assignment of lease lessee

Assignment by lessor

Assignment by lessor clause samples

11. ASSIGNMENT BY LESSOR . LESSEE ACKNOWLEDGES THAT LESSOR MAY SELL, ASSIGN, GRANT A SECURITY INTEREST IN, OR OTHERWISE TRANSFER ALL OR ANY PART OF ITS RIGHTS, TITLE AND INTEREST IN THIS LEASE AND THE EQUIPMENT WITHOUT NOTICE TO OR CONSENT OF LESSEE. Upon Lessor’s written notice to Lessee that this Lease, or the right to the Rental Payments hereunder, have been assigned, Lessee shall, if requested, pay directly to Lessor’s assignee without abatement, deduction or set-off all amounts which become due hereunder. Lessee acknowledges that any assignment or transfer by Lessor does not materially change Lessee’s duties or obligations under this Lease nor materially increase the burdens or risks imposed on Lessee.

06/29/2018 (Desert Hawk Gold Corp.)

17. ASSIGNMENT BY LESSOR . Lessor may sell or assign its rights and interests or grant a security interest in this Lease and the Equipment for purposes of securing loans to Lessor or otherwise, and may also sell and assign its title and interest as owner of the Equipment and/or as Lessor under this Lease. Lessee hereby (a)consents to such sales or assignments; (b)agrees to promptly sign and deliver such further acknowledgments and other documents as may be reasonably requested by Lessor to effect such sales or assignments; (c)agrees that any security assignee shall have all the rights, but none of the obligations, of Lessor under this Lease, except Lessor’s obligation not to disturb Lessee’s quiet possession and use of the Equipment, provided Lessee is not in default hereunder; and (d)upon written notice from Lessor, agrees to pay all rent and other sums payable under this Lease to such assignee designated by Lessor (or to any other party subsequently designated by such assignee) without any abatement, reduction, setoff, defense or counterclaim that Lessee may have against Lessor, Lessee’s sole remedy therefor being a claim for damages or injunctive relief against Lessor.

09/11/2019 (Stabilis Energy, Inc.)

Section14.2. Assignment by Lessor. Prior to January2, 2009, Lessor shall not assign or transfer any or all of its interests under this Lease without Lessee’s prior written consent, which consent Lessee agrees not to unreasonably withhold or delay. On or after January2, 2009, Lessor may assign or transfer any or all of its interest under this Lease without Lessee’s prior consent; provided that Lessor may not assign or transfer any or all of its interests under this Lease to a competitor of Lessee, Compression Polymers Corp., or CPCapitol Acquisition Corp. or any of their affiliates.

09/20/2019 (CPG Newco LLC)

11.01Assignment by Lessor. Lessor shall the absolute and unconditional right to assign this Lease without the written consent of Lessee.

06/01/2020 (Vroom, Inc.)

Section14.01. Assignment by Lessor. As a material inducement to Lessor’s willingness to enter into the transactions contemplated by this Lease (the “Transaction”) and the other Transaction Documents, Lessee hereby agrees that Lessor may, from time to time and at any time and without the consent of Lessee, engage in all or any combination of the following, or enter into agreements in connection with any of the following or in accordance with requirements that may be imposed by applicable securities, tax or other Laws: (a)the sale, assignment, grant, conveyance, transfer, financing, re-financing, purchase or re-acquisition of all, less than all or any portion of the Properties, this Lease or any other Transaction Document, Lessor’s right, title and interest in this Lease or any other Transaction Document, the servicing rights with respect to any of the foregoing, or participations in any of the foregoing; or (b)a Securitization and related transactions. Without in any way limiting the foregoing, the parties acknowledge and agree that Lessor, in its sole discretion, may assign this Lease or any interest herein to another Person (including without limitation, a taxable REIT subsidiary) in order to maintain Lessor’s or any of its Affiliates’ status as a REIT. In the event of any such sale or assignment other than a security assignment, Lessee shall attorn to such purchaser or assignee (so long as Lessor and such purchaser or assignee notify Lessee in writing of such transfer and such purchaser or assignee expressly assumes in writing the obligations of Lessor hereunder from and after the date of such assignment). At the request of Lessor, Lessee will execute such documents confirming the sale, assignment or other transfer and such other agreements as Lessor may reasonably request, provided that the same do not increase the liabilities and obligations of Lessee hereunder. Lessor shall be relieved, from and after the date of such transfer or conveyance, of liability for the performance of any obligation of Lessor contained herein, except for obligations or liabilities accrued prior to such assignment or sale.

08/23/2016 (21st Century Oncology Holdings, Inc.)

24.2 Sale or Assignment by LESSOR. Subject to LESSEE’s rights pursuant to this Lease, LESSOR may at any time and without LESSEE’s consent sell, assign or transfer its rights and interest hereunder or with respect to the Aircraft to a third party (“LESSOR’sAssignee”). For a period of * (*) years after such sale or assignment and at LESSEE’s cost, LESSEE will continue to name LESSOR as an additional insured under the Aviation and Airline General Third Party Liability Insurance specified in Exhibit C.

11/14/2018 (AIR T INC)

Section 14.01.Assignment by Lessor.As a material inducement to Lessor’s willingness to enter into the transactions contemplated by this Lease (the “Transaction”) and the other Transaction Documents, Lessee hereby agrees that Lessor may, from time to time and at any time and without the consent of Lessee, engage in all or any combination of the following, or enter into agreements in connection with any of the following or in accordance with requirements that may be imposed by applicable securities, tax or other Laws: (a)the sale, assignment, grant, conveyance, transfer, financing, re‑financing, purchase or re‑acquisition of all, less than all or any portion of the Properties, this Lease or any other Transaction Document, Lessor’s right, title and interest in this Lease or any other Transaction Document, the servicing rights with respect to any of the foregoing, or participations in any of the foregoing; or (b)a Securitization and related transactions.Without in any way limiting the foregoing, the parties acknowledge and agree that Lessor, in its sole discretion, may assign this Lease or any interest herein to another Person in order to maintain Lessor’s or any of its Affiliates’ status as a REIT so long as such Person expressly assumes in writing the obligations of Lessor hereunder from and after the date of such assignment.In the event of any such sale or assignment other than a security assignment, Lessee shall attorn to such purchaser or assignee (so long as Lessor and such purchaser or assignee notify Lessee in writing of such transfer and such purchaser or assignee expressly assumes in writing the obligations of Lessor hereunder from and after the date of such assignment).At the request of Lessor, Lessee will execute such documents confirming the sale, assignment or other transfer and such other agreements as Lessor may reasonably request, provided that the same do not increase the liabilities and obligations of Lessee hereunder or adversely impact the rights of Lessee hereunder.Lessor shall be relieved, from and after the date of such transfer or conveyance, of liability for the performance of any obligation of Lessor contained herein, except for obligations or liabilities accrued prior to such assignment or sale (including, without limitation, Lessor’s obligation to deliver any Reserve currently held by Lessor to such purchaser or assignee).

