The Collateral Assignment of Lease is a crucial document in Indian commercial lending practices, particularly when a tenant's leasehold interest represents a valuable asset that can be used as security. This document is typically used when a business or individual needs to secure financing and their leasehold interest has significant value. The assignment must comply with Indian property law, particularly the Transfer of Property Act, 1882, and may require registration under the Registration Act, 1908. It's essential for protecting the lender's interests while preserving the tenant's ability to continue their business operations. The document includes detailed provisions about the original lease, the secured obligations, the rights and remedies of the lender, and the ongoing obligations of the tenant. State-specific requirements and stamp duty regulations must be considered during preparation and execution.
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1. Parties: Identifies the Assignor (Tenant), Assignee (Lender), and Landlord (if participating)
2. Background: Recitals explaining the existing lease arrangement and the loan facility for which the assignment serves as security
3. Definitions: Defines key terms used throughout the agreement including 'Lease', 'Property', 'Secured Obligations', and 'Assignment Period'
4. Assignment: Core provision detailing the assignment of the lease rights as security
5. Representations and Warranties: Assignor's confirmations regarding their authority, lease validity, and absence of prior assignments
6. Covenants: Assignor's ongoing obligations regarding the lease, including payment of rent and compliance with lease terms
7. Rights and Obligations of the Assignee: Lender's rights regarding the lease, including step-in rights upon default
8. Default and Remedies: Events constituting default and the Assignee's available remedies
9. Term and Termination: Duration of the assignment and conditions for its termination
10. Notices: Process and addresses for serving notices under the agreement
11. Governing Law and Jurisdiction: Specifies Indian law as governing law and relevant jurisdiction for disputes
12. Execution: Signature blocks and execution formalities
1. Landlord's Consent: Required if the original lease requires landlord's consent for assignment
2. Insurance: Specific insurance requirements if the property requires special coverage
3. Further Assurance: Additional actions parties must take to perfect the assignment
4. Assignment and Transfer Restrictions: Include if there are specific restrictions on further assignment
5. Security Enforcement: Detailed enforcement procedures if required by the lender
6. Registration: Registration requirements and procedures if the assignment needs to be registered
1. Schedule 1 - Property Description: Detailed description of the leased property including address and boundaries
2. Schedule 2 - Original Lease: Details of the original lease including date, parties, and key terms
3. Schedule 3 - Secured Obligations: Description of the loan or other obligations secured by the assignment
4. Schedule 4 - Conditions Precedent: List of conditions to be satisfied before the assignment becomes effective
5. Schedule 5 - Form of Notices: Template notices for various communications under the assignment
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