ASSIGNMENT OF LEASE

 

 

THIS AGREEMENT of lease made on ______ day of _______  20___ between __________________ (hereinafter called the Assignor) on the ONE PART.

AND

______________________________ (hereinafter called the Assignee) on the OTHER PART

BACKGROUND

1.      This is an assignment to assign a residential lease in real property according to terms specified below.

2.      The assignor wishes to the assign and transfer to the Assignee that lease dated ____, 20__ as executed by Assignor as tenant and by ___________ as landlord (the Landlord).

In consideration of the assignor agreeing to assign and the assignee agreeing to assume the lease for the premises, and other valuable consideration, the receipt and sufficiency of which is hereby acknowledged, both parties agree to keep, perform and fulfill the promises, conditions and agreements below:

Premises

1.      The lease governs the rental of the  following described premises (the “premises”) to the Assignor:

_________________________________________________.

Assigned Lease

2.      The Assignor assigns and transfers to the Assignee all of the Assignor’s right, title, and interest in and to the Lease and the Premises, subject to all the terms and conditions in the Lease.

Effective Date

3.      This Assignment takes effect on ___________, 20___ (Effective Date), and continues until the present term of the Lease expires on ________, 20__.

Assignor’s Interest

4.      The Assignor covenants that:

a.       The Assignor is the lawful and sole owner of the interest assigned under this Assignment;

b.      This interest is free from all encumbrances; and

c.       The Assignor has performed all duties and obligations and made all payments required under the terms and conditions of the Lease.

Breach of Lease by Assignee

5.      Consent to this Assignment will not discharge the Assignor of its obligations under the Lease in the event of a breach by the Assignee.

6.      In the event of a breach by the Assignee, the Landlord will provide the Assignee, the Landlord will provide the Assignor with written notice of this breach and the assignor will have full rights to commence all actions to recover possession of the Premises (in the name of the Landlord, if necessary) and retain for the duration of the lease provided the Assignor will pay all accrued rents and cure any other default.

Miscellaneous Provisions

7.      This Assignment incorporates and is subject to the Lease, a copy of which is attached hereof, and which is hereby referred to and incorporated as if it were set out here at length. The Assignee agrees to assume all of the obligations and responsibilities of the Assignor under the Lease.

8.      The Assignment will be binding upon and inure to the benefit of the parties, their successors, assigns, personal, representatives, beneficiaries, executors, administration, and heirs, as the case may be.

9.      All rents and other charges accrued under the Lease prior to the Effective date will be fully paid by the Assignor, and by the Assignee after the Effective Date. The Assignee will also be responsible for assuming and performing all other duties and obligations required under the terms and conditions of the lease after the Effective Date.

10.  There will be no further assignment of the Lease without the prior written consent of the Landlord.

IN WITNESS WHEREOF the Assignor and Assignee have duly affixed their signatures under hand and seal on this _______ day of _____, 20__.

 

___________________________                                                  __________________________

Witness                                                                                           __________________________

 

__________________________                                                    __________________________

Witness                                                                                           __________________________