A sublease agreement is a legal contract signed between a tenant and a third party allowing the latter to rent out the entire property or any part of it. A sublet, or sublease agreement, adds someone new to an existing lease.Usually the new person (subletter) replaces someone who is moving out. 170 South Main Street (Salt Lake City, UT) Sublease Agreement - Oracle Corp. A commercial sublease agreement is a statutory document authorizing a third party to occupy a leased property under the original lease agreement. "City" shall mean Salt Lake City Corporation. A commercial sublease is an agreement to lease space from a tenant rather than directly from a property owner. A sublease agreement is a legal document allowing existing tenants to rent out their rented space to another party, the subtenant. Create your free Utah sublease agreement to sublet your property. Rent your unit to a subtenant with our attorney-approved template.