The Assignment Of Sublease is a crucial document in Malaysian property transactions where a subtenant wishes to transfer their leasehold interest to another party. This document is commonly used in commercial settings when businesses need to exit a lease early or transfer their premises to another operator. It must comply with the National Land Code 1965 and relevant state land rules, requiring proper registration with the land office and payment of stamp duty. The assignment document typically includes detailed information about the property, existing sublease terms, parties' obligations, and necessary consents from the head lessor and/or sublessor. It's particularly important in Malaysia's dynamic commercial property market, where strict compliance with local property laws and registration requirements is essential for the valid transfer of leasehold interests.
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1. Parties: Identifies and provides full details of the Assignor (current subtenant), Assignee (new subtenant), and where applicable, the Head Lessor's and/or Sublessor's consent parties
2. Background: Recitals explaining the existing sublease arrangement, its key terms, and the intention to assign
3. Definitions: Defines key terms used throughout the document, including Property, Sublease, Assignment Date, etc.
4. Assignment: Core provision detailing the assignment of the sublease rights and obligations from Assignor to Assignee
5. Consideration: Details of any payment or consideration for the assignment
6. Assignor's Warranties: Warranties regarding the sublease status, no breaches, payment status, and authority to assign
7. Assignee's Covenants: Assignee's undertaking to comply with sublease terms and perform all obligations
8. Completion Requirements: Requirements for completing the assignment, including registration and stamp duty obligations
9. Costs: Allocation of legal costs, stamp duty, and registration fees
10. Notices: Procedure for serving notices under the assignment
11. Governing Law: Confirms Malaysian law as governing law and jurisdiction
1. Security Deposit Assignment: Required when there is an existing security deposit to be transferred or adjusted
2. Condition of Property: Include when specific property conditions need to be acknowledged or documented
3. Outstanding Repairs: Include when there are pending repair obligations to be addressed
4. Existing Breaches: Required when there are known breaches that need to be disclosed and addressed
5. Head Lessor's Conditions: Include when the head lessor imposes specific conditions for consenting to the assignment
6. Renovation Works: Include when there are ongoing or planned renovation works to be addressed
7. Service Contracts: Required when there are service contracts that need to be transferred or terminated
1. Schedule 1 - Property Details: Detailed description of the property including address, land title details, and registered interests
2. Schedule 2 - Existing Sublease: Copy or key terms of the existing sublease being assigned
3. Schedule 3 - Consent Letters: Copies of consent letters from head lessor and/or sublessor
4. Schedule 4 - Outstanding Payments: List of any outstanding rent, utility payments, or other charges
5. Schedule 5 - Inventory: List of fixtures, fittings, and other items included in the assignment
6. Schedule 6 - Property Condition Report: Current condition report of the property
7. Schedule 7 - Completion Requirements: Checklist of documents and actions required for completion
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