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Lease Assumption Agreement
"Need a Lease Assumption Agreement for our retail space at Orchard Gateway, where our current tenant ABC Retail Pte Ltd wants to transfer their lease to XYZ Fashion Pte Ltd effective March 1, 2025, with all existing terms to remain unchanged."
1. Parties: Identifies original tenant, new tenant, and landlord
2. Background: Details of original lease and reason for assumption
3. Definitions: Key terms used throughout the agreement
4. Assumption of Lease: Core provisions regarding transfer of rights and obligations
5. Effective Date: When the assumption takes effect
6. Consent of Landlord: Landlord's formal approval of the assumption
7. Liabilities and Obligations: Distribution of responsibilities between parties
1. Security Deposit Transfer: Terms for transferring existing security deposit between original tenant and new tenant
2. Outstanding Payments: Handling of any arrears or prepaid rent between parties
3. Renovation/Alterations: Treatment of existing improvements and modifications to the premises
4. Assignment Restrictions: Limitations on further assignment of the lease
1. Schedule 1 - Original Lease Agreement: Copy of the lease being assumed
2. Schedule 2 - Property Details: Description and address of leased premises
3. Schedule 3 - Condition Report: Current state of premises at assumption
4. Schedule 4 - Outstanding Payments Schedule: List of any pending payments or credits
Authors
Assignment and Transfer
Consent and Acknowledgment
Consideration
Conditions Precedent
Security Deposit
Outstanding Payments
Landlord's Rights
Representations and Warranties
Release and Indemnity
Liabilities and Obligations
Property Condition
Registration and Stamp Duty
Costs and Expenses
Notices
Further Assurance
Severability
Entire Agreement
Governing Law
Dispute Resolution
Force Majeure
Variation and Amendment
Counterparts
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