11/09/2018 (AMPCO PITTSBURGH CORP)

daños que sufra el área del Estacionamiento Lote Sur y por todas las reparaciones necesarias incluyendo sin limitar a aquellas causadas por el desgaste de la carpeta asfáltica, base y sub-base, por el uso normal o el que se le haya dado a dicha área. Las Partes acuerdan que el Arrendatario o su subarrendatario deberán dar mantenimiento al Estacionamiento Lote Sur, incluyendo sin limitar a la carpeta asfáltica a su propio costo y gasto durante el Plazo del Arrendamiento. The Parties agree that Lessee or its sublease shall maintain the South Parking Lot, including but not limited to the asphalt carpet surface at their own cost and expense during the entire Lease Term. c) Cesión del Arrendador. El Arrendador podrá ceder en todo o en parte sus derechos y obligaciones derivados de este Arrendamiento, incluyendo sus derechos de cobro, así como para transmitir la propiedad de y/o hipotecar o en cualquier forma gravar o constituir garantías sobre la Propiedad Arrendada y/o los derechos derivados de este Arredramiento a cualquier tercero sin necesidad de autorización previa del Arrendatario, en cuyo caso, el Arrendador deberá notificar al Arrendatario de cualquier cesión hecha por él, dentro de los 30 (treinta) días siguientes a dicha cesión. Lo anterior, en el entendido de que este Arrendamiento continuará en vigor, conforme a lo dispuesto por las leyes aplicables. c) Assignment by Lessor. Lessor may assign in whole or in part its rights and obligations derived from this Lease, including its collecting rights, as well as to transfer title to and/or mortgage or in any other manner to encumbrance or constitute guarantees over the Leased Property and/or the rights derived from this Lease to any third party without requiring prior Lessee’s authorization, in which case, Lessor shall notify Lessee of any assignment made by it, within the 30 (thirty) days following such assignment. The foregoing in the understanding that this Lease shall continue in force, as provided by the applicable laws. VIGÉSIMA NOVENA.- NOTIFICACIONES Y DOMICILIOS.

06/17/2016 (TPI COMPOSITES, INC)

Cut contract prep time in half for free

Build document automations that allow you, your staff, and your clients to auto-populate contract templates.

“ I've found it very easy to use. It allows me to work quickly, get something straight from my head and out into the public.”

Partner, Siskind Susser PC

2500 Executive Parkway Suite 300 Lehi, Utah 84043 (866) 638-3627

Level 11, 1 Margaret Street Sydney NSW 2000 Australia +61 2 8310 4319

8th Floor South Reading Bridge House George Street Reading RG1 8LS +44 20 3129 9324

Latin America

Mexico +52 55 5985 3005

Brazil +55 21 4040 4623

• How to Successfully Switch Your DMS
• DocuSign + NetDocuments
• How Ice Miller Adopted the Cloud Completely Remote
• Case Studies
• Resource Library
• Partner Integrations
• App Directory
• Locate a Partner
• Partner Portal
• Become a Partner

© NetDocuments Software, Inc.

• Terms of Use
• Privacy policy
• Cookie policy
• Privacy policy for california residents

ASSIGNMENT OF LEASE BY LESSEE

Read also: PERSONS DISQUALIFIED TO BECOME LESSEES

The lessee cannot assign the lease without the consent of the lessor.

The assignment of a lease by the lessee involves a transfer of rights and obligations pertaining to the contract; hence, the consent of the lessor is necessary.

There arises the new juridical relation between the lessor and the assignee who is converted into a new lessee.

C an a lessee assign the lease of the house to another, without the consent of the lessor?

No, unless there is a stipulation to that effect. 

The law says:

“The lessee cannot assign the lease without the consent of the lessor, unless there is a stipulation to the contrary.”

In the case of Josie Go Tamio v.  Encarnacion Ticson ( G.R. NO. 154895, November 18, 2004) , the Court explained that, the objective of the law in prohibiting the assignment of the lease without the lessor’s consent is to protect the owner or lessor of the leased property. In the case of cession or assignment of lease rights on real property, there is a novation by the substitution of the person of one of the parties – – the lessee. The personality of the lessee, who dissociates from the lease, disappears; only two persons remain in the juridical relation – – the lessor and the assignee who is converted into the new lessee.

Thus, there arises the new juridical relation between the lessor and the assignee who is converted into a new lessee.

Hence, the lessee cannot assign the lease without the consent of the lessor (creditor), unless there is a stipulation granting him that right.

Alburo Alburo and Associates Law Offices  specializes in business law and labor law consulting. For inquiries, you may reach us at [email protected], or dial us at (02)7745-4391/0917-5772207.

All rights reserved.

SUBSCRIBE NOW FOR MORE LEGAL UPDATES!

[email-subscribers-form id=”4″]

21 thoughts on “ ASSIGNMENT OF LEASE BY LESSEE ”

Appreciation to my father who shared with me on the topic of this website, this weblog is genuinely amazing.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Navigating the assignment of a residential lease

A landlord can assign his leases to a new buyer of his building. Likewise, a tenant may be able to assign his lease if he needs to relocate. Find out how to assign your lease and what you can do to protect yourself when doing so.

by   Ronna L. DeLoe, Esq.

Ronna L. DeLoe is a freelance writer and a published author who has written hundreds of legal articles. She does...

Read more...

Updated on: December 4, 2023 · 3min read

Assignment of lease by the tenant

Assignment of lease vs. sublease, assignment of lease by the landlord.

As a tenant, you may want to get out of your residential lease without paying the remaining rent. Likewise, if you're a landlord and sell your rental property, the buyer must now collect rent from the tenants, who may have no idea you sold the property. In both situations, assignment of a lease with a release for the tenant and assignment of leases with notice by the landlord accomplish these goals.

If you're the tenant and want to leave before the end of your lease term, you may be able to assign your lease to a third party if the landlord doesn't let you out of the lease. The third party then becomes the new tenant, who is bound by the terms of the original lease and pays rent to the landlord.

Most often, the lease won't permit assignment without the landlord's approval, but leases often state that the landlord cannot unreasonably withhold consent. As long as you produce a tenant who's shown a history of payment under prior leases and has been a model tenant, a landlord should consent to assignment.

The assignment of lease form should include places for the tenant-assignor, the new tenant-assignee, and the landlord to sign. If the master lease allows assignment, then the tenant doesn't need the landlord's permission; the tenant can sign an assignment of lease agreement without the landlord's signature.

If the landlord allows an assignment of the lease, you, as the tenant, also want him to sign a release stating that you're not responsible for the new tenant's failure to pay or for any damage she causes. Without such a release, you may still be liable for both.

When you, as the tenant, assign the lease, you sign an agreement that either reads “Assignment of Lease," “Lease Assumption Agreement," or “Assignment and Assumption Agreement." An assumption of the lease means that the new tenant assumes your obligations, such as paying rent and keeping the apartment in good condition.

An assignment of a lease transfers the tenant's entire rights in the property to a third party. With a sublease, on the other hand, the tenant transfers only a portion of the remaining lease. For example, if the original tenant has six months remaining on his lease and he gives the entire six months to a third party, the tenant is permanently assigning his rights to live on the property to the third party. If, however, the tenant allows that third party to stay at the premises for only three months, and the tenant intends to return after three months, he is subleasing the premises.

A landlord can assign the right to collect rent to someone who has purchased the property. An assignment of lease from the seller to the buyer allows the new landlord to collect rent from any and all current tenants in the building. The language in the landlord's assignment of lease agreement can include assignment of security deposits, if the parties agree to it. An assignment of leases by the landlord to the buyer affords protection to the buyer so he can collect rent.

An assignment of leases by the landlord to the buyer is meaningless if tenants aren't aware the landlord sold the property, which is why it's important for the assignor-landlord to give tenants proper notice. A notice of assignment of lease, which is a form signed by both the assignor-landlord and the assignee, or new landlord, is one way to give notice. Another way is to send a letter on the landlord's letterhead. Either way, the notice must include the new landlord's address and how rent is to be paid.

