Assignment Of Lease By Lessor Template for Hong Kong

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Key Requirements PROMPT example:

Assignment Of Lease By Lessor

"I need an Assignment of Lease by Lessor document for transferring my rights as landlord of a commercial property in Central, Hong Kong to a corporate buyer, with completion scheduled for March 15, 2025; the property has an existing tenant with 3 years remaining on their lease."

Document background
The Assignment Of Lease By Lessor is a crucial document used in Hong Kong property transactions when a current landlord (lessor) wishes to transfer their interest in a lease to a new landlord while maintaining the existing tenant's occupancy. This document is essential in situations such as property sales, corporate restructuring, or portfolio management changes. It must comply with Hong Kong's property laws and regulations, including requirements for registration at the Land Registry. The document typically includes detailed information about the property, the original lease terms, the parties involved, and the conditions of the assignment. It ensures continuity of the lease terms while protecting the rights of all parties involved, including any guarantors. This type of assignment is particularly common in commercial property transactions but is also used in residential contexts where properties are sold with sitting tenants.
Suggested Sections

1. Parties: Identifies the current lessor (assignor), the new lessor (assignee), and the existing tenant

2. Background: Recites the existence of the original lease, its key terms, and the intention to assign the lessor's interest

3. Definitions: Defines key terms used throughout the document, including 'Lease', 'Property', 'Assignment Date', etc.

4. Agreement to Assign: The operative clause where the current lessor agrees to assign all rights and interests under the lease to the new lessor

5. Consideration: States the amount paid for the assignment and payment terms

6. Effective Date: Specifies when the assignment takes effect

7. Assignor's Covenants: Warranties and representations from the current lessor regarding their right to assign, the lease's status, and absence of breaches

8. Assignee's Covenants: New lessor's agreements to perform the original lessor's obligations under the lease

9. Tenant's Acknowledgment: Tenant's formal recognition of the new lessor and agreement to pay rent to them

10. Completion Requirements: Details of what must be done to complete the assignment, including documentation and registration

11. Costs: Allocation of legal costs, stamp duty, and registration fees

12. Governing Law: Confirms Hong Kong law governs the agreement

13. Execution: Formal signing section including witness requirements

Optional Sections

1. Guarantee: Required if there is a guarantor for either the assignor's obligations or continuing guarantees under the original lease

2. Outstanding Rent: Needed if there are any rent arrears or adjustments to be addressed in the assignment

3. Property Management: Required for properties in multi-unit buildings to address management fees and obligations

4. Existing Deposits: Required if there are existing security deposits or other holdings to be transferred

5. Break Clause: Optional section addressing any existing break options and their transfer

6. Tax Indemnity: Required if there are specific tax implications that need to be addressed between the parties

7. Notices: Optional section detailing how formal notices should be given between parties

Suggested Schedules

1. Schedule 1 - The Property: Detailed description of the property including address, boundary plans, and registered details

2. Schedule 2 - The Lease: Copy or details of the original lease including date, parties, and key terms

3. Schedule 3 - Rent and Payment Details: Current rent, payment dates, and method of payment

4. Appendix A - Property Plans: Floor plans or property drawings if relevant

5. Appendix B - Existing Licenses or Consents: Copies of any relevant licenses or consents that affect the property

6. Appendix C - Assignment Conditions: Any special conditions or requirements for the assignment

7. Appendix D - Inventory: List of any fixtures, fittings or equipment included in the assignment if applicable

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant Industries

Real Estate

Commercial Property

Residential Property

Retail

Office Space

Industrial Property

Hospitality

Healthcare

Education

Banking and Finance

Legal Services

Relevant Teams

Legal

Real Estate

Property Management

Asset Management

Facilities Management

Compliance

Corporate Services

Administration

Investment

Operations

Relevant Roles

Property Manager

Real Estate Attorney

Legal Counsel

Property Director

Asset Manager

Facilities Manager

Real Estate Investment Manager

Property Portfolio Manager

Leasing Manager

Compliance Officer

Real Estate Transaction Manager

Property Administrator

Legal Administrator

Company Secretary

Real Estate Development Manager

Industries
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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