OAR 738-015-0035: Sale of Improvements, Assignment of Commercial Leases, Subleases

(1) The Department shall not allow assignment of any lease for commercial aeronautical activity. (2) If Lessee desires to sell the improvements, the Department shall consider entering into a new lease with the buyer of the improvements. (a) The prospective Lessee (the buyer of the improvements) must meet all requirements imposed on any lessee under the terms of a lease with the Department for commercial aeronautical activity at a State-owned airport. (b) If the prospective Lessee (the buyer of the improvements) qualifies to obtain a lease, the Department shall offer a lease with the terms, conditions and rates then in effect. The term of the new lease shall be determined by the Department, consistent with OAR 738-015-0005 through 738-015-0015. (3) The original Lessee's lease shall remain in full force and effect until the Department and the new Lessee (the buyer of the improvements) have entered into a new lease. The original Lessee must comply with all terms and conditions of the lease until the new lease is executed and in effect. (4) Upon execution of the new lease, the original lease is automatically terminated by mutual agreement of the parties. (5) Subleasing of a commercial aeronautical activity lease is allowed with prior written approval by the Department.