Both landlords and tenants who become assignors should sign a formal assignment of lease agreement, which an online service provider can prepare for you. If you're the tenant who has assigned your lease, try to get a release or you'll still be liable to the landlord. If you're the landlord, make sure you can count on the new tenant to pay the rent before you release the primary tenant from his obligations under the lease.

You may also like

What does 'inc.' mean in a company name?

'Inc.' in a company name means the business is incorporated, but what does that entail, exactly? Here's everything you need to know about incorporating your business.

October 9, 2023 · 10min read

How to get an LLC and start a limited liability company

Considering an LLC for your business? The application process isn't complicated, but to apply for an LLC, you'll have to do some homework first.

March 21, 2024 · 11min read

What is a power of attorney (POA)? A comprehensive guide

Setting up a power of attorney to make your decisions when you can't is a smart thing to do because you never know when you'll need help from someone you trust.

February 8, 2024 · 15min read

Lease Assignment Agreement

Jump to section.

A lease assignment agreement is a legally binding contract outlining the terms and conditions of transferring a lease from one party to another in one place. This means the assignee becomes the new tenant and assumes all the rights, obligations, and liabilities under the original lease. Lease assignments are commonly used in real estate transactions when a tenant wants to transfer their lease to another party before the lease term expires. We will discuss the lease assignment agreements' purpose, key elements, and other relevant aspects.

Key Elements of a Lease Assignment Agreement

A lease assignment agreement includes several key elements outlining the terms and conditions of the lease transfer. These elements may vary depending on local laws and specific circumstances but generally include the following:

• Parties: The lease assignment agreement should clearly identify the parties involved, including the original tenant (assignor), the new tenant (assignee), and the landlord.
• Property: The agreement should specify the property subject to the lease assignment, including the address, unit number, and relevant details.
• Terms: The agreement should state the lease assignment's effective date, the original lease's remaining term, and any renewal or termination provisions.
• Rights and Obligations: The agreement should outline the rights and obligations of the assignor, assignee, and landlord, including rent payments, maintenance responsibilities, and any other lease terms that will carry over to the assignee.
• Consent: In most cases, the lease assignment agreement requires the landlord's written consent. The agreement should specify the conditions and process for obtaining landlord consent.
• Indemnification: The agreement may include provisions for indemnifying the landlord against any losses or damages resulting from the lease assignment.
• Governing Law : The agreement should specify the governing law and jurisdiction applicable to any disputes or legal matters related to the lease assignment.

Legal Implications of Lease Assignment Agreements

Lease assignments have legal implications for all parties involved. It is important to understand the potential legal risks and obligations associated with lease assignments. For tenants, it may be necessary to review the original lease agreement and seek legal advice to ensure compliance with the terms and conditions of the lease assignment. Landlords should carefully review and approve lease assignments to protect their rights and interests. In some jurisdictions, landlords may have the right to reject a proposed lease assignment for valid reasons.

Jeremiah C.

Practical tips for managing lease assignment agreements.

Lease assignments can be complex, and it is important for tenants and landlords to approach them with caution. Here are some tips for navigating lease assignments:

For Tenants

• Review the Original Lease Agreement: Understand the terms and conditions of the original lease before entering into a lease assignment agreement.
• Seek Legal Advice: Consider consulting with a real estate attorney to ensure compliance with local laws and protect your rights and interests.
• Obtain Written Consent from the Landlord: Follow the process outlined in the lease assignment agreement to obtain written consent from the landlord before proceeding with the assignment.
• Communicate with all Parties Involved: Keep open communication with the assignee, assignor, and landlord throughout the process to avoid misunderstandings or disputes.
• Fulfill Obligations under the Original Lease: Even after the lease assignment, the assignor may still be responsible for fulfilling their obligations under the original lease until the effective date of the assignment.

For Landlords

• Review the Lease Assignment Carefully: Carefully review the proposed lease assignment agreement, including the terms and conditions, rights and obligations of the assignor and assignee, and any indemnification provisions.
• Require Written Consent: Insist on obtaining written consent from the assignor and assignee before allowing the lease assignment to proceed, as this protects your rights and interests as a landlord.
• Verify Financials and Credentials of Assignee: Conduct thorough due diligence on the proposed assignee's financials and credentials to ensure they can fulfill the lease obligations.
• Update Lease Documentation: Once the lease assignment is approved, update the lease documentation to reflect the new tenant (assignee) and provide copies to all parties involved.
• Communicate with all Parties Involved: Maintain open communication with the assignor, assignee, and any property management or legal professionals involved in the lease assignment process to ensure a smooth transition.

Potential Risks and Considerations

There are potential risks and considerations that tenants and landlords should be aware of when it comes to lease assignments. These may include:

• Non-Compliance with the Original Lease: If the assignee fails to comply with the terms and conditions of the original lease, the assignor may still be held liable for any breaches.
• Landlord's Right to Reject: In some jurisdictions, landlords may have the right to reject a proposed lease assignment for valid reasons, such as the assignee's inability to meet financial obligations or lack of appropriate credentials.
• Indemnification Provisions: The lease assignment agreement may include indemnification provisions that hold the assignor and assignee responsible for any losses or damages resulting from the lease assignment.
• Legal Disputes: Disputes may arise during the lease assignment process, such as disagreements over the terms and conditions, consent requirements, or other related matters.
• Local Laws and Regulations: Lease assignments are subject to local laws and regulations, which may vary by jurisdiction. It is important to ensure compliance with applicable laws and seek legal advice.

Key Terms for Legal Assignment Agreements

• Consideration: Refers to the value or benefit each party receives in exchange for entering into the assignment agreement.
• Assignment: The transfer of rights or obligations from one party (assignor) to another (assignee) as agreed upon in the assignment agreement.
• Consent: The requirement for obtaining permission or agreement from relevant parties, such as the original contracting parties, for the assignment to occur.
• Indemnity : The legal protection provided by the assignor to the assignee against any potential losses, liabilities, or claims arising from the assignment.
• Governing Law: The jurisdiction or legal system that governs the interpretation, validity, and enforcement of the assignment agreement, which is typically specified in the agreement itself.

Final Thoughts on Legal Assignment Agreements

A lease assignment agreement is a legally binding contract allowing tenants to transfer their lease rights and responsibilities to another party. It is important for both tenants and landlords to carefully review and understand the terms and conditions of a lease assignment, seek legal advice if needed, and maintain open communication throughout the process. By following the appropriate steps and considering potential risks and considerations, lease assignments can be a useful tool for tenants and landlords to manage their lease agreements effectively.

However, you need the help of a professional lawyer to ensure you do not end up messing up a lease assignment agreement. So, ensure you approach an experienced attorney who is well-versed in the field.

If you want free pricing proposals from vetted lawyers that are 60% less than typical law firms, click here to get started. By comparing multiple proposals for free, you can save the time and stress of finding a quality lawyer for your business needs.

Need help with a Lease Assignment Agreement?

Meet some of our lease assignment agreement lawyers.

Transactional attorney and corporate in house counsel for 15 years. Draft all types of contracts and employment agreements.

Kerbis' practice includes business and real estate transactions, estate planning, and limited scope litigation consulting. Mathew has negotiated deals involving multinational corporate franchises and has collectively helped hundreds of clients with their transactional, civil litigation, and appellate legal needs. Throughout his tenure as an American Bar Association leader, Mathew has advocated for legal education reform, interviewed ABA Presidents and State Appellate and Supreme Court Justices, and lobbied Congress on behalf of the legal profession. As a law student, Mathew served as an extern for the Honorable Justice Robert E. Gordon of the Illinois Appellate Court, First District.

