The Lease Takeover Agreement is a crucial legal instrument used in Indonesian property transactions when an existing tenant wishes to transfer their lease obligations to a new tenant before the original lease term expires. This document, governed by Indonesian law and particularly the Civil Code (KUHPerdata), facilitates the smooth transition of lease rights while protecting all parties' interests. It's commonly used in commercial, retail, and industrial settings when businesses need to exit a lease early or take over an existing favorable lease. The agreement includes essential details about the original lease terms, security deposit arrangements, outstanding obligations, and specific conditions for the transfer, ensuring compliance with local property regulations and business practices. The document must be properly executed with witnesses as required under Indonesian law, and often requires supporting documentation such as company registration details and identification documents.
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1. Parties: Identification of all parties involved: Landlord, Original Tenant (Assignor), and New Tenant (Assignee)
2. Background: Context of the original lease and the reason for the takeover
3. Definitions: Definitions of key terms used throughout the agreement
4. Assignment and Assumption: Core provisions detailing the transfer of lease rights and obligations from original tenant to new tenant
5. Consent of Landlord: Explicit statement of landlord's approval of the lease takeover
6. Effective Date: Specification of when the takeover becomes effective
7. Remaining Lease Terms: Confirmation that all original lease terms remain in effect
8. Security Deposit Arrangements: Details of transfer or replacement of security deposit
9. Representations and Warranties: Statements of fact by all parties regarding their authority and the lease status
10. Liabilities and Indemnification: Allocation of responsibilities for past and future obligations
11. Governing Law: Specification of Indonesian law as governing law
12. Dispute Resolution: Process for resolving any disputes arising from the agreement
13. Notices: How and where formal communications between parties should be made
14. Execution: Signature blocks and execution requirements
1. Condition of Premises: Used when there needs to be a formal record of the property's condition at takeover
2. Outstanding Payments: Include when there are any pending rent or utility payments to be addressed
3. Modifications to Original Lease: Include if any terms of the original lease are being modified as part of the takeover
4. Insurance Requirements: Used when specific insurance arrangements need to be transferred or established
5. Guarantor Provisions: Include when there are guarantors involved in the original or new lease arrangement
6. Fit-out and Improvements: Used when there are existing improvements or planned modifications to discuss
7. Break Clause: Include when parties want to incorporate early termination options
1. Original Lease Agreement: Copy of the complete original lease agreement being transferred
2. Property Details: Detailed description of the leased premises, including address and any parking or common areas
3. Inventory List: List of any furniture, fixtures, or equipment included in the lease
4. Payment Schedule: Details of rent, security deposit, and other financial obligations
5. Condition Report: Detailed report of the property's condition with photographs
6. Required Permits: Copies of any relevant permits or licenses
7. Handover Protocol: Procedure and checklist for the physical handover of the premises
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