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Lease Assignment Agreement
"I need a Lease Assignment Agreement for transferring my commercial shop lease in Lahore's Liberty Market to a new tenant, effective March 1, 2025, with the current lease having 3 years remaining and monthly rent of PKR 150,000."
1. Parties: Identifies the Landlord, Assignor (current tenant), and Assignee (new tenant) with their full legal names and addresses
2. Background: Recitals explaining the existing lease, the intention to assign, and confirmation of the landlord's consent
3. Definitions: Defines key terms used throughout the agreement including 'Lease', 'Assignment Date', 'Property', 'Rent' and other relevant terms
4. Assignment: Core clause detailing the assignment of the lease from Assignor to Assignee
5. Consideration: Details of any payment made by the Assignee to the Assignor for the assignment
6. Landlord's Consent: Explicit statement of the landlord's consent to the assignment and any conditions attached
7. Assignor's Covenants: Warranties and obligations of the Assignor, including statements about the lease's good standing
8. Assignee's Covenants: Commitments by the Assignee to comply with lease terms and perform tenant obligations
9. Handover Arrangements: Practical arrangements for transferring possession, keys, and relevant documentation
10. Registration and Stamp Duty: Provisions regarding registration requirements and responsibility for stamp duty payment
11. Governing Law and Jurisdiction: Specifies Pakistani law as governing law and defines jurisdiction for disputes
1. Security Deposit Transfer: Required when there is an existing security deposit to be transferred or adjusted between parties
2. Outstanding Charges: Include when there are pending utility bills, maintenance charges, or other payments to be addressed
3. Guarantor Provisions: Required when the original lease has a guarantor or the landlord requires a new guarantor
4. Break Clause: Include if parties wish to negotiate early termination rights for the Assignee
5. Repairs and Maintenance: Include when specific repair or maintenance obligations need to be allocated between Assignor and Assignee
6. Insurance: Required when there are specific insurance obligations to be transferred or new requirements imposed
1. Schedule 1 - The Property: Detailed description of the leased property including any parking spaces, storage areas, or shared facilities
2. Schedule 2 - The Existing Lease: Copy or summary of the original lease agreement with key terms highlighted
3. Schedule 3 - Inventory: List of any fixtures, fittings, or furniture included in the assignment
4. Schedule 4 - Outstanding Matters: List of any pending obligations, payments, or issues to be resolved
5. Appendix A - Landlord's Consent Letter: Formal written consent from the landlord for the assignment
6. Appendix B - Condition Report: Current condition of the property at the time of assignment
Authors
Consent
Consideration
Warranties
Covenants
Indemnification
Property Handover
Security Deposit
Registration
Stamp Duty
Outstanding Charges
Maintenance Obligations
Insurance
Utilities Transfer
Further Assurance
Severability
Notices
Force Majeure
Dispute Resolution
Governing Law
Entire Agreement
Amendment
Waiver
Costs
Third Party Rights
Real Estate
Commercial Property
Retail
Industrial
Office Space
Residential Property
Manufacturing
Warehousing
Hospitality
Healthcare
Education
Legal
Real Estate
Facilities Management
Operations
Administration
Compliance
Property Management
Corporate Affairs
Business Development
Real Estate Manager
Property Manager
Legal Counsel
Corporate Lawyer
Facilities Manager
Operations Director
Company Secretary
Compliance Officer
Real Estate Agent
Property Administrator
Lease Administrator
Business Development Manager
Asset Manager
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