Corporate attorney with 14+ years of in-house counsel, people leadership and client management experience. Provides legal expertise and a business-oriented approach to problem solving and building lines of business. Consistently works under pressure, prioritizing and managing workload and simultaneous tasks to meet deadlines in a changing, fast-paced environment.

Partnering with business clients to keep their greatest asset - their employees - from becoming their biggest liability. Mark accomplishes this by working with in-house counsel and human resource professionals of several Fortune 50 companies, as well as many smaller public and privately held profit and not for profit organizations, to provide advice and counsel on the day to day employment and workforce practice issues encountered by those organizations. For over fifteen years Mark has been Board Certified in Labor and Employment Law by the Texas Board of Legal Specialization. He is licensed and practices in both Texas and Colorado and has focused his practice for the last 20 plus years on defending companies in employment and labor related matters. During this time Mark has had extensive experience in handling and responding to a wide range of local, state and federal employment issues that impact the management and operations of businesses in a wide range of industries. Mark's experience includes appearances before state and federal agencies and regulatory boards, litigation in both state and federal courts, defense of class actions and appearances before courts of appeal. While Mark regularly handles matters in litigation, he has a high regard for handling every issue with the best interest of the client’s business. Mark is a published author and regular speaks on labor, employment and workplace practice topics. Whether it be an investigation by the Occupational Safety and Health Administration (OSHA), the Wage & Hour division of the U.S. Department of Labor, or other state agency; an Equal Employment Opportunity Commission (EEOC) or state agency charge claiming a violation of local, state or federal employment or labor laws; or the need for direction on a hiring, termination or business operational issue involving employees, Mark has extensive experience in handling these and many other employment and labor issues.

An experienced commercial contracts attorney with sales, leasing, NDA, SEC compliance, corporate governance, commercial real estate, and employment experience. Also well versed in internal and external policy document and manual creation.

Greg Fidlon has been practicing exclusively in employment law since 1998. He represents and advises clients in all aspects of the employment relationship. In addition to his litigation work, Greg regularly negotiates and drafts corporate policy handbooks, employment contracts, separation agreements and restrictive covenants. He also develops and presents training programs and has spoken and written extensively on labor and employment law topics.

I practiced law for the past 22 years in Immigration, Bankruptcy, Foreclosure, Civil Litigation, and Estate Planning. I am interested in downsizing to a more workable schedule to allow the pursuit of other interests.

Find the best lawyer for your project

Real estate lawyers by top cities.

• Austin Real Estate Lawyers
• Boston Real Estate Lawyers
• Chicago Real Estate Lawyers
• Dallas Real Estate Lawyers
• Denver Real Estate Lawyers
• Houston Real Estate Lawyers
• Los Angeles Real Estate Lawyers
• New York Real Estate Lawyers
• Phoenix Real Estate Lawyers
• San Diego Real Estate Lawyers
• Tampa Real Estate Lawyers

Lease Assignment Agreement lawyers by city

• Austin Lease Assignment Agreement Lawyers
• Boston Lease Assignment Agreement Lawyers
• Chicago Lease Assignment Agreement Lawyers
• Dallas Lease Assignment Agreement Lawyers
• Denver Lease Assignment Agreement Lawyers
• Houston Lease Assignment Agreement Lawyers
• Los Angeles Lease Assignment Agreement Lawyers
• New York Lease Assignment Agreement Lawyers
• Phoenix Lease Assignment Agreement Lawyers
• San Diego Lease Assignment Agreement Lawyers
• Tampa Lease Assignment Agreement Lawyers

ContractsCounsel User

Lease agreement

Location: california, turnaround: over a week, service: drafting, doc type: lease agreement, number of bids: 4, bid range: $350 - $1,350, lease agreement review, location: pennsylvania, turnaround: less than a week, service: contract review, page count: 15, number of bids: 7, bid range: $350 - $995, related contracts.

• Addendum to Lease
• ALTA Statement
• Apartment Lease
• Apartment Rental Agreement
• Assignment of Lease
• Boundary Line Agreement
• Brokerage Agreement
• Building Contract
• Building Lease
• Business Office Lease Agreement

other helpful articles

• How much does it cost to draft a contract?
• Do Contract Lawyers Use Templates?
• How do Contract Lawyers charge?
• Business Contract Lawyers: How Can They Help?
• What to look for when hiring a lawyer

Want to speak to someone?

Get in touch below and we will schedule a time to connect!

Find lawyers and attorneys by city

• Business Needs
• Personal Needs
• Real Estate
• Detailed information explaining various aspects of U.S. law. Start reading AI-driven software for legal contract drafting and review. Learn about Loio

Requirements for the Assignment of Lease To New Owners

Introduction

Navigating the legal realm of real estate, you'll no doubt occasionally find yourself in need of various documents, forms, and agreements. Depending on what you need, the requirements can often be quite comprehensive. Take, for example, the assignment of the lease to the new owner form. This document plays a critical role whenever a leasehold property changes hands. This article will guide you through the key requirements of this crucial document, explaining the process in a way that's easy to understand for everyone.

Understanding Assignment of Lease

The assignment of the lease to the new owner is far from a black-and-white issue. Any property owner or prospective lessee will want to have a clear understanding of this process. One of the easiest ways to go about this is to dive straight into the world of lease assignments. But first, let's unravel how lease assignments work.

How does lease assignment work?

A lease assignment essentially permits the transfer of interest from the existing tenant to the new tenant. This means the new tenant steps into the shoes of the existing tenant. They are responsible for all rights, responsibilities, and obligations under the lease. The previous tenant, with the completion of the assignment of the lease to the new owner form, essentially hands over these duties to the new tenant. 

What Liabilities Will You Have When Assigning a Lease?

When you fill out the assignment of the lease to the new owner form, you are transferring the lease obligations to another tenant. While the lease is being transferred, it is important to understand that your responsibilities as the original tenant may still be in place. The U.S. law sometimes still considers the original tenant liable for certain aspects even after lease assignment. These aspects might include:

Fulfilling rental payment obligations if the new tenant fails to pay.

Responsibility for any property damage caused by the new tenant.

Liability towards maintenance agreements stated in the original lease.

Financial penalties if the new tenant violates the terms of the lease.

In an example situation, suppose you, as the original tenant, used an assignment of the lease to the new owner form to pass the lease to another individual. Now assume the new owner defaults on rent payments. Even though you're no longer the tenant, the landlord might approach you for the unpaid sum. This is because of the privity of the contract between you and the landlord that was established with the original lease agreement. This privity may hold you responsible for certain obligations until the lease period runs its course.

On a similar note, if the new tenant causes extensive damage to the property, there's a chance you might be the one receiving the repair bill. This potential liability stems from the same privity of contract between the original tenant and landlord. To avoid these issues, it's a good idea to include a release of liability clause in the assignment of the lease to the new owner. As always, it's recommended to seek legal advice from a real estate lawyer for these matters to make sure that you are fully protected when assigning a lease.

What Are the Requirements for the Assignment of the Lease To New Owners?

The process of transferring leasehold interest from one tenant to another through an assignment of the lease to new owner form includes specific requirements to ensure it's done legally and smoothly. Here are some key requirements needed to successfully execute a lease transfer:

Landlord’s consent: For an effective lease assignment, the landlord’s consent is crucial. The landlord has the right to either approve or disapprove the new tenant, depending on their qualifications.

Eligibility of the new tenant: The person inheriting the lease should effectively satisfy the landlord’s qualifications, which might include financial stability and a good character reference.

