sublease retail space
a subtenant’s rights pursuant to a sublease are entirely dependent upon the existence of the master lease for the space. the subtenant should also review the master lease in order to review the restrictions on use of the premises in order to ensure that the subtenant’s proposed use of the sublet space is not in conflict with the master lease. next, it is important for the subtenant to review the terms of the master lease in order to determine whether or not it would be fair to the subtenant to incorporate the terms by reference into the sublease. if the subtenant is subleasing space which has not been substantially completed by the landlord, or is given a portion of the tenant improvement allowance that is provided to the sublandlord by the landlord under the master lease for completion of the subtenant’s improvements, it is important for the subtenant to obtain estoppel certificates or other statements affirming the current status of construction and describing the conditions that will be imposed on the subtenant’s use of the tenant improvement allowance for completion of the subtenant’s tenant improvements.