The Commercial Lease Assignment is a crucial document used in Malaysian commercial property transactions when an existing tenant wishes to transfer their leasehold interest to another party. This document is essential when businesses need to exit a lease early, restructure their property portfolio, or transfer their business premises to another entity. It must comply with Malaysian property law, particularly the National Land Code 1965 and relevant state-level legislation. The assignment requires the landlord's explicit consent and includes detailed provisions covering the transfer of rights and obligations, financial settlements, and property condition. It's commonly used in business acquisitions, corporate restructuring, or when companies need to rationalize their property holdings. The document ensures all parties' interests are protected while maintaining the integrity of the original lease terms under Malaysian law.
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1. Parties: Identifies the Landlord, Assignor (current tenant) and Assignee (new tenant) with full legal names and addresses
2. Background: Recitals explaining the existing lease, reason for assignment, and confirmation of landlord's consent
3. Definitions: Defines key terms used throughout the document including 'Lease', 'Assignment Date', 'Property', and other relevant terms
4. Assignment: Core clause transferring all rights, title and interest in the lease from Assignor to Assignee
5. Consideration: Details of the payment or consideration for the assignment
6. Assignor's Covenants: Warranties and representations by the Assignor regarding the lease status and authority to assign
7. Assignee's Covenants: Assignee's undertakings to comply with lease terms and perform tenant obligations
8. Landlord's Consent: Confirmation of the landlord's approval and any conditions attached
9. Completion Requirements: Steps to be taken to complete the assignment including registration requirements
10. Costs and Stamp Duty: Allocation of legal costs, stamp duty and registration fees
11. Governing Law: Confirms Malaysian law as governing law and jurisdiction
12. Execution: Signature blocks for all parties with attestation requirements
1. Security Deposit Assignment: Required if there is an existing security deposit to be transferred or adjusted
2. Outstanding Rental Payments: Include if there are any rent arrears or prepayments to be addressed
3. Existing Guarantees: Required if there are existing guarantees that need to be addressed or replaced
4. Break Clause: Include if specific termination rights are to be granted to the Assignee
5. Fixtures and Fittings: Required if there are specific fixtures or fittings being transferred with the lease
6. Environmental Matters: Include for properties with specific environmental considerations or obligations
7. Service Contracts: Required if there are ongoing service contracts that need to be transferred
1. Schedule 1 - The Property: Detailed description of the leased property including floor plans and boundaries
2. Schedule 2 - The Existing Lease: Copy or details of the original lease including all variations and supplemental deeds
3. Schedule 3 - Rent and Payment Details: Current rent, payment dates, and review dates
4. Schedule 4 - Condition Report: Current condition of the property and any outstanding maintenance issues
5. Schedule 5 - Landlord's Consent Terms: Specific conditions imposed by the landlord for consenting to the assignment
6. Appendix A - Copy of Landlord's Consent Letter: Formal written consent from the landlord
7. Appendix B - Registration Requirements: List of documents required for registration of the assignment
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