Transparent terms and agreement: The original lease agreement should clearly spell out the conditions for the lease assignment. This can protect all parties involved if disputes arise in the future.

Filled out assignment form: Completion of the assignment of the lease to the new owner form is mandatory to formalize the lease transfer.

With the landlord's consent, a new tenant who meets all eligibility requirements, a transparent lease agreement, and a filled-out assignment of the residential lease to a new owner, you're one step closer to an effective lease assignment.

However, creating this form might sound complex for the uninitiated, which is why referring to a template available on trusted legal aid platforms like Lawrina can be significantly beneficial. They have various real estate templates to guide you through the filling, the assignment of the lease to the new owner form process, and other real estate requirements.

• The original tenant (the assignor) exits the lease arrangement, and the new tenant (the assignee) assumes all the lease obligations directly with the landlord.
• Assigning a lease requires the landlord's approval and a legally binding assignment of the residential lease to a new owner.
• The assignor may still be liable for the lease obligations if the new tenant defaults unless the assignor gets a legal release of liability. This comes from the legal principle of 'privity of contract,' which keeps the assignor and landlord connected unless expressly released.
• The original lease between the landlord and the tenant (the sub-landlord) remains active.
• The original tenant retains some rights and responsibilities under the original lease and also takes on the role of the landlord in relation to the subtenant.
• A breach by the subtenant could directly impact the original tenant, not the landlord.

For instance, in California, if a tenant subleases their property and the subtenant does not comply with lease terms, the original tenant may face the landlord's legal action since the landlord's existing contract is with the original tenant, not the sub-tenant. Another example, under New York law , unless the assignor is expressly released by the landlord, they can still be held responsible for lease obligations even after executing the assignment of the lease to new owner form. 

How To Create the Assignment of Lease?

Creating an assignment of the lease to new owner form might appear daunting at first, but it is a straightforward process once you understand the information it necessitates. The first step involves gathering all necessary details about the existing lease and the property. This includes information such as the complete legal description of the property, the full names of the landlord and the tenants, and the terms of the existing lease. At this point, you should also aim to gather information about the assignor (the person assigning the lease) and the assignee (the person to whom the lease is being assigned).

In the second step, the landlord's consent needs to be obtained. Remember, an assignment of the lease to the new owner form cannot be completed without the full support and acceptance of the landlord. Once the landlord's consent is obtained, it is crucial to clearly define the rights and obligations being assigned. You want no ambiguity about what the assignee is taking over. Key points like the term of the lease and the amount of rent should be explicitly mentioned in the form. 

To facilitate the process of creating an assignment of the lease to the new owner form, you can rely on a readily available lease assignment agreement template . This helps ensure all the necessary fields are covered, and the document is legally compliant.

Get a lease assignment agreement template in a few clicks

Wrapping up, it's clear that the assignment of the lease to the new owner form is a cornerstone document in the realm of real estate. It's vital when you need to transfer an existing lease agreement from one tenant to another. The form helps make sure that all rights, responsibilities, and obligations are effectively handed over to the new tenant. This paves the way for a smooth transition, ensuring that the property can continue to be used without interruption.

However, drafting an assignment of the lease to a new owner form can be complex. It's not just about filling in names and dates. Consent from the landlord, qualifications of the new tenant, and clear terms and conditions all play integral roles in the process. Therefore, understanding each component of the assignment of a lease is crucial for a successful execution. Seeking legal guidance or making use of legal resources online can simplify the process and ensure a correctly completed document. 

Ilona Riznyk is a Content Specialist at Lawrina. In her role, she creates and manages various types of content across the website, ranging from blog articles to user guides. Ilona's expertise lies in meticulous fact-checking, ensuring all the published content is accurate and reliable. 

Frequently Asked Questions

Indeed, a landlord has the right to refuse an assignment of the lease to a new owner form. The landlord can do this if the prospective new tenant does not meet their requirements, which could include checks on financial stability, rental history, and creditworthiness. It's always the landlord's prerogative to ensure that the new tenant can meet the obligations of the lease. 

Also, there may be explicit provisions about lease assignments within the existing lease agreement that allow the landlord to refuse an assignment. In all such scenarios, it's always advisable to go through the original lease agreement thoroughly to understand the terms regarding lease assignments before filling out the assignment of the lease to new owner form.

If a new tenant does not abide by the conditions stipulated in the assignment of the lease to new owner form, this could result in legal ramifications. Depending on the nature and extent of the non-compliance, the landlord has the right to enforce the lease agreement against the new tenant, potentially even leading to eviction in certain cases.

In some situations, the original tenant who organized the assignment of the lease to the new owner form could also be held accountable for the new tenant's violations. This can happen when the original tenant has not been officially relieved of all liabilities related to the lease. 

Disputes can arise during the process of lease assignment. In many cases, disputes occur when the intended new tenant fails to meet the landlord's criteria or if the terms of the assignment of the lease to a new owner form are not agreed upon by all parties. In such situations, the involvement of a legal advisor can help to resolve the disputes and ensure all parties' rights are protected.

Moreover, if disagreements persist, the matter might have to be solved through a court's intervention. Each state has its own laws for settling such real estate disputes, and legal help might be essential in such cases. Being cautious while filling out the assignment of the lease to a new owner form can help prevent these disputes from arising in the first place.

• Global (EN)
• Albania (en)
• Algeria (fr)
• Argentina (es)
• Armenia (en)
• Australia (en)
• Austria (de)
• Austria (en)
• Azerbaijan (en)
• Bahamas (en)
• Bahrain (en)
• Bangladesh (en)
• Barbados (en)
• Belgium (en)
• Belgium (nl)
• Bermuda (en)
• Bosnia and Herzegovina (en)
• Brasil (pt)
• Brazil (en)
• British Virgin Islands (en)
• Bulgaria (en)
• Cambodia (en)
• Cameroon (fr)
• Canada (en)
• Canada (fr)
• Cayman Islands (en)
• Channel Islands (en)
• Colombia (es)
• Costa Rica (es)
• Croatia (en)
• Cyprus (en)
• Czech Republic (cs)
• Czech Republic (en)
• DR Congo (fr)
• Denmark (da)
• Denmark (en)
• Ecuador (es)
• Estonia (en)
• Estonia (et)
• Finland (fi)
• France (fr)
• Georgia (en)
• Germany (de)
• Germany (en)
• Gibraltar (en)
• Greece (el)
• Greece (en)
• Hong Kong SAR (en)
• Hungary (en)
• Hungary (hu)
• Iceland (is)
• Indonesia (en)
• Ireland (en)
• Isle of Man (en)
• Israel (en)
• Ivory Coast (fr)
• Jamaica (en)
• Jordan (en)
• Kazakhstan (en)
• Kazakhstan (kk)
• Kazakhstan (ru)
• Kuwait (en)
• Latvia (en)
• Latvia (lv)
• Lebanon (en)
• Lithuania (en)
• Lithuania (lt)
• Luxembourg (en)
• Macau SAR (en)
• Malaysia (en)
• Mauritius (en)
• Mexico (es)
• Moldova (en)
• Monaco (en)
• Monaco (fr)
• Mongolia (en)
• Montenegro (en)
• Mozambique (en)
• Myanmar (en)
• Namibia (en)
• Netherlands (en)
• Netherlands (nl)
• New Zealand (en)
• Nigeria (en)
• North Macedonia (en)
• Norway (nb)
• Pakistan (en)
• Panama (es)
• Philippines (en)
• Poland (en)
• Poland (pl)
• Portugal (en)
• Portugal (pt)
• Romania (en)
• Romania (ro)
• Saudi Arabia (en)
• Serbia (en)
• Singapore (en)
• Slovakia (en)
• Slovakia (sk)
• Slovenia (en)
• South Africa (en)
• Sri Lanka (en)
• Sweden (sv)
• Switzerland (de)
• Switzerland (en)
• Switzerland (fr)
• Taiwan (en)
• Taiwan (zh)
• Thailand (en)
• Trinidad and Tobago (en)
• Tunisia (en)
• Tunisia (fr)
• Turkey (en)
• Turkey (tr)
• Ukraine (en)
• Ukraine (ru)
• Ukraine (uk)
• United Arab Emirates (en)
• United Kingdom (en)
• United States (en)
• Uruguay (es)
• Uzbekistan (en)
• Uzbekistan (ru)
• Venezuela (es)
• Vietnam (en)
• Vietnam (vi)
• Zambia (en)
• Zimbabwe (en)
• Financial Reporting View
• Women's Leadership
• Corporate Finance
• Board Leadership
• Executive Education

