POLICY 12: APPROVAL OF SUBLEASES
- The IDA shall review and approve all subleases.
- If a company leasing a building from the IDA desires to execute a sublease with a prospective tenant desiring to occupy a building or a portion of a building leased by the IDA to the Company, the Company shall obtain the IDA’s approval prior to executing any sublease.
- The Company shall file an Application for Sublease Approval and the required fee per the IDA’s Fee Schedule with the IDA for all subleases the Company desires to enter into with a prospective tenant in a building or a portion of a building leased by the IDA to the Company.
- The IDA shall review and approve all Applications for Sublease Approval prior to the Company executing all subleases.
- The IDA shall sign all subleases to acknowledge and approve the form of the sublease but shall not be a signatory or party to the sublease.
- The Company shall provide the IDA with a copy of all executed subleases.
Adopted: September 30, 2008