The Assignment Of Lease Agreement is a crucial document used in New Zealand property transactions when a tenant wishes to transfer their lease to another party. This document becomes necessary when a tenant needs to exit a lease early, during business sales involving leased premises, or in corporate restructuring situations. The agreement must comply with New Zealand's Property Law Act 2007 and any specific requirements in the original lease document. It typically includes details of the original lease, the premises, the parties involved, any consideration paid, and the specific terms of the assignment. The document ensures that the new tenant (Assignee) legally assumes all responsibilities under the original lease while protecting the interests of all parties involved. Landlord's consent is typically required, and the agreement often includes warranties from both the outgoing and incoming tenants.
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1. Parties: Identifies all parties to the assignment: the 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 clause that effects the transfer of the lease from Assignor to Assignee
5. Consideration: Details of any payment made for the assignment
6. Landlord's Consent: Confirmation of the Landlord's consent to the assignment as required by law
7. Assignor's Warranties: Warranties given by the current tenant about the lease and premises
8. Assignee's Covenants: New tenant's promises to comply with lease terms and obligations
9. Costs: Allocation of legal and other costs related to the assignment
10. Completion Requirements: Actions required to complete the assignment process
11. Execution: Formal signing section including witness requirements
1. Security Assignment: Required when existing securities or bonds need to be transferred or replaced
2. Guarantees: Include when the Assignee is providing personal or corporate guarantees
3. Outstanding Breaches: Needed when there are existing lease breaches that need to be addressed
4. Fit-out and Improvements: Required when there are specific arrangements regarding existing fit-out or improvements
5. GST Provisions: Include when the assignment has GST implications
6. Break Clause Assignment: Include when there are special provisions about assigning break clause rights
1. Original Lease: Copy or details of the original lease being assigned
2. Premises Details: Detailed description of the premises including address and any plans
3. Condition Report: Current condition of the premises at time of assignment
4. Existing Securities: Details of any existing securities or bonds
5. Consent Conditions: Any specific conditions imposed by the Landlord for consent
6. Outstanding Matters: List of any outstanding rent, outgoings or maintenance issues
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