Fresh thinking and actionable insights that address critical issues your organization faces.

• Insights by Industry
• Insights by Topic

KPMG's multi-disciplinary approach and deep, practical industry knowledge help clients meet challenges and respond to opportunities.

• Advisory Services
• Audit Services
• Tax Services

Services to meet your business goals

Technology Alliances

KPMG has market-leading alliances with many of the world's leading software and services vendors.

Helping clients meet their business challenges begins with an in-depth understanding of the industries in which they work. That’s why KPMG LLP established its industry-driven structure. In fact, KPMG LLP was the first of the Big Four firms to organize itself along the same industry lines as clients.

• Our Industries

How We Work

We bring together passionate problem-solvers, innovative technologies, and full-service capabilities to create opportunity with every insight.

• What sets us apart

Careers & Culture

What is culture? Culture is how we do things around here. It is the combination of a predominant mindset, actions (both big and small) that we all commit to every day, and the underlying processes, programs and systems supporting how work gets done.

Relevant Results

Sorry, there are no results matching your search..

• Topic Areas
• Reference Library

ASC 842 for lessees

KPMG Exeutive View | December 2021

Updated: An executive level overview of the new lease accounting standard from a lessee’s perspective.

Our executive summary highlights key accounting changes and organizational impacts for lessees applying ASC 842.

Applicability

• Lessees in the scope of ASC 842

Relevant dates

Key impacts:.

• Lessees will recognize all leases, including operating leases, with a term greater than 12 months on-balance sheet
• Key balance sheet measures and ratios may change, IT systems may need to be upgraded or modified, and accounting processes and/or internal controls will need to be revised
• Lessees can choose between two transition methods, with additional practical expedients available
• Sale-leaseback accounting is substantially changed
• Both qualitative and quantitative disclosures are expanded

Report contents

• In a snapshot
• Effective dates
• The transition approach
• Leases on-balance sheet
• Other key considerations

Download the document:

Executive Summary

Subscribe to stay informed

Receive the latest financial reporting and accounting updates with our newsletters and more delivered to your inbox.

Choose your subscription (select all that apply)

By submitting, you agree that KPMG LLP may process any personal information you provide pursuant to KPMG LLP's Privacy Statement .

Accounting Research Online

Access our accounting research website for additional resources for your financial reporting needs.

Thank you for contacting KPMG. We will respond to you as soon as possible.

Contact KPMG

Job seekers

Visit our careers section or search our jobs database.

Use the RFP submission form to detail the services KPMG can help assist you with.

Office locations

International hotline

You can confidentially report concerns to the KPMG International hotline

Press contacts

Do you need to speak with our Press Office? Here's how to get in touch.

• Meet The Team
• Our Strategic Solutions
• Practice Transitions
• Employment Agreements
• Shareholder and Partnership Agreements and Practice Buy-ins/Buy-Outs
• Leasing and Real Estate Services
• Litigation, Demand Letters, and Audits
• Succession and Estate Planning
• Corporate Formation
• Employment Law
• DSOs (Dental Service Organizations
• Chiropractors
• Physical Therapy
• Dermatology

Dental and Medical Counsel Blog

The right to assign or sublet in commercial lease agreements.

One of the most important parts of starting, buying, or selling a medical or dental practice is the real estate lease agreement . All too often, doctors rely on the representation of the landlord that “it is just a standard lease agreement.” They sign the document without considering the terms of the lease and what impact those terms may have on future decisions about selling the practice, downsizing, or closing the practice to retire or move to a different geographical location .

Two terms that are in lease agreements that you need to give special attention to are: the right to assign the lease; and the right to sublet the space. Each term of the lease needs to be separately negotiated by an experienced lawyer. 

Assignment of the Lease by the Original Lessee

An assignment of the lease means that all the rights and obligations of the original tenant are “assigned or transferred” to the new tenant. This can come up in many different circumstances but most often it becomes relevant when you want to sell your practice, which means the buyer becomes the new tenant of the property.

When you open your first practice , you are likely not thinking  about the possibility of someday selling the practice or transferring it. But, just like any other financial planning you do for your future, you need to plan for the possibility of selling your practice before your current lease ends. This means that before you sign on the dotted line, you want to be sure that the lease provides you some choices if you need to assign the lease or sublet the space. 

Beware of a clause that says you can assign the lease only “at the sole discretion of the landlord.” This means that the landlord can deny approval of assignment for any reason at all or even no reason.

The right to assign the lease to a new owner can seriously affect your financial future. If you cannot assign or transfer your lease, then you essentially have no practice to sell. Before you enter into a lease agreement, you need an attorney who can negotiate for you, at a minimum, a term that says the landlord cannot “unreasonably” refuse to allow the assignment of the lease. 

The ideal negotiation will result in giving you the right to assign or transfer the lease to the new owner of the practice in a way that releases you from all financial obligations in case the new owner defaults on the rent payments. You do not want to go to bed every night worrying that you may be on the hook for the lease payments if the new tenant defaults on the rent.

When you assign the lease to someone else, you want to be relieved from your obligations to make lease payments and to be sure that obligation is transferred to the new lessee. The new tenant is the one who will now be responsible for making the lease payments and complying with any other terms of the lease. The buyer to whom you have assigned or transferred the lease will deal directly with the landlord.

All parties involved need to sign the new lease agreement.

When the Original Lessee Sublets the Space

There may come a time when you want to sell your practice , downsize your practice, or retire and move to another location. Transferring or assigning the lease may not work for you, but subletting may provide you the relief you need. You may want to sublet the entire office space or only a portion of it. This is not the same as space sharing which is covered in a separate blog.

When you sublet office space, you become the sublessor and your tenant becomes the sublessee. You are still the primary person responsible for paying the rent. The original agreement between you and the landlord is still in effect. You will need the written consent of the landlord who cannot unreasonably withhold consent. 

You will want to check the sublessor’s financial statements and credit report. You want to be sure the sublessor has the means to meet the monthly rent because if he or she fails to make the payments, you are the one responsible.

If you are considering assigning your lease or subletting your space, consult with an attorney who has experience with lease agreements and can advise you of the option that is in your best interest. Your attorney can negotiate with your landlord to get the best terms possible for subleasing.

There are many clauses to consider in your lease agreement that may be beneficial to you. If you need assistance, contact the leasing experts at Dental & Medical Counsel.

Subscribe to Our Blog

Stay updated with industry news!

Dental & Medical Counsel, P.C.

