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1. Parties: Identifies all parties involved: the original parties to the agreement (both outgoing and continuing parties) and the incoming party
2. Background: Describes the original agreement, the reason for novation, and the parties' intention to novate the original agreement
3. Definitions: Defines key terms used throughout the agreement, including references to the Original Agreement, Property, Effective Date, and other relevant terms
4. Novation: Core clause that extinguishes the original agreement and creates the new agreement, transferring all rights and obligations
5. Release of Outgoing Party: Formally releases the outgoing party from their obligations under the original agreement
6. Assumption by Incoming Party: Establishes the incoming party's assumption of all rights and obligations under the agreement
7. Continuing Party's Consent: Documents the continuing party's consent to the novation and agreement to be bound by the terms with the incoming party
8. Representations and Warranties: Standard representations and warranties from all parties regarding their capacity and authority to enter into the novation
9. Effective Date: Specifies when the novation takes effect and any conditions precedent
10. Governing Law: Specifies that the agreement is governed by Canadian law and the relevant province's jurisdiction
11. Execution: Signature blocks for all parties and witness requirements
1. Property Management Provisions: Required when the novation involves ongoing property management responsibilities
2. Mortgage Arrangements: Included when the property involves mortgage obligations that need to be addressed
3. Environmental Warranties: Required for properties with potential environmental concerns or obligations
4. Third Party Consents: Included when the novation requires consent from parties not directly involved in the novation
5. Security Deposits: Required when there are existing security deposits that need to be transferred or addressed
6. Insurance Provisions: Included when specific insurance arrangements need to be transferred or maintained
7. Outstanding Claims: Required when there are existing claims or disputes that need to be addressed in the novation
1. Schedule A - Property Description: Detailed legal description of the property including lot numbers, boundaries, and registered interests
2. Schedule B - Original Agreement: Copy or summary of the original agreement being novated
3. Schedule C - Financial Obligations: Detailed breakdown of any financial obligations being transferred
4. Schedule D - Outstanding Matters: List of any pending matters, maintenance issues, or ongoing obligations
5. Appendix 1 - Property Inspection Report: Recent property inspection report if relevant to the novation
6. Appendix 2 - Required Consents: Copies of all third-party consents obtained for the novation
Commercial Real Estate
Residential Real Estate
Property Development
Property Management
Banking and Finance
Legal Services
Real Estate Investment
Construction and Development
Legal
Real Estate
Property Management
Asset Management
Compliance
Risk Management
Operations
Investment
Finance
Corporate Services
Real Estate Attorney
Property Manager
Real Estate Developer
Legal Counsel
Contract Administrator
Real Estate Investment Manager
Asset Manager
Compliance Officer
Real Estate Broker
Property Administrator
Leasing Manager
Real Estate Portfolio Manager
Risk Manager
Transaction Manager
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