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Lease Assumption Agreement

Lease Assumption Agreement Template for Hong Kong

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Key Requirements PROMPT example:

Lease Assumption Agreement

"I need a Lease Assumption Agreement for our Hong Kong retail store located in Central, where ABC Retail Limited will take over our existing 5-year lease from March 1, 2025, with the current landlord's consent already obtained."

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Document background
The Lease Assumption Agreement is a crucial document used when an existing tenant wishes to transfer their lease obligations to a new tenant in Hong Kong. This document is particularly important in commercial settings where businesses need to exit a lease early or transfer their premises to another entity. The agreement must comply with Hong Kong's property laws and regulations, including the Landlord and Tenant (Consolidation) Ordinance and the Conveyancing and Property Ordinance. It typically includes detailed provisions about the assumption of rights and obligations, handling of security deposits, representations and warranties, and the landlord's formal consent. The document is essential for protecting all parties' interests and ensuring a smooth transition of lease obligations while maintaining legal compliance.
Suggested Sections

1. Parties: Identifies all parties to the agreement: original tenant (assignor), new tenant (assignee), and landlord

2. Background: Recitals explaining the original lease details, reason for assumption, and current status

3. Definitions: Defines key terms used throughout the agreement, including 'Original Lease', 'Premises', 'Assumption Date', etc.

4. Assumption of Lease: Core provision where assignee assumes all rights and obligations under the original lease

5. Effective Date: Specifies when the assumption becomes effective and any conditions precedent

6. Assignor's Representations and Warranties: Representations regarding the lease status, no defaults, and authority to assign

7. Assignee's Covenants: New tenant's commitments to perform lease obligations and comply with terms

8. Landlord's Consent: Formal documentation of the landlord's approval of the assumption

9. Release of Original Tenant: Terms regarding the release (if any) of the original tenant from future obligations

10. Rent and Security Deposit: Handling of existing security deposit and rent arrangements

11. Notices: Communication procedures and contact details for all parties

12. Governing Law and Jurisdiction: Confirms Hong Kong law governs and specifies jurisdiction for disputes

Optional Sections

1. Guarantor Provisions: Required if there is a guarantor for the new tenant's obligations

2. Existing Modifications: Needed if the original lease has been modified or amended

3. Property Alterations: Required if there are specific arrangements regarding existing or planned alterations

4. Outstanding Claims: Necessary if there are any unresolved issues or claims under the original lease

5. Break Rights: Include if specific break rights are being transferred or modified

6. Service Contracts: Required if there are ongoing service contracts that need to be transferred

7. Condition of Premises: Optional section documenting the current state of the premises

Suggested Schedules

1. Schedule 1 - Property Description: Detailed description of the leased premises including address and floor plans

2. Schedule 2 - Original Lease: Copy or summary of the original lease agreement and any modifications

3. Schedule 3 - Rent and Payment Details: Current rent, payment schedule, and any rent review provisions

4. Schedule 4 - Inventory: List of any fixtures, fittings, or equipment included in the lease

5. Schedule 5 - Outstanding Obligations: List of any ongoing obligations or commitments under the lease

6. Appendix A - Required Consents: Copies of all necessary consents and approvals

7. Appendix B - Condition Report: Current condition report of the premises if relevant

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

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alex.den.21@genieai.co
Relevant legal definitions
Agreement
Assignee
Assignor
Assumption Date
Building
Business Day
Commencement Date
Completion
Conditions Precedent
Consent
Effective Date
Encumbrances
Existing Guarantor
Government Authority
Guarantor
Hong Kong
Land Registry
Landlord
Lease
Liabilities
New Security Deposit
Original Lease
Original Security Deposit
Outstanding Obligations
Parties
Permitted Use
Premises
Property
Relevant Period
Rent
Security Deposit
Service Charge
Stamp Duty
Tenancy
Term
Transaction Documents
Relevant Industries

Real Estate

Retail

Office Space

Industrial

Hospitality

Healthcare

Education

Manufacturing

Logistics

Warehousing

Professional Services

Banking and Finance

Relevant Teams

Legal

Real Estate

Operations

Finance

Facilities Management

Risk and Compliance

Corporate Administration

Asset Management

Relevant Roles

Chief Executive Officer

Chief Financial Officer

Chief Operating Officer

Real Estate Director

Facilities Manager

Property Manager

Legal Counsel

Corporate Lawyer

Real Estate Manager

Operations Director

Finance Director

Commercial Director

Risk Manager

Compliance Officer

Property Administrator

Asset Manager

Lease Administrator

Industries
Landlord and Tenant (Consolidation) Ordinance (Cap. 7): Primary legislation governing the relationship between landlords and tenants in Hong Kong, including rights and obligations, security of tenure, and statutory notices
Conveyancing and Property Ordinance (Cap. 219): Governs the creation and transfer of interests in land, including leases, and provides requirements for valid property transactions
Stamp Duty Ordinance (Cap. 117): Regulates the stamp duty payable on lease documents and property transactions, including the rates and payment requirements
Law of Property and Trustee Ordinance (Cap. 481): Provides additional regulations regarding property rights, interests, and trustee obligations in property transactions
Land Registration Ordinance (Cap. 128): Sets out the requirements for registration of property interests, including leases, in the Land Registry
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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