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Lease Assumption Agreement

Lease Assumption Agreement Template for Indonesia

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Key Requirements PROMPT example:

Lease Assumption Agreement

"I need a Lease Assumption Agreement for transferring my retail store lease in Jakarta to a new tenant, with the assumption to take effect from March 1, 2025, including provisions for the transfer of existing store fixtures and requirements for maintaining the current retail permits."

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Document background
A Lease Assumption Agreement is essential when a tenant wishes to transfer their lease obligations to another party in Indonesia. This document is commonly used in commercial property transactions, corporate restructurings, or when a business needs to exit a lease before its natural expiration. The agreement must comply with Indonesian property law requirements, particularly the Civil Code (KUHPerdata) and Basic Agrarian Law. It specifies the terms of assumption, including the effective date, transfer of security deposits, and ongoing obligations. The document requires careful consideration of Indonesian property regulations, especially regarding registration requirements and foreign investment restrictions if applicable. The Lease Assumption Agreement should clearly outline the rights and responsibilities of all parties involved, including any continuing obligations of the original tenant and the scope of the landlord's consent.
Suggested Sections

1. Parties: Identification of the Landlord, Original Tenant (Assignor), and New Tenant (Assignee)

2. Background: Recitals explaining the existing lease arrangement and the intention to transfer the lease rights and obligations

3. Definitions: Definitions of key terms used throughout the agreement, including 'Original Lease', 'Premises', 'Assumption Date', etc.

4. Assumption of Lease: Core provision detailing the transfer of rights and obligations from Original Tenant to New Tenant

5. Landlord's Consent: Express consent of the landlord to the assumption and any conditions attached to such consent

6. Effective Date: Specification of when the assumption becomes effective and any conditions precedent

7. Original Tenant's Obligations: Responsibilities and warranties of the Original Tenant regarding the lease status and outstanding obligations

8. New Tenant's Obligations: New Tenant's undertaking to comply with lease terms and assumption of responsibilities

9. Security Deposit: Handling and transfer of security deposit and other financial securities

10. Representations and Warranties: Statements of fact and guarantees from all parties regarding their authority and the lease status

11. Governing Law: Specification of Indonesian law as governing law and relevant jurisdiction

12. Notices: Process and addresses for formal communications between parties

13. Execution: Signature blocks and execution requirements

Optional Sections

1. Broker Provisions: Include when brokers are involved in facilitating the assumption transaction

2. Guarantor Provisions: Include when there are guarantors for either the Original or New Tenant

3. Modification of Original Lease: Include when the assumption involves any amendments to the original lease terms

4. Release of Original Tenant: Include when the Original Tenant is to be released from future obligations

5. Assignment Conditions: Include when there are specific conditions or requirements for future assignments

6. Foreign Party Provisions: Include when any party is a foreign entity, addressing specific Indonesian law requirements

7. Registration Requirements: Include when the assumption requires registration with specific authorities

Suggested Schedules

1. Original Lease Agreement: Copy of the original lease agreement being assumed

2. Premises Details: Detailed description of the leased premises, including floor plans if applicable

3. Outstanding Obligations: List of any outstanding obligations, payments, or issues under the lease

4. Consent Documents: Any required third-party consent documents or governmental approvals

5. Financial Statements: New Tenant's financial statements or proof of financial capability

6. Insurance Certificates: New Tenant's insurance documentation as required under the lease

7. Corporate Authorizations: Corporate resolutions or authorizations for all parties

8. Handover Protocol: Schedule for physical handover of premises and any associated documentation

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok成人版 | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions








































Clauses

































Relevant Industries

Real Estate

Commercial Property

Retail

Industrial

Manufacturing

Hospitality

Office Space

Warehousing and Logistics

Healthcare

Education

Banking and Financial Services

Relevant Teams

Legal

Real Estate

Facilities Management

Finance

Operations

Risk and Compliance

Corporate Services

Administration

Property Management

Asset Management

Relevant Roles

Real Estate Manager

Property Manager

Legal Counsel

Facilities Manager

Operations Director

Chief Financial Officer

Asset Manager

Lease Administrator

Risk Manager

Commercial Director

General Counsel

Corporate Secretary

Finance Director

Business Development Manager

Compliance Officer

Industries







Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks, 聽Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination, 聽Severance Pay, Governing Law, Entire Agreemen

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