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ASSIGNMENT OF LEASE WITH CONSENT OF LANDLORD
THIS ASSIGNMENT OF LEASE dated this ________ day of ________________, ________
BETWEEN:
_________________________
(the "Assignor")
OF THE FIRST PART
- AND-
_______________________
(the "Assignee")
OF THE SECOND PART
IN CONSIDERATION OF the Assignor agreeing to assign and the Assignee agreeing to assume the Lease for the Premises, and other valuable consideration, the receipt and sufficiency of which is hereby acknowledged, both parties agree to keep, perform and fulfill the promises, conditions and agreements below:
IN WITNESS WHEREOF the Assignor and Assignee have duly affixed their signatures under hand and seal on this ________ day of ________________, ________.
_____________________________Witness
______________________________________________________
____________________________________________________
CONSENT OF LANDLORD
The Landlord in the above Assignment of Lease executed on the ________ day of ________________, ________, consents to that Assignment. The Landlord also agrees to the Assignee assuming after February 11, 2025, the payment of rent and performance of all duties and obligations as provided in the Lease.
Last updated December 30, 2024
A Lease Assignment Agreement is used to transfer lease interest in a commercial or residential property from one party to another. A Lease Assignment Agreement involves two parties:
Assignor: The assignor is the original tenant (person or corporation) that is transferring the lease interest to a new tenant.
Assignee: The assignee is the new tenant (person or corporation) who is taking over the lease interest from the assignor.
A Lease Assignment is also known as a/an:
There are several instances where you might use a Lease Assignment to transfer the remaining interest in a lease to a third party.
Reasons for assigning a residential lease agreement may be:
Reasons for assigning a commercial lease agreement may be:
When a tenant assigns a lease, they permanently give up the benefits of the lease, and a new tenant assumes the lease interest. The original tenant still remains liable, behind the new tenant, unless they are released of this obligation by the landlord.
Subletting a space means to transfer lease rights temporarily until the remaining lease term is over or until the original tenant returns.
With a sublease, the original tenant is still responsible for the lease term, paying rent to the landlord, and dealing with repairs or other issues in the property, whereas a Lease Assignment puts the third party in direct contact with the landlord to pay rent and assume a business relationship.
Yes. Before assigning a residential or commercial lease, it's important to reference the original agreement to see if the assignment is permitted. If not, you may have to get written permission from your landlord to assign the lease to a third party.
When you assign a lease agreement, you are transferring your lease obligations to another party. The assignee then assumes the responsibilities of the lease. However, unless the assignor is released of liability, they can still be liable for damage done by the assignee. If the assignee breaches the lease agreement, the landlord can approach the assignor for remedy.
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