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ASSIGNMENT OF LEASE  WITH CONSENT OF LANDLORD

THIS ASSIGNMENT OF LEASE dated this 24th day of June, 2016

BETWEEN:

_________________________

(the "Assignor")

OF THE FIRST PART

- AND-

_________________________

(the "Assignee")

OF THE SECOND PART

  1. Background
  2. This is an agreement (the "Assignment") to assign a residential lease in real property according to the terms specified below.
  3. The Assignor wishes to assign and transfer to the Assignee that lease (the "Lease") dated June 24, 2016, and executed by the 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:

  1. Premises
  2. The Lease governs the rental of the following described premises (the "Premises") to the Assignor: ______________________________________________.
  3. Assigned Lease
  4. 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 conditions and terms contained in the Lease.
  5. Effective Date
  6. This Assignment takes effect on June 24, 2016 (the "Effective Date"), and continues until the present term of the Lease expires on June 24, 2016.
  7. Assignor's Interest
  8. The Assignor covenants that:
    1. the Assignor is the lawful and sole owner of the interest assigned under this Assignment;
    2. this interest is free from all encumbrances; and
    3. the Assignor has performed all duties and obligations and made all payments required under the terms and conditions of the Lease.
  9. Breach of Lease by Assignee
  10. Consent to this Assignment will not discharge the Assignor of its obligations under the Lease in the event of a breach by the Assignee.
  11. In the event of a breach by 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 all rights for the duration of the Lease provided the Assignor will pay all accrued rents and cure any other default.
  12. Governing Law
  13. It is the intention of the parties that this Assignment, and all suits and special proceedings under this Assignment, be construed in accordance with and governed, to the exclusion of the law of any other forum, by the laws of the Province of Manitoba, without regard to the jurisdiction in which any action or special proceeding may be instituted.
  14. Miscellaneous Provisions
  15. This Assignment incorporates and is subject to the Lease, a copy of which is attached hereto, 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.
  16. This Assignment will be binding upon and inure to the benefit of the parties, their successors, assigns, personal representatives, beneficiaries, executors, administrators, and heirs, as the case may be.
  17. 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.
  18. 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 24th day of June, 2016.



_____________________________
Witness



_____________________________
_________________________



_____________________________
Witness



_____________________________
_________________________


CONSENT OF LANDLORD

The Landlord in the above Assignment of Lease executed on the 24th day of June, 2016, consents to that Assignment. The Landlord also agrees to the Assignee assuming after June 24, 2016, the payment of rent and performance of all duties and obligations as provided in the Lease.

Dated: ____ day of _________________, 20____ _________________________________
Landlord: _________________________


Lease Assignment Information

Alternate Names:

A Lease Assignment Agreement is also known as:

  • Lease Transfer
  • Assignment of Lease
  • Assignment Agreement

What is a Lease Assignment Agreement?

A Lease Assignment Agreement is used to transfer lease interest in a commercial or residential property from one party to another.

Parties in a Lease Assignment Agreement:

Assignor: The original tenant (person or corporation) that is transferring the lease interest to a new tenant.

Assignee: The new tenant (person or corporation) who is taking over the lease interest from the assignor.

When Should I Use a Lease Assignment?

There are several instances where you might use a Lease Assignment to transfer the remaining interest in a lease to a third party.

Reasons for assigning a residential lease agreement may be:

  • Relocation
  • Downsizing or upsizing living space
  • Travel

Reasons for assigning a commercial lease agreement may be:

  • Seasonal business
  • Relocation
  • Expansion
  • Downsizing
  • Merger/acquisition

What is the Difference Between Assignment and Subletting?

When a tenant assigns a lease, they permanently give up the benefits of the lease, and a new tenant assumes the lease interest. The original tenant still remains liable, behind the new tenant, unless they are released of this obligation by the landlord.

Subletting a space means to transfer lease rights temporarily until the remaining lease term is over or until the original tenant returns.

With a sublease, the original tenant is still responsible for the lease term, paying rent to the landlord, and dealing with repairs or other issues in the property, whereas a Lease Assignment puts the third party in direct contact with the landlord to pay rent and assume a business relationship.

Does a Landlord Have to Consent to a Lease Assignment?

Yes. Before assigning a residential or commercial lease, it's important to reference the original agreement to see if the assignment is permitted. If not, you may have to get written permission from your landlord to assign the lease to a third party.

Liability and Lease Assignment

When you assign a lease agreement, you are transferring your lease obligations to another party. The assignee then assumes the responsibilities of the lease. However, unless the assignor is released of liability, they can still be liable for damage done by the assignee. If the assignee breaches the lease agreement, the landlord can approach the assignor for remedy.

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