The Assignment Of Lease By Tenant is a crucial document used in Hong Kong when a tenant wishes to transfer their entire interest in a lease to another party. This document is essential for businesses and individuals who need to exit a lease early or transfer their leasehold interest for commercial reasons. It must comply with Hong Kong property law requirements, including obtaining the landlord's consent and proper execution under the Conveyancing and Property Ordinance. The document includes detailed information about the original lease, property description, financial terms of the assignment, and various warranties and covenants. It's particularly important in commercial property transactions where businesses need to ensure a smooth transition of lease obligations while protecting all parties' interests.
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1. Parties: Identifies all parties to the assignment: Current Tenant (Assignor), New Tenant (Assignee), and Landlord
2. Background: Recitals explaining the existing lease details, reason for assignment, and confirmation of landlord's consent
3. Definitions: Defines key terms used throughout the document including 'Lease', 'Property', 'Assignment Date', and other relevant terms
4. Agreement to Assign: Core clause stating the assignment of the lease from assignor to assignee
5. Consideration: States the amount paid by the assignee to the assignor for the assignment
6. Assignment Date: Specifies when the assignment takes effect
7. Assignor's Covenants: Warranties and representations from the current tenant regarding the lease status and property condition
8. Assignee's Covenants: New tenant's promises to comply with lease terms and obligations
9. Landlord's Consent: Confirmation of the landlord's agreement to the assignment and any conditions attached
10. Costs and Stamp Duty: Specifies responsibility for legal costs and stamp duty payments
11. Governing Law: Confirms Hong Kong law as governing law and jurisdiction
1. Guarantor Provisions: Required when there is a guarantor for the assignee's obligations
2. Rent and Deposit: Include when there are specific arrangements for transfer of rental deposits or advance rent payments
3. Condition of Property: Needed when there are specific agreements about property condition or outstanding repairs
4. Outstanding Breaches: Include if there are any existing breaches or disputes that need to be addressed
5. Service Charge and Utilities: Required when there are specific arrangements for ongoing charges or utility transfers
6. Break Clause: Include if there are special arrangements regarding any break options in the lease
1. Schedule 1 - The Property: Detailed description of the property including address and any parking spaces or facilities
2. Schedule 2 - The Existing Lease: Details of the original lease including date, parties, and any variations or supplemental deeds
3. Schedule 3 - Rent and Payment Details: Current rent, payment dates, and review dates
4. Schedule 4 - Inventory: List of fixtures, fittings, and any furniture included in the assignment
5. Appendix A - Landlord's Consent Letter: Copy of the formal consent from the landlord
6. Appendix B - Property Plans: Floor plans or layout drawings of the property if applicable
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