Assignment of Commercial Lease Agreement Template

This Assignment of Commercial Lease Agreement (the “Assignment”) is made as of [Effective Date] by and among:

Landlord: [Landlord Legal Name], address: [Address] (“Landlord”)
Assignor (Current Tenant): [Current Tenant Legal Name], address: [Address] (“Assignor”)
Assignee (New Tenant): [New Tenant Legal Name], address: [Address] (“Assignee”)

1. Prime Lease and Premises

1.1 Lease Date: [Lease Date]
1.2 Premises: [Property address + suite/unit + legal description if any].
1.3 Lease Parties: Landlord and Assignor.
1.4 A copy of the lease is: ☐ attached as Exhibit A ☐ not attached.

2. Assignment

2.1 Assignment. Assignor assigns and transfers to Assignee all of Assignor’s rights and interests in the Lease as of [Assignment Effective Date].
2.2 Assumption. Assignee accepts the assignment and agrees to perform and be bound by all tenant obligations under the Lease from and after the Assignment Effective Date.
2.3 No Other Changes. Except as stated, the Lease remains unchanged and in full force.

3. Condition: Landlord Consent

3.1 This Assignment is conditioned on Landlord’s written consent if required by the Lease.
3.2 If consent is not obtained by [Consent Deadline Date], then: ☐ this Assignment is void ☐ the Parties may extend the deadline in writing.

4. Rent, Deposits, and Prorations

4.1 Rent Proration. Rent will be prorated as of the Assignment Effective Date: ☐ Assignor pays through [Date] ☐ Assignee pays starting [Date].
4.2 Security Deposit (Select One):
☐ Landlord will transfer the existing security deposit credit to Assignee
☐ Assignor and Assignee will settle the deposit between themselves and Landlord will continue to hold deposit under the Lease
☐ Other: [Describe]

4.3 Other Charges. CAM, utilities, and other charges will be handled as follows: [Describe/prorate].

5. Representations (Basic)

5.1 Assignor represents that:

• Assignor is the current tenant under the Lease

• To Assignor’s knowledge, the Lease is in effect and not previously assigned

• Assignor has not received written notice of default, except: [If any]

5.2 Assignee represents that it has reviewed the Lease and accepts its terms.

6. Liability and Release (If Any)

6.1 Assignor Liability After Assignment (Select One):
☐ Assignor remains liable under the Lease to the extent required by the Lease or law
☐ Assignor is released from liability as of the Assignment Effective Date only if Landlord expressly agrees in writing

6.2 Indemnity (Optional):

• Assignee will indemnify Assignor for obligations arising after the Assignment Effective Date

• Assignor will indemnify Assignee for obligations arising before the Assignment Effective Date

7. Notices

7.1 Notices under this Assignment must be in writing and delivered to the addresses above.

8. Governing Law

8.1 This Assignment is governed by the laws of [State/Country].

Signatures

Assignor (Current Tenant): [Assignor Legal Name]
Name/Title: [Signer Name, Title]
Date: [Date]
Signature: ___________________________

Assignee (New Tenant): [Assignee Legal Name]
Name/Title: [Signer Name, Title]
Date: [Date]
Signature: ___________________________

Landlord Consent (If Required):
Landlord acknowledges and consents to this Assignment, subject to the terms of the Lease and any conditions stated below (if any): [Conditions].

Landlord: [Landlord Legal Name]
Name/Title: [Signer Name, Title]
Date: [Date]
Signature: ___________________________