17 AAC 45.260 - Assignment

(a) This section applies to an assignment, other than an assignment for security purposes, of an interest in a lease, sublease, an airport boundary crossing permit issued under 17 AAC 45.285, or a concession. A permit issued under this chapter, other than an airport boundary crossing permit issued under 17 AAC 45.285, may not be assigned. For purposes of this section, any single or cumulative transfer of more than 50 percent interest in a joint venture, partnership, limited liability company, corporation, or other dual or multi-party entity that holds a lease, sublease, airport boundary crossing permit, or concession is an assignment of an interest subject to approval under this section.

(b) Unless the lease, sublease, airport boundary crossing permit, or concession expressly provides otherwise, a lessee, sublessee, airport boundary crossing permittee, or concessionaire may not assign all or a portion of a lease, sublease, airport boundary crossing permit, or concession, including improvements, without the prior written consent of the department under 17 AAC 45.275. A sublessee may not assign a sublease without also obtaining the written consent of the sublessor. An assignment made contrary to the requirements of this section and 17 AAC 45.275 is void.

(c) A request for consent to an assignment must be submitted to the department in writing and must include

(1) the name, address, and telephone contact number for the proposed assignee;

(2) a description of the premises to be assigned;

(3) a description of the proposed assignee's intended use of the premises;

(4) financial and other information about the proposed assignee establishing the proposed assignee's ability to carry out the financial and other obligations under the lease or concession;

(5) three originals of the executed assignment documents with notarized signatures of the assignor and proposed assignee; and

(6) a non-refundable $200 assignment processing fee.

(d) An assignment must include a provision stating that the assignee accepts responsibility for all of the assignor's obligations under the lease, sublease, airport boundary crossing permit, or concession, including environmental liability and responsibility.

(e) An assignee may not occupy the premises before the department consents to the assignment in writing.

(f) A lessee, sublessee, airport boundary crossing permittee, or concessionaire may request that the department informally review a proposed assignment before the assignment documents are executed. However, an assignment of a lease, sublease, airport boundary crossing permit, or concession is effective only if the department consents to the assignment in writing under 17 AAC 45.275 after receiving a written request submitted under (c) of this section.

(g) If there is a conflict between the lease, sublease, airport boundary crossing permit, or concession and the assignment or its underlying documents, the lease, sublease, airport boundary crossing permit, or concession governs. A provision stating this priority must be included in each assignment, but is implied in all assignments whether stated or not.

Notes

17 AAC 45.260

Eff. 3/28/2002, Register 161; am 3/22/2008, Register 185; am 4/23/2009, Register 190; am 7/1/2017,Register 222, July 2017

Authority:AS 02.15.020

AS 02.15.060

AS 02.15.090