Assignment of a Lease (India) by OLL
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ASSIGNMENT OF LEASE
Assignment of lease by endorsement where the landlord is
made a party to give his consent to the assignment.
This assignment made this ______________ day of _________, 20 _________, between the within-named BB. (hereinafter called ‘‘the Lessee’’) of the first part, the within named AA. (‘‘Lessor’’) of the second part, and CC, son of _______________________, of ____________________________ (hereinafter called, resident ‘‘the Assignee’’ which expression where the context so admits shall mean and include his heirs, executors, administrators, representatives and assigns) of the third part: Witnesses that in consideration of the sum of Rupees ____________ now paid by the purchaser to the vendor (the receipt of which sum the Lessee hereby acknowledges) the Lessee hereby assigns unto the Assignee all and singular the premises comprised in and demised by the within written Lease with all the appurtenances. To hold unto the Assignee the premises hereby assigned for the residue now unexpired portion of the term of _________ years expressed to be demised by the within written Lease, subject nevertheless to the payment of the rent and to the performance of the terms and covenants contained in the within written Lease and on the part of the Lessee to be observed and performed:
And the Assignee hereby covenants with the Lessee that the Assignee shall henceforth pay the said yearly rent of ______________ rupees reserved by the within-written Lease, and henceforth to become payable, and observe and perform all and singular the terms and covenants therein contained and on the part of the Lessee to be observed and performed:
And the Assignee also covenants that he shall, from time to time, and at all times hereafter, keep indemnified the Lessee, his estate and effects from and against all suits, proceedings, costs, claims and damages whatsoever, on account of the non-payment of the said rent or any part thereof, or any breach, or non-observance of the aforesaid terms and covenants or any part thereof.
‘‘In witness’’ clause as in Form No. 1
(Signed) BB.
In the presence of _________, son of _________of _________
(Signed) AA.
In the presence of _________, son of _________ of _________
(Signed) CC.
In the presence of _________, son of _________ of _________
This template is used for the transfer of an existing lease from a current tenant to a new tenant, specifically for use in India. It includes provisions for the landlord to provide their formal consent to the transfer and establishes an indemnity for the outgoing tenant against future claims.
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About this template
What is this template?
This document is a tripartite deed of assignment for a leasehold interest in India. It is not a new lease agreement, but a transfer of an existing one that includes an indemnity for the outgoing tenant and requires the landlord's signature to validate the transfer of the unexpired term.
When should you use it?
Use this document when a tenant wants to exit a lease early by finding a replacement tenant who will take over all existing obligations. Use a Sublease Agreement instead if the original tenant intends to remain liable to the landlord and return to the property later.
What's inside
| Clause | Name | What it does |
|---|---|---|
| Witnesses | Assignment of Premises | Transfers all premises and appurtenances from the Lessee to the Assignee for the residue of the unexpired term of years. |
| subject nevertheless | Payment and Performance | Subject the assignment to the continued payment of rent and performance of covenants specified in the original lease. |
| Assignee hereby covenants | Assignee's Covenant | Obliges the Assignee to pay the reserved yearly rent in Rupees and perform all Lessee obligations from the date of assignment. |
| keep indemnified | Indemnity | Requires the Assignee to protect the Lessee's estate against all costs and damages resulting from future non-payment or breach of terms. |
Who it's for
- a tenant in India transferring their remaining lease term to a third party with the landlord's explicit consent
- a landlord in India formally agreeing to the substitution of a tenant via endorsement of the original lease
How long it runs and how it's signed
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