Arbitral Award for Assignment of a Lease (India) by OLL
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Arbitral award of assignment of lease
I AWARD and direct that in consideration of Rs. _____________ heretofore paid by the said [purchaser] to the said [lessee] and of Rs. __________ hereby directed to be paid by the said [purchaser] to the said [lessee] upon the execution of the deed of assignment hereinafter mentioned the said [lessee] shall as beneficial owner [or trustee or mortgagee] on the _____ day of _____________ at the office of ____________ the solicitor for the said [purchaser] execute a valid deed of assignment to the said [purchaser] of all his right title and interest in the unexpired residue of a term of _______ years granted by a lease dated the ______ day of _________ by [landlord] to the said [lessee] of certain premises heretofore occupied by the said [lessee] and [other occupier] as a shop and warehouse situate and being at [place] subject nevertheless to the rent covenants and conditions by and in the said lease reserved and contained. And I further award and direct that the said [purchaser] shall pay and satisfy all arrears of rent and taxes which have arisen accrued or become due for or on account of the said premises since the __________ day of ______.
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This document is a template for an arbitral award directing the assignment of a lease from a current lessee to a purchaser. It specifies the financial considerations, the execution of the assignment deed, and the responsibility for outstanding rent and taxes.
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About this template
What is this template?
This is an arbitral award, not a lease or a deed of assignment itself. It contains specific directions for the payment of a purchase price, the date of execution at a solicitor's office, and the assumption of specific arrears by the purchaser.
When should you use it?
Use this when an arbitral tribunal has determined that a lease must be transferred to a purchaser following a dispute. Use a Deed of Assignment instead if the parties are transferring the lease voluntarily without an arbitrator's intervention.
What's inside
| Clause | Name | What it does |
|---|---|---|
| First Paragraph | Consideration and Payment | Specifies the total sum paid and the remaining balance due upon the execution of the deed of assignment. |
| First Paragraph | Execution of Assignment | Orders the [lessee] to execute a valid deed of assignment at the [purchaser]'s solicitor's office on a designated date. |
| First Paragraph | Residue of Term | Transfers the unexpired residue of a specific term of years granted by the original lease dated to the [purchaser]. |
| Second Paragraph | Rent and Tax Arrears | Obliges the [purchaser] to satisfy all rent and tax arrears accrued since the specified date. |
Who it's for
- an arbitrator resolving a dispute over the transfer of a leasehold shop and warehouse in India
- a purchaser seeking a formal award to compel the execution of a lease assignment
How long it runs and how it's signed
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