The Assignment Of Lease Agreement is a crucial document used in Malaysian property transactions when an existing tenant wishes to transfer their leasehold interest to another party. This document is essential for businesses and individuals looking to transfer their lease obligations while ensuring compliance with Malaysian property and contract law. The agreement must address various aspects including the transfer of rights, obligations, security deposits, and obtain necessary consents from the landlord. It needs to comply with the National Land Code 1965, Contracts Act 1950, and other relevant Malaysian legislation. The document is particularly important in commercial settings where businesses need to assign their lease due to restructuring, relocation, or business transfer.
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1. Parties: Identifies and defines the Landlord (if participating), Assignor (current tenant), and Assignee (new tenant), including full legal names and addresses
2. Background: Recitals explaining the existing lease, the intent to assign, and confirmation of the landlord's consent where required
3. Definitions: Defines key terms used throughout the agreement, including 'Lease', 'Property', 'Assignment Date', and 'Lease Term'
4. Assignment: Core clause that transfers all rights, title, and interest in the lease from Assignor to Assignee
5. Consideration: Details of any payment made by the Assignee to the Assignor for the assignment
6. Effective Date: Specifies when the assignment takes effect and any conditions precedent
7. Assignor's Covenants: Warranties and representations by the Assignor regarding the lease status, no breaches, and authority to assign
8. Assignee's Covenants: Assignee's undertaking to comply with lease terms and perform tenant obligations
9. Landlord's Consent: Acknowledgment of the landlord's consent and any conditions attached
10. Registration: Requirements for registering the assignment with relevant authorities
11. Costs: Allocation of legal costs, stamp duty, and registration fees
12. Governing Law: Specifies Malaysian law as governing law and jurisdiction
13. Execution: Signature blocks and attestation requirements
1. Security Deposit: Transfer or replacement of security deposit arrangements - include if there is an existing deposit
2. Fixtures and Fittings: Details of any fixtures being transferred with the lease - include if fixtures are part of the assignment
3. Outstanding Rent: Provisions dealing with any rent arrears or prepayments - include if there are outstanding financial matters
4. Employees: Transfer of employees or service contracts - include if relevant to commercial property
5. Break Clause: Assignment of any break rights - include if the original lease contains break options
6. Insurance: Transfer of insurance obligations - include for commercial properties or where tenant is responsible for insurance
7. Guarantor: Details of any guarantor and their obligations - include if there is a guarantee requirement
1. Schedule 1 - Property Description: Detailed description of the leased property, including address and plan
2. Schedule 2 - Existing Lease: Copy or summary of the principal lease terms being assigned
3. Schedule 3 - Inventory: List of any fixtures, fittings, or equipment included in the assignment
4. Schedule 4 - Landlord's Consent: Copy of the landlord's written consent to the assignment
5. Schedule 5 - Outstanding Matters: List of any outstanding rent, service charges, or other payments
6. Appendix A - Property Plans: Floor plans or site maps of the leased property
7. Appendix B - Condition Report: Current condition report of the property at time of assignment
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Retail
Commercial Property
Industrial
Hospitality
Healthcare
Education
Manufacturing
Logistics
Professional Services
Relevant Teams
Legal
Real Estate
Operations
Finance
Administration
Facilities Management
Corporate Services
Risk Management
Compliance
Property Management
Relevant Roles
Property Manager
Real Estate Manager
Legal Counsel
Corporate Lawyer
Facilities Manager
Operations Director
Chief Financial Officer
Business Development Manager
Property Administrator
Lease Administrator
Asset Manager
Commercial Director
Company Secretary
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