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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."
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
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
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
Commercial Real Estate
Retail
Hospitality
Professional Services
Manufacturing
Warehousing and Distribution
Healthcare
Technology
Education
Financial Services
Legal
Real Estate
Operations
Finance
Compliance
Property Management
Facilities
Risk Management
Corporate Services
Administration
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
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