111 Deerwood Road, Suite 340 San Ramon, CA 94583 Phone: 925-999-8200 Fax: 925-884-1725 [email protected]

• Our Expertise
• Media and Resources

• Find a Lawyer
• Ask a Lawyer
• Research the Law
• Law Schools
• Laws & Regs
• Newsletters
• Justia Connect
• Pro Membership
• Basic Membership
• Justia Lawyer Directory
• Platinum Placements
• Gold Placements
• Justia Elevate
• Justia Amplify
• PPC Management
• Google Business Profile
• Social Media
• Justia Onward Blog

2023 Connecticut General Statutes Title 42 - Business, Selling, Trading and Collection Practices Chapter 743aa - Consumer Leases Section 42-411. - Assignment of lease. Preservation of lessee's claims and defenses.

(a) Until thirty days after a lessee receives from the assignor or assignee of the lease a signed notice in a record that the consumer lease has been assigned and containing the name and address of the assignee, the lessee may discharge the lessee's obligation by paying the assignor of the lease, and the following rules apply:

(1) If timely, a payment to the assignor is not subject to a late charge.

(2) Except as otherwise provided in subdivision (3) of this subsection, after the thirty-day period, the lessee discharges the lessee's obligation only by paying the assignee. An assignor who receives payment after notification is given must return the payment to the lessee or forward the payment to the assignee.

(3) If requested by the lessee after notice from the assignee under this subsection, the assignee shall seasonably furnish reasonable proof that the assignment has been made. Unless the assignee complies, the lessee may discharge the lessee's obligation by paying the assignor.

(b) Except as otherwise provided in subsection (b) of section 42-428, notwithstanding any provision in a consumer lease, a holder is subject to all claims and defenses arising from the lease which the lessee could assert against a previous holder and, if the original lessor does not select, manufacture or supply the goods, against the person from whom the lessor bought or leased the goods. A lessee's recovery from a holder under this subsection may not exceed amounts paid by the lessee to all holders under the lease.

(P.A. 02-81, S. 22.)

History: P.A. 02-81 effective July 1, 2003.

Get free summaries of new opinions delivered to your inbox!

• Bankruptcy Lawyers
• Business Lawyers
• Criminal Lawyers
• Employment Lawyers
• Estate Planning Lawyers
• Family Lawyers
• Personal Injury Lawyers
• Estate Planning
• Personal Injury
• Business Formation
• Business Operations
• Intellectual Property
• International Trade
• Real Estate
• Financial Aid
• Course Outlines
• Law Journals
• US Constitution
• Regulations
• Supreme Court
• Circuit Courts
• District Courts
• Dockets & Filings
• State Constitutions
• State Codes
• State Case Law
• Legal Blogs
• Business Forms
• Product Recalls
• Justia Connect Membership
• Justia Premium Placements
• Justia Elevate (SEO, Websites)
• Justia Amplify (PPC, GBP)
• Testimonials

Assignment of Lease Agreement by the Lessee

Select whether the person who will assign the lease agreement is the lessor or the lessee.

This document is only applicable if the one assigning is the lessee and not the lessor.

If the lessor will be the one to assign the lease agreement, then a different document may be needed depending on how the lessor wants to assign or transfer the lease agreement. For example. if the lessor will sell the property leased, then he may have to notify the lessees about the change of ownership of the leased property.

ASSIGNMENT OF LEASE AGREEMENT

KNOW ALL MEN BY THESE PRESENTS:

This Assignment of Lease Agreement (the "Agreement") is made and entered into this ________ day of ___________________________, 20______ at City/Municipality of ___________________________, Province of ___________________________, by and between:

________ , of legal age, Filipino , and residing at ________ , hereinafter referred to as the "Assignor"

________ , of legal age, Filipino , and residing at ________ , hereinafter referred to as the the "Assignee",

The Assignor and the Assignee shall be referred to collectively as the "Parties".

WITNESSETH THAT:

WHEREAS, the Assignor is the lessee of the property as described below. (the "Property")

WHEREAS , the Assignor is no longer interested in continuing the lease and would like to assign, transfer, or relinquish the Assignor's rights under the contract of lease in favor of the Assignee. A copy of the contract of lease dated ________ , with a weekly rent of ₱ ________ (________) is hereto attached. (the "Lease contract" or "Lease")

NOW THEREFORE , in consideration of the promises and mutual covenants set forth in this Agreement, and other good and valuable consideration, the sufficiency of which is hereby acknowledged, the Parties agree as follows:

I. SUBJECT OF THE LEASE

The Assignor shall assign the Lease of the Property to the Assignee which is referred to in the Lease contract attached herewith and is specifically described as follows:

The Property is located at the following address:

The Assignor agrees that the Assignee shall hold the Property for the unexpired term of the Lease contract beginning on ________ , and ending on ________ (the "Term"). The renewal of the Lease contract shall be made between the lessor and the Assignee, provided that any and all obligations by the Assignee to the Assignor under this agreement have already been satisfied.

III. OBLIGATIONS OF THE PARTIES

The Parties agree that they are bound by the following terms and conditions:

A. The Assignor shall relinquish the Assignor's rights over the Property in favor of the Assignee for the duration of the term as stated elsewhere in this Agreement.

B. The Rights that the Assignor assigns in favor of the Assignee shall include the right to enjoy and use the Property subject to the terms and conditions of the Lease contract.

C. The Assignor warrants that the Assignor has already obtained the consent of the lessor of the Property in allowing the Assignee to be the new lessee of the Property.

D. The Assignee shall pay a security deposit amounting to ₱ ________ (________) to the lessor.

E. The Assignee agrees to be bound by all the terms and conditions as provided in the Lease contract excluding the following obligations:

IV. CONSIDERATION

In consideration of the assignment of the Lease in favor of the Assignee, the Parties agree that:

A. The Assignee shall pay a fixed amount of ₱ ________ (________) as a fee for the assignment of the Lease (the "Consideration").

B. The above-stated amount shall be due and demandable immediately upon signing this agreement.

C. All Philippine taxes relating to this Agreement shall be borne by the Assignor .

D. The Assignee shall pay through the following acceptable methods of payment:

V. INDEMNITY AND LIMITATION OF LIABILITY

The Assignee agrees to hold the Assignor harmless from any damage or injuries resulting from the Assignee's acts or negligence. In no event will the Assignor's liability exceed the total amount paid by the Assignee to the Assignor for the Lease for any cause of action or future claim. The Assignor shall not be liable for any special, indirect, consequential, or punitive damages, including but not limited to lost profits and/or business, misunderstanding with the lessor, or acts arising out of or relating to this Agreement in any way subject to any warranties made under this Agreement.

VI. EVENT OF DEFAULT

The Assignee will be in default for the following ("Event of Default"):

A. Failure to make timely payments for any amount due under this Agreement;

B. Failure to perform one or more of the Assignee's obligations under this Agreement and said failure cannot be rectified;

C. Failure to rectify a breach or violation of the Assignee's obligations under this Agreement within Seven (7) Days after receipt of notice from the Assignor requiring that said breach or violation be rectified;

D. If a suit for insolvency, whether voluntary or involuntary, is filed against the Assignee;

E. If the Assignee is a business, and if the Assignee's business ceases or closes or fails to operate in the normal course of business for any reason.

VII. 88855555885 82 8528525

52 8582 22 52 58222 22 8225582, 252 88882225 252 852282 8228222 252 82228255282 25 5288888822 22 252 825222222. 52 282525 8582, 252 88882222 85588 82 885882 225 5525228.

