Lease Termination - Free Legal Template
This Lease Assignment Agreement facilitates the transfer of a lessee's rights and obligations under an existing lease to a new party. It outlines the assignment and acceptance, requires the landlord's consent, and includes standard representations and warranties from both the assignor and assignee. This document is used when an original tenant (assignor) wants to transfer their lease responsibilities to a new tenant (assignee).
LEASE ASSIGNMENT AGREEMENT
This Lease Assignment Agreement (hereinafter referred to as the "Agreement") is made and entered into on [effective date] (the “Effective Date”),
BETWEEN: | [assignor name], residing at [assignor address], hereinafter referred to as the “Assignor”. |
AND: | [assignee name] , residing at [assignee address], hereinafter referred to as the “Assignee”, collectively referred to as the “Parties”. |
WITNESSETH:
WHEREAS, the Assignor is the current lessee under a lease agreement dated [original lease date], hereinafter referred to as the "Original Lease", for the property located at [property address] (the “Premises”);
WHEREAS, the Assignor wishes to assign and transfer to the Assignee all of Assignor's rights and obligations in the Original Lease;
WHEREAS, the Assignee wishes to assume all of Assignor's rights and obligations in the Original Lease for the remainder of the term specified therein;
NOW, THEREFORE, for and in consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereto agree as follows:
ASSIGNMENT AND ACCEPTANCE
The Assignor hereby assigns to the Assignee all of the Assignor's rights and interest in the Original Lease for the Premises, effective as of the Effective Date. The Assignee hereby accepts such assignment and assumes all of the Assignor's duties and obligations under the Original Lease, effective as of the Effective Date.
LANDLORD’S CONSENT
This Assignment is contingent upon obtaining the consent of [LANDLORD NAME], the Landlord under the Original Lease. Such consent to be evidenced in writing and attached to this Agreement as Exhibit A.
REPRESENTATIONS AND WARRANTIES
The Assignor represents and warrants that the Original Lease is in full force and effect and that no breach or default exists on the part of any party to the Original Lease. The Assignee represents and warrants that it has the financial capability to meet the obligations under the Original Lease.
GOVERNING LAW
This Agreement shall be governed by, and construed in accordance with, the laws of [governing law].
BINDING EFFECT
This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, successors, and assigns.
ENTIRE AGREEMENT
This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior agreements, understandings, negotiations, and discussions, whether oral or written, of the parties.
IN WITNESS WHEREOF, the parties have executed this Lease Assignment Agreement as of the Effective Date.
ASSIGNOR | ASSIGNEE |
[signature] | [signature] |
[print name] | [print name] |
[date of signature] | [date of signature] |
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