A Partial Assignment of Lease is utilized when a tenant wishes to transfer only a portion of their leased premises to another party under English and Welsh law. This document is particularly relevant when businesses need to downsize, share space, or optimize their property portfolio. The assignment must comply with the original lease terms and typically requires landlord's consent. It includes detailed provisions about the specific area being assigned, shared facilities, service charges, and insurance arrangements. The document ensures clear delineation of rights and responsibilities between the assignor and assignee while maintaining the original lease's integrity.
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1. Parties: Details of the assignor, assignee, and original landlord
2. Background: Information about the original lease and reason for partial assignment
3. Definitions: Key terms used throughout the document including the Property, the Original Lease, and the Assigned Part
4. Assignment: Core terms of the partial assignment including the specific parts being assigned
5. Consideration: Details of payment or other consideration for the assignment
6. Covenants: Obligations and promises between parties including compliance with lease terms
7. Execution: Signature blocks and attestation for all parties
1. Landlord's Consent: Required when the original lease requires landlord's consent for assignment
2. Service Charge Provisions: Special provisions for allocation of service charge responsibilities between assignor and assignee
3. Insurance Provisions: Specific arrangements for insurance obligations and cost sharing
1. Schedule 1 - The Original Lease: Copy or details of the original lease being partially assigned
2. Schedule 2 - Plan: Floor plan or site plan showing the parts being assigned and retained
3. Schedule 3 - Landlord's Consent Letter: Formal consent from landlord where required by the original lease
4. Schedule 4 - Rights and Reservations: Detailed list of rights being assigned and reserved between the parties
5. Schedule 5 - Service Charge Apportionment: Detailed breakdown of service charge split between assignor and assignee
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