VIII. 522585 82 8558555588

5222 252 5288888822 25 22528252822 22 2588 825222222 552 22 52 58222 22 8225582, 252 88882225 252 2522 2288288822 22 252 25222522 525 588822 252 8522 22 5 25855 25522 (252 "828 88882222") 25288525 2552 252 2252 22 252 22582 82225582 88 8222 522528525.

IX. FORCE MAJEURE

Neither party shall be liable to the other for failure to perform due to causes beyond its reasonable control including, but not limited to, acts of God, acts of civil authorities, acts of military authorities, riots, embargoes, acts of nature, and natural disasters, and other acts which may be due to unforeseen events or though foreseen could not be reasonably avoided.

X. TRANSFER OF RIGHTS

This Agreement shall be binding on the successors of either Party.

This Agreement may be assigned by the Assignee in favor of a third party without the approval of the Assignor, provided that the consideration or fees have been fully paid. Provided further that in any case, the assignment of the Lease to a third party shall be subject to the approval of the lessor.

XI. SUPPORTING DOCUMENTS AND ADDITIONAL ACTS

The Parties agree to execute such other documents as are reasonable and necessary for the proper implementation of this Agreement.

XII. APPLICABLE LAW

This Agreement shall be governed by and construed in accordance with the laws of the Republic of the Philippines.

XIII. WAIVER

Failure of either party to insist, in one or more instances, the strict performance of any of the terms of this Agreement, or to exercise any portion herein contained, shall thereafter not be construed as abandonment, cancellation, or waiver of such term. No waiver shall be deemed to have been made unless expressed in writing and signed by the Party against whom the waiver is to be effective. No waiver of any term or provision of this Agreement shall constitute a waiver of any other term or provision or of the same provision on a future date.

XIV. COUNTERPARTS

This Agreement may be executed in counterparts, all of which constitute a single agreement. If the dates set forth at the signatures of this document are different, the Agreement shall be considered effective as of the date that both Parties signed the Agreement.

XV. SEVERABILITY

The invalidity of any portion of this Agreement will not and shall not be deemed to affect the validity of any other provision. In the event that any provision of this Agreement is held to be invalid, the Parties agree that the remaining provisions shall be deemed to be in full force and effect as if they had been executed subsequent to the expungement of the invalid provision.

XVI. CUMULATIVE RIGHTS

The rights of the Parties under this Agreement and the law are cumulative and shall not be construed as exclusive unless otherwise required by law.

XVII. HEADINGS

Headings are for convenience only and do not affect the interpretation of this Agreement.

XVIII. VENUE OF ACTION

All actions arising out of or by virtue of this Agreement shall only be filed in the proper courts of the place where the Property is located to the exclusion of all other courts.

XIX. ENTIRETY OF AGREEMENT

This Agreement represents the entire agreement between the Assignor and the Assignee and supersedes all prior negotiations, representations, and agreements, either oral or written.

XX. AMENDMENTS AND MODIFICATIONS

This Agreement may be amended only by a written instrument signed and agreed upon by both Parties.

IN WITNESS WHEREOF , the Parties have hereunto affixed their signatures on the date and place first stated above.

________ Assignor

________ Assignee

Signed in the presence of:

____________________

ACKNOWLEDGEMENT

REPUBLIC OF THE PHILIPPINES ) PROVINCE OF ________________________ ) CITY OR MUNICIPALITY OF ________________________ )S.S.

BEFORE ME, a Notary Public, for and in the CITY OR MUNICIPALITY OF ________________________, ________________________, this _______ day of ________________________, 20______, personally appeared the following persons:

1. ________ , with the following competent proof of identification: Driver's License with number ________ which expires on ________ ;.

2. ________ , with the following competent proof of identification: Driver's License with number ________ which expires on ________ .

all known to me and to me known to be the same persons who executed the foregoing Assignment of Lease Agreement constituting of _________ pages, including this page where the Acknowledgement is written, and they acknowledged to me that the same is their free and voluntary act and deed.

WITNESS MY HAND AND SEAL on the day and place first written above.

Doc No. ________; Page No. ________; Book No. ________; Series of ________.

HOW TO CUSTOMIZE THE TEMPLATE

Answer the question and then click on "Next".

The document is written according to your responses - clauses are added or removed, paragraphs are customised, words are changed, etc.

At the end, you will immediately receive the document in Word and PDF formats. You can then open the Word document to modify it and reuse it however you wish.

NSW Land Registry Services

Registrar general's guidelines.

• Deposited plans
• Strata schemes
• Community schemes
• Water dealings
• Land dealings
• Common features
• Deeds Index Particulars
• Documents lodged
• Acknowledgment
• Agreements contracts
• Agricultural goods mortgages
• Bills of sale
• Book debts (assignment of)
• Causes, writs and orders of court
• Change of name - deed poll
• Conveyances
• General Frame
• Guardianships
• Memorials (Acts of Parliament)
• Power of attorney
• Re-registration
• Release or removal
• Resumptions and acquisitions
• Statutory declaration
• Survivorship
• RGs website change logs

Assignment of lease

ADIS Code -  LASS

An assignment of lease, including a sub-lease, is a transfer of the lease by the lessee, ie the assignor, to a new lessee, ie the assignee. The lessor is usually not a party to the assignment.

The affected lease or sub-lease is not required. For an assignment of a lease affecting Kosciuszko National Park .

Lodgment requirements

Stamp duty -  Required. If not marked Registration insisted upon , is prohibited.

Any alteration to the term or rent must be marked.

Registration copy - Required. If unacceptable, Registration insisted upon  is prohibited.

Statement of Title Particulars form  - Not required.

NOS form  - Not required.

Index Particulars form (completion)

(A) Lodging Party - Must be completed.

(B) Instrument - Lease - Assignment of

(C) Locality -  Not required.

Link Conveyance - Not required.

Principal Deed - The registered affected lease or sub-lease.

(D) Indexing -  The assignor and the assignee, and the sub-lessor for an assignment of a sub-lease.

(E) Certification -  Required.

Document requirements 

Date: must be dated with the date of execution. If not dated advise the lodging party. If a date is not furnished, indicate Registration insisted upon  and include the reason.

Name: the full names (initials are acceptable) of the assignor and the assignee are required. Advise the lodging party of any discrepancies in names.

Operative clause: "... hereby assigns...".

Principal Deed: the number of the affected lease or sub-lease as stated in the assignment must be identical to the number stated on the IPF. If affecting a sub-lease, the head lease number is also required.

Execution: by the assignor. A power of attorney must be registered, The assignee does not have to sign.

Attestation: required. Must be witnessed by a person of 18 years of age or older who is not a party to the document.

IPF: must be completed.

Staff processing information

A Deeds search may be made for the head lease number.

CA Not required

Locality: nil.

Link Conveyance: nil.

Principal Deed: required. The registered number of the lease or sub-lease being assigned, and the registered number of the head lease for an assignment of a sub-lease.

Noting: "Affecting [description of the land]".

If the assignment affects:

• an interest, state: "interest in" (or Noting Code: "I"
• a share, state: "[fraction] share"
• part of the land, state: "[affected land description]"
• the land description relies on an attached plan, state: "see attached plan" (or Noting Code: "PL").

V: the assignor, and the sub-lessor for an assignment of a sub-lease, deceased estates or trusts, and any variations thereof.

P: the assignee, deceased estates or trusts, and any variations thereof.

NSW Land Registry Services Office of the Registrar General Accessibility Sitemap Privacy Access to information Copyright Disclaimer Contact us