Title 17 . Transportation and Public Facilities

Chapter 45 . Miscellaneous Provisions

Section 260. Assignment generally

17 AAC 45.260. Assignment generally

(a) This section applies to an assignment, other than an assignment for security purposes, of an interest in a lease, a boundary crossing permit issued under 17 AAC 45.285, or a concession. A permit issued under this chapter, other than a 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 multi-party entity that holds a lease or concession is an assignment of an interest subject to approval under this section.

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

(c) A request to the department for consent to an assignment must be submitted 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 $50 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 or concession, including environmental liability and responsibility.

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

(f) A lessee or concessionaire may request that the department informally review a proposed assignment before the assignment documents are executed. However, an assignment of a lease 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.

History: Eff. 3/28/2002, Register 161

Authority: AS 02.15.020

AS 02.15.060

AS 02.15.090