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ASSIGNMENT OF LEASE  WITH CONSENT OF LANDLORD

THIS ASSIGNMENT OF LEASE dated this 29th day of August, 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 August 29, 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 August 29, 2016 (the "Effective Date"), and continues until the present term of the Lease expires on August 29, 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 State of Alabama, 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 29th day of August, 2016.



_____________________________
Witness



_____________________________
_________________________



_____________________________
Witness



_____________________________
_________________________


CONSENT OF LANDLORD

The Landlord in the above Assignment of Lease executed on the 29th day of August, 2016, consents to that Assignment. The Landlord also agrees to the Assignee assuming after August 29, 2016, the payment of rent and performance of all duties and obligations as provided in the Lease.

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


Lease Assignment Agreement Information

Alternate Names:

A Lease Assignment Agreement is sometimes called:

  • Lease Assignment
  • Assignment of Lease
  • Assignment Agreement
  • Lease Transfer

What is a Lease Assignment Agreement?

If a tenant has to leave before their lease has expired, they may be permitted to assign their lease, which means to transfer their remaining rights and obligations to a new tenant. In this arrangement, the original tenant is known as the assignor, and the new tenant is called the assignee.

A Lease Assignment can be used for both residential and commercial properties.

Should I Sublet or Assign My Lease?

Both subletting and assignment involve finding a new tenant, but they have some key differences. It's important to review your Lease Agreement for rules about subleasing or assigning your lease, as well as discuss your options with your landlord.

An assignment involves the tenant transferring their lease interest to a new tenant using a Lease Assignment Agreement. The assignee takes the assignor's place in the landlord-tenant relationship, although the assignor may remain liable for damages and missed rent payments.

A sublease involves the tenant temporarily handing over the rights and obligations of a lease to a third party using a Sublease Agreement. Although the landlord typically isn't a party to the agreement, they can still hold the tenant responsible for the terms of the original lease.

Reasons to Assign a Lease

There are a variety of circumstances that may require a tenant to leave before their lease expires.

If you're renting residential property, you may wish to transfer your lease if you are relocating for work or personal reasons, looking to reduce living costs, increasing your living space, or purchasing a home.

If you're renting commercial property, you may assign your lease because of company relocation, expansion, downsizing, or seasonal closure.

What Should be Included in a Lease Assignment Agreement?

A copy of the master lease should be attached to the Lease Assignment Agreement or provided to the assignee.

The agreement should contain the following information:

  • Type of lease: residential or commercial
  • Property location
  • Assignor, assignee, and landlord information
  • Original lease term: start and end dates
  • Start date of the lease transfer
  • Details about the continuing liability of the assignor
  • Lead paint disclosure

Is a Landlord's Consent Required for a Lease Assignment?

You should have the consent of your landlord when you assign a lease. The master lease may state whether a tenant is permitted to assign the lease and if consent is needed. However, if it does not, it is a good idea to consult with your landlord and obtain written consent to transfer the lease to a new tenant.

Continuing Liability of the Assignor

Your Lease Agreement may contain a clause about assignment and continuing liability. If it does not, the landlord usually decides whether the assignor will be responsible for damages or other breaches of the lease by the assignee.

The Lease Assignment Agreement should note whether the assignor is liable for the conduct of the assignee. If the assignor has been released from liability, the landlord can only seek compensation for damages to the property from the assignee.

In contrast, if the assignor remains liable under the original lease, then the landlord can seek recourse from both the assignee and assignor for damages and other lease violations.

If the landlord tries to collect payment from the assignor when the assignee is at fault, the Assignment Agreement stipulates that the assignor can seek recourse from the assignee.

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