. Consent to one assignment or subletting shall not be deemed consent to any subsequent assignment or subletting. In the event of default by any assignee of Tenant or any successor or Tenant in the performance of any of the terms of this Lease, Landlord may proceed directly against Tenant without the necessity of exhausting remedies against such assignee or successor.

(e) In the event that the Premises or any part thereof have been sublet by Tenant and Tenant is in default under this Lease pursuant to the provisions of Section 22 hereof, then Landlord may collect rent from the subtenant and apply the amount collected to the Base Rent and additional rent herein reserved but no such collection shall be deemed a waiver of the provisions of this Section 21 with respect to subletting or the acceptance of such subtenant as Tenant hereunder or a release of Tenant under the Lease.

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