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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."
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
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
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
Assignor
Assignee
Assignment
Assignment Date
Completion
Completion Date
Conditions
Consideration
Deposits
Effective Date
Encumbrances
Existing Guarantor
Government Lease
Land Registry
Lease
Original Lease
Lease Term
Leased Property
Legal Charges
Liabilities
Management Agreement
Outstanding Rent
Parties
Permitted Use
Property
Rent
Rights
Service Charges
Stamp Duty
Tenant
Term
Title Documents
Transaction Documents
Working Day
Assignment
Consideration
Property Description
Rights and Obligations
Warranties and Representations
Covenants
Transfer of Deposits
Registration Requirements
Completion
Tenant Acknowledgment
Guarantor Provisions
Tax Obligations
Costs and Expenses
Notice Requirements
Property Management
Insurance
Title Matters
Condition Precedent
Further Assurance
Severability
Entire Agreement
Governing Law
Execution
Real Estate
Commercial Property
Residential Property
Retail
Office Space
Industrial Property
Hospitality
Healthcare
Education
Banking and Finance
Legal Services
Legal
Real Estate
Property Management
Asset Management
Facilities Management
Compliance
Corporate Services
Administration
Investment
Operations
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
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