An Assignment Of Lease From Seller To Buyer is commonly used when a tenant wishes to transfer their entire interest in a leased property to another party before the lease term expires. This document, governed by English and Welsh law, is essential for maintaining proper legal documentation of the transfer, protecting all parties' interests, and ensuring compliance with property law requirements. It typically includes details of the original lease, the property, consideration paid, and various covenants and warranties from both the assignor and assignee. The document may also require the landlord's consent and often involves guarantees or other security arrangements.
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1. Parties: Details of the Assignor (current tenant), Assignee (new tenant), and Landlord
2. Background: Details of the original lease and circumstances of assignment
3. Definitions: Key terms used throughout the document
4. Assignment: Core provisions transferring the lease from Assignor to Assignee
5. Consideration: Details of payment for the assignment
6. Assignor's Covenants: Warranties and obligations of the outgoing tenant
7. Assignee's Covenants: Obligations and commitments of the incoming tenant
1. Landlord's Consent: Required if the original lease requires landlord's consent to assignment
2. Guarantor Provisions: Obligations of any guarantors for either the Assignor or Assignee
3. Rent Apportionment: Provisions for how rent and other payments are to be divided when assignment occurs mid-payment period
1. Schedule 1 - The Property: Detailed description of the leased premises
2. Schedule 2 - The Lease: Copy or details of the original lease
3. Schedule 3 - Landlord's Consent: Copy of landlord's consent to the assignment
4. Appendix 1 - Plans: Property plans and drawings if applicable
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