17 AAC 42.260. Assignment

(a) This section applies to an assignment of an interest in a lease, permit, or concession other than an assignment for security purposes. For purposes of this section, any single or cumulative transfer of more than 50 percent interest in a partnership, limited liability company, or corporation that holds a lease, permit, or concession is an assignment of an interest subject to approval under this section.

(b) Unless the lease, permit, or concession expressly provides otherwise, a lessee, permittee, or concessionaire may not assign all or a portion of a lease, permit, or concession, including improvements, without the prior written consent of the airport manager under 17 AAC 42.275. An assignment made contrary to the requirements of this section and 17 AAC 42.275 is void.

(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, permit, or concession; and

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

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

(e) An assignee of a lease, permit, or concession may not occupy the premises before the airport manager consents to the assignment in writing.

(f) A lessee, permittee, or concessionaire may request that the airport manager informally review a proposed assignment before the assignment documents are executed. However, an assignment of a lease, permit, or concession is effective only if the manager consents to the assignment in writing under 17 AAC 42.275 after receiving a written request submitted under (c) of this section.

History: Eff. 1/14/2001, Register 157

Authority: AS 02.15.020

AS 02.15.060

AS 02.15.090

The Alaska Administrative Code was automatically converted to HTML from a plain text format. Every effort has been made to ensure its accuracy, but neither Touch N' Go Systems nor the Law Offices of James B. Gottstein can be held responsible for any possible errors. This version of the Alaska Administrative Code is current through June, 2006.

If it is critical that the precise terms of the Alaska Administrative Code be known, it is recommended that more formal sources be consulted. Recent editions of the Alaska Administrative Journal may be obtained from the Alaska Lieutenant Governor's Office on the world wide web. If any errors are found, please e-mail Touch N' Go systems at E-mail. We hope you find this information useful. Copyright 2006. Touch N' Go Systems, Inc. All Rights Reserved.