Assignment And Assumption

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Then there is the part of the signatures and basic information of the assignor and assignee.

At the end of this template, there is also an additional Schedule One.

The terms of assignment, consent of the lessor, and acceptance by the assignee are covered in this Lease Assignment, including the length of the assignment, consent of the person taking over the lease, and acceptance by you, the current lease holder.

A Lease Assignment transfers the rights and obligations of an existing lease from one tenant to another.

The consent to this assignment shall not act as or be deemed as a waiver of Landlord’s right to consent to any subsequent assignment or lease in accordance with the terms of the Lease.

Notwithstanding the foregoing, so long as Assignee delivers to Landlord a letter of credit which satisfies the requirements of Section 21 of the Lease then within three (3) business days following Landlord’s receipt of such Letter of Credit from Assignee, Landlord shall return the original Letter of Credit to Assignor and thereafter such original Letter of Credit shall be void and of no further force or effect. By: Its: Dated: By its execution below, Landlord consents to this assignment of the Lease to Assignee and acknowledges the continuance of the Lease by and between Assignee and Landlord.

You can use a Lease Assignment to outline the terms for assigning the responsibilities of a lease to someone else.

You need to make sure that the landlord has given his or her consent for the Lease Assignment to go into effect.

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