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Assignment of Commercial Lease Agreement Template
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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: ___________________________
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Assignment of Commercial Lease Agreement Template
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For quick answers, scroll below to see the FAQ.
ASSIGNMENT OF COMMERCIAL LEASE AGREEMENT TEMPLATE FAQ
What is an assignment of a commercial lease?
An Assignment of Commercial Lease transfers a tenant’s rights (and often obligations) under a commercial lease to a new tenant (the assignee). After assignment, the assignee usually steps into the tenant’s position under the lease, subject to the landlord’s written consent if the lease requires it.
How is an assignment different from a sublease?
In a sublease, the original tenant remains the tenant under the prime lease and rents space to a subtenant. In an assignment, the new tenant takes over the lease position. Many landlords prefer assignments when the original tenant is fully exiting the space.
Does the original tenant remain liable after assignment?
Often yes unless the landlord releases them in writing (sometimes called a “novation” or “release”). This template includes an option to state whether the assignor remains liable or is released if the landlord agrees.
What should be included?
Include: lease reference, premises description, effective date, assumption of obligations, landlord consent condition, security deposit handling, proration of rent, and any release/indemnity terms. This template includes optional exhibits for lease copy and consent.
Do you need landlord consent?
Most commercial leases require landlord written consent for assignment. This template makes landlord consent a condition and includes an optional landlord signature block to acknowledge consent.
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