The Assignment And Assumption of Lease agreement is a crucial document used in Malta when a tenant wishes to transfer their lease rights and obligations to another party. This document is essential in both commercial and residential contexts, particularly when businesses are being sold, restructured, or when tenants need to exit their lease obligations before the term expires. The agreement must comply with Maltese property law requirements, including the Civil Code (Chapter 16) and the Reletting of Urban Property (Regulation) Ordinance. It serves multiple purposes: documenting the landlord's consent to the transfer, protecting all parties' interests, clearly defining the transfer of rights and obligations, and establishing the effective date of the assignment. The document typically includes comprehensive details about the original lease, the premises, any modifications to original terms, and specific conditions imposed by the landlord.
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1. Parties: Identifies all parties to the agreement: Assignor (current tenant), Assignee (new tenant), and Landlord
2. Background: Recitals explaining the existing lease arrangement and the intention to assign the lease
3. Definitions: Defines key terms used throughout the agreement, including 'Lease', 'Premises', 'Assignment Date', etc.
4. Assignment: Core provision transferring all rights, title, and interest in the lease from Assignor to Assignee
5. Assumption of Obligations: Assignee's formal assumption of all lease obligations and responsibilities
6. Landlord's Consent: Confirmation of Landlord's consent to the assignment and any conditions attached
7. Effective Date: Specifies when the assignment becomes effective
8. Assignor's Representations and Warranties: Assignor's statements about the lease status, no defaults, etc.
9. Assignee's Representations and Warranties: Assignee's statements about capacity to perform lease obligations
10. Release of Assignor: Terms regarding Assignor's release from future lease obligations
11. Rent and Security Deposit: Handling of rent payments and transfer of security deposit
12. Governing Law: Confirms Maltese law governs the agreement
13. Execution: Signature blocks and execution requirements
1. Guarantor Provisions: Required when there's a guarantor for the Assignee's obligations
2. Condition of Premises: Used when there are specific agreements about the premises' condition at assignment
3. Outstanding Claims: Needed when addressing any existing disputes or claims under the lease
4. Break Options: Include when transferring or modifying any break options in the original lease
5. Modifications to Original Lease: Required when the assignment includes any amendments to original lease terms
6. Assignment Fees: Include when there are specific fees associated with the assignment process
7. Broker Provisions: Required when brokers are involved in the assignment transaction
1. Schedule 1 - Original Lease: Copy or summary of the original lease agreement being assigned
2. Schedule 2 - Premises Details: Detailed description of the leased premises, including plans if applicable
3. Schedule 3 - Inventory: List of any furniture, fixtures, or equipment included in the lease assignment
4. Schedule 4 - Outstanding Obligations: List of any ongoing obligations, maintenance requirements, or improvements
5. Schedule 5 - Consent Conditions: Detailed conditions imposed by the Landlord for consenting to the assignment
6. Appendix A - Required Notices: Forms of any notices required under Maltese law for the assignment
7. Appendix B - Calculation of Apportionments: Details of rent, service charge, and other payment apportionments
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