A sublease is an agreement where someone takes over part or all of an existing lease. This type of lease involves at least three parties.A commercial sublease agreement is a statutory document authorizing a third party to occupy a leased property under the original lease agreement. Please use the form below to ask any question. We will attempt to answer as quickly as possible. (1) Sublessee will notify Sublessor of the condition and Sublessor will then notify Landlord as provided in the master lease. A commercial sublease is an agreement to lease space from a tenant rather than directly from a property owner. A commercial sublease agreement template is a fundamental and customizable contract between a lessor and the subtenant. The failure of the tenant to retain a reversionary interest in the lease is one of the key distinctions between an assignment and a sublease. This Sublease Agreement ("Sublease") is made and entered into effective this ____ day of.