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Commercial Lease Assignment Agreement Template for New Zealand

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Key Requirements PROMPT example:

Commercial Lease Assignment Agreement

"I need a Commercial Lease Assignment Agreement for transferring a retail space lease in Auckland CBD from my company to a new tenant, with the assignment to take effect from March 1, 2025, and including specific conditions about maintaining the existing shop fit-out."

Document background
The Commercial Lease Assignment Agreement is a crucial document used in New Zealand when a tenant wishes to transfer their lease obligations to another party before the original lease term expires. This type of agreement is commonly needed when businesses are sold, when tenants need to relocate, or during corporate restructuring. The document must comply with New Zealand's Property Law Act 2007 and related legislation, ensuring all parties' rights are protected and obligations are clearly defined. It includes essential details such as the premises description, lease terms, assignment conditions, landlord's consent requirements, and any specific warranties or representations. The agreement also addresses practical matters such as security deposits, outstanding obligations, and the condition of the premises at the time of assignment.
Suggested Sections

1. Parties: Identifies and provides full details of all parties: Landlord, Current Tenant (Assignor), and New Tenant (Assignee)

2. Background: Recitals explaining the existing lease arrangement, the intention to assign, and confirmation of landlord's consent

3. Definitions and Interpretation: Defines key terms used in the agreement and sets out interpretation rules

4. Assignment: Core clause that effects the transfer of the lease from assignor to assignee

5. Consideration: Details of any payment or consideration for the assignment

6. Assignor's Obligations: Warranties and obligations of the current tenant, including representations about the lease status

7. Assignee's Covenants: New tenant's commitments to comply with lease terms and perform all lease obligations

8. Landlord's Consent: Terms and conditions of the landlord's consent to the assignment

9. Costs and Stamp Duty: Allocation of legal costs, registration fees, and any applicable duties

10. General Provisions: Standard clauses covering notices, governing law, execution, and dispute resolution

Optional Sections

1. Guarantees: Required when there are guarantors for the assignee's obligations

2. Condition of Premises: Used when specific conditions about the state of the premises need to be documented

3. Outstanding Breaches: Needed when there are existing breaches or disputes that need to be addressed

4. Fit-out and Alterations: Required when there are specific arrangements regarding existing or proposed fit-out works

5. Security Deposit Transfer: Used when dealing with transfer or replacement of security deposits

6. GST Provisions: Detailed GST clauses required for commercial properties where GST registration is relevant

7. Break Clause: Optional termination rights if agreed between parties

Suggested Schedules

1. Schedule 1 - Original Lease: Copy or details of the original lease document and any variations

2. Schedule 2 - Premises Details: Detailed description of the leased premises, including floor plans and area calculations

3. Schedule 3 - Lease Particulars: Key lease terms including rent, term, outgoings, and review dates

4. Schedule 4 - Condition Report: Current condition of the premises at time of assignment

5. Schedule 5 - Outstanding Obligations: List of any outstanding obligations or payments under the lease

6. Appendix A - Landlord's Consent Document: Formal consent document from the landlord

7. Appendix B - Guarantor Documents: Guarantee agreements and supporting documents if applicable

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈ˰æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions
































Clauses






























Relevant Industries

Commercial Real Estate

Retail

Hospitality

Professional Services

Manufacturing

Warehousing and Distribution

Healthcare

Technology

Education

Financial Services

Relevant Teams

Legal

Real Estate

Operations

Finance

Compliance

Property Management

Facilities

Risk Management

Corporate Services

Administration

Relevant Roles

Property Manager

Commercial Property Lawyer

Real Estate Agent

Facilities Manager

Business Owner

Commercial Lease Administrator

Property Portfolio Manager

Legal Counsel

Operations Manager

Chief Financial Officer

Compliance Officer

Real Estate Director

Tenant Representative

Asset Manager

Industries






Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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