§ 4-211. Amendments, assignments, subleases and leasehold mortgages.
A. Amendments, assignments, and subleases affecting any lease may be made only with the written consent of the Director and lessee, unless otherwise provided herein.
B. A lease may authorize the execution of amendments, subleases, and assignments, in whole or in part, without approval from the Director; provided, that a copy of the amendment, sublease, or assignment is provided to the Director upon execution and the following conditions, if applicable, are stated in the lease and are met and certified by lessee:
1. No event of default exists under the lease or in violation of this Act;
2. Any restrictions and use limitations on the use of the premises shall continue to apply to any assignee or sublessee;
3. The assignee or sublessee submits a current financial statement showing financial adequacy; and
4. The assignee or sublessee agrees in writing to be bound by all terms and conditions of the lease.
C. A lease may authorize the lessee to grant a leasehold mortgage of the lessee’s leasehold interest, for the purpose of financing improvements to the premises, subject to the written approval of the leasehold mortgage by the Osage Nation Congress or its designee.
D. If a sale or foreclosure of lessee’s business or assets that include the leasehold interest occurs and the mortgagee is also the purchaser, the mortgagee may assign the lease without approval of the Director, provided the assignee agrees in a writing, delivered to the Director, to be bound by all the terms and conditions of the lease, including but not limited to any bonding and insurance requirements of the lease, together with evidence that the assignee has met the bonding and insurance requirements, prior to taking possession of the premises. If the purchaser is a party other than the mortgagee, prior written approval by the Osage Nation Congress or its designee is required, and the purchaser must agree in writing to be bound by all terms and conditions of the lease, including but not limited to any bonding and insurance requirements of the lease, together with evidence that the assignee has met the bonding and insurance requirements. Failure to furnish the evidence of bonding or insurance required by this paragraph or to obtain the required approval of the Osage Nation Congress or its designee shall be a violation of the lease and a trespass by the purchaser if the purchaser enters upon or occupies the premises of the lease. ONCA 17-01, eff. Dec. 9, 2016.