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Definition of "Sublease"

Angela Gillum Bowman
  Taylor Properties

Lease agreement between the lessee of an original lease and a new lessee. For example, John signs a lease for an apartment with Brian that allows John to sublease it to another, is desired. John unexpectedly is offered a position in Europe and decides to sublease the apartment for the remaining term of the original lease to Steve. The sublease represents the agreement between John and Steve. Brian, the original lessor, is not a party to the sublease.

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