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ASSIGNMENT OF LEASE WITH CONSENT OF LANDLORD
THIS ASSIGNMENT OF LEASE dated this ________ day of ________________, ________
BETWEEN:
_________________________
(the "Assignor")
OF THE FIRST PART
- AND-
_______________________
(the "Assignee")
OF THE SECOND PART
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:
IN WITNESS WHEREOF the Assignor and Assignee have duly affixed their signatures under hand and seal on this ________ day of ________________, ________.
_____________________________Witness
______________________________________________________
____________________________________________________
CONSENT OF LANDLORD
The Landlord in the above Assignment of Lease executed on the ________ day of ________________, ________, consents to that Assignment. The Landlord also agrees to the Assignee assuming after February 13, 2025, the payment of rent and performance of all duties and obligations as provided in the Lease.
Last Updated December 30, 2024
A Lease Assignment transfers the rights and obligations of an existing lease from one tenant to another. It is typically used when a tenant wishes to vacate a property before their lease expires.
There are many reasons why tenants would need to use a Lease Assignment, for example:
A Lease Assignment is also called a/an:
A Lease Assignment can also be called a commercial lease assignment or a residential lease assignment, depending on the type of property used. LawDepot's Lease Assignment can be used for residential or commercial properties.
Generally, there are two parties involved in a Lease Assignment:
Typically, a landlord does not sign the Lease Assignment itself, but their information may be included in the document and they may need to sign a consent allowing the assignor to assign the lease.
Typically, a Lease Assignment will contain information regarding:
A Lease Assignment should also include a copy of the master lease (the original lease for the property, signed by the landlord and assignor) or a copy should be provided to the assignee for the assignee's records.
You should have the consent of your landlord when you assign a lease.
The master lease may state whether a tenant can assign their lease and if consent is needed. However, if it does not, it is a good idea to speak with your landlord and create a Landlord's Consent to Lease Assignment before transfering the lease to a new tenant.
Your Rental 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 caused by the assignee (or the assignee's guests, clients, or customers).
The Lease Assignment should note whether the assignor is liable for the assignee's conduct (for instance, paying for property damages, missed rent payments, fines from not complying to noise ordinances, etc.). If the assignor has been released from liability, the landlord can only seek compensation for property damage or other lease breaches 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.
If the assignee is liable but the landlord tries to collect payment from the assignor, the Assignment Agreement will help protect the assignor by stipulating that the assignor can seek recourse from the assignee.
Both assignment and subletting involve finding a new tenant, but there are some key differences.
An assignment is when the tenant transfers their lease interest to a new tenant using a Lease Assignment. The assignee takes the assignor's place in the landlord-tenant relationship, although the assignor may remain liable for damages, missed rent payments, and other lease violations.
A sublease is when the tenant temporarily hands over the rights and obligations of a lease to a third party by 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.
Before deciding to assign or sublet your rental property, it's important to review your Lease Agreement (the master lease) for any rules and discuss your options with your landlord.
Sample
Lease Assignment Agreement
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