Free Sample Assignment Of Lease

Free Assignment of Lease Form

Is a new tenant to taking over your lease? Make it happen with our assignment of lease template here.

What You Should Know Before Using Our Free Lease Assignment Form

When we stamp our names on a lease agreement, everyone wants it to be a smooth sailing affair with a happy ending. Alas, things won't always turn out the way we want it - Businesses can go belly-up for a commercial lease... while family or work pressures may force a tenant out of a residential lease.

But all is not lost - You can still salvage your existing lease, and that's where our assignment of lease agreement steps into the picture. Instead of tearing up the lease agreement and having everyone up in arms, what can be done is to replace the original tenant with a brand new one for the remaining duration of the lease (while keeping the lease terms and conditions unchanged).

Now the tenant is often the one who wants out... but whether he or she is able to break free with a lease assignment agreement is another story. Thankfully, it takes just 2 steps to find out if you are allowed to assign your lease:

1. What does your local landlord tenant law have to say on the matter? Is the landlord's consent required for an assignment or does the tenant get to decide?

2. What if your local law doesn't even mention assignment of leases and rents? Then it's time to dig up your lease agreement because you'll have to go along with whatever that's written in it.

For more good advice on lease assignments and whether you are better off with an assignment vs a sublease, Click here for a complete assignment of lease guide.

*Make sure this form complies with your local real estate laws before using it. If you have any doubts, you can ask a real estate lawyer online.

Assignment of Lease

1. THE PARTIES:

Assignor Name: _________________________

Assignor Address:
___________________________________________________________________________

Assignee Name: _________________________

Assignee Address:
___________________________________________________________________________

2. THE PREMISES:

Street Address:
___________________________________________________________________________

Premises Description:
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________

3. THE LEASE:

On the _____ day of _______________, 20__, the Landlord _________________________ of address
___________________________________________________________________________
leased the Premises described above to the Assignor as tenant. (herein referred to as the "Lease" and a copy of which is attached hereto)

4. LEASE ASSIGNMENT:

For value received, the Assignor hereby assigns and transfers the Lease, together with all his/her rights, title and interest in and to the Lease and Premises to the Assignee, subject to the terms and conditions contained in the Lease.

The Assignor covenants that this interest is free from all encumbrances and that he/she has performed all duties and obligations under the terms and conditions of the Lease.

The Assignee agrees to pay all payments due after the effective date of this Assignment, and to assume and perform all duties and obligations under the terms and conditions of the Lease.

EXECUTED this _____ day of _______________, 20__.


Assignor Name: _________________________

Assignor Signature: _________________________

Date: _______________


Assignee Name: _________________________

Assignee Signature: _________________________

Date: _______________


CONSENT OF LANDLORD

The Landlord hereby consents to the above Assignment and releases the Assignor from all obligations and liabilities arising from the Lease after the effective date of this Assignment.


Landlord Name: _________________________

Landlord Signature: _________________________

Date: _______________

Return from Assignment of Lease Form to Lease Agreement Forms

SAMPLE ASSIGNMENT OF LEASE

    This Assignment of Lease is entered into by and between [list name of person assigning lease - the "assignor"], an individual with an address of [list address of assignor] ("Assignor"), and [list name of person lease is being assigned to - the "assignee"], an individual with an address of [list address of assignee] ("Assignee").

    Background

    By a certain lease dated [list date lease was signed] (the "Lease"), [list name of landlord] ("Landlord") leased to Assignor as tenant the premises described as follows: [list exact legal description of property] (the "Premises"); and

    The Lease or a memorandum thereof was recorded [list where and when lease was recorded, if applicable]; and

    Assignor desires to assign to Assignee, and Assignee desires to assume, all of Assignor's rights and obligations as tenant under the Lease, with the consent of Landlord.

    Therefore, in consideration of the mutual covenants contained herein and other valuable consideration received, and with the intent to be legally bound, the parties agree as follows:

    1. Assignor hereby assigns the Lease and all of its right, title and interest thereunder to Assignee. Assignee hereby accepts such assignment. Assignee shall have all of the rights of Assignor under the Lease including, without limitation, any option to renew or extend the Lease, option to purchase the Premises and right to the security deposit now held by Landlord, should any of the foregoing exist.

    2. Assignee hereby assumes and agrees to be bound by all of Assignor's obligations under the Lease. Assignee shall perform all the terms, covenants and conditions of the Lease, including the payment of rent and any other required amounts to Landlord, after the date hereof.

    3. Assignee shall indemnify and hold Assignor harmless from any and all claims, damages, expenses and liabilities of whatever nature, including attorney's fees, arising under the Lease or relating to the Premises after the date hereof.

    4. Assignee shall not assign the Lease any further or sublet all or any portion of the Premises without the prior written consent of Landlord.

    5. Except as specifically modified herein, the Lease will continue in full force and effect.

    6. This Assignment shall be binding upon and shall inure to the benefit of the parties and their respective heirs, legal representatives, successors and assigns.

    CONSENT OF LANDLORD

    Landlord hereby consents to the above Assignment and releases Assignor from all obligations and liabilities arising under the Lease after the date hereof.

IN WITNESS WHEREOF, this Assignment of Lease is executed under

seal on the__________day of_________________, 19_____.

Executed in the presence of: ASSIGNOR

______________________________ ____________________________(Seal) (Signature of witness) [list name of assignor]

______________________________ (Signature of witness) ASSIGNEE

____________________________(Seal) [list name of assignee]

LANDLORD

____________________________(Seal) [list name of landlord]

STATE OF _____________________

COUNTY OF ____________________

In _______________, on the _____________ day of ____________, 19___, before me, a Notary Public in and for the above state and county, personally appeared [list name of assignor], known to me or proved to be the person named in and who executed the foregoing instrument, and being first duly sworn, such person acknowledged that he or she executed said instrument for the purposes therein contained as his or her free and voluntary act and deed. _______________________________ NOTARY PUBLIC

My Commission Expires: ________

(SEAL)

STATE OF _____________________

COUNTY OF ____________________

In _______________, on the _____________ day of ____________, 19___, before me, a Notary Public in and for the above state and county, personally appeared [list name of assignee], known to me or proved to be the person named in and who executed the foregoing instrument, and being first duly sworn, such person acknowledged that he or she executed said instrument for the purposes therein contained as his or her free and voluntary act and deed. _______________________________ NOTARY PUBLIC

My Commission Expires: ________

(SEAL)

STATE OF _____________________

COUNTY OF ____________________

In _______________, on the _____________ day of ____________, 19___, before me, a Notary Public in and for the above state and county, personally appeared [list name of landlord], known to me or proved to be the person named in and who executed the foregoing instrument, and being first duly sworn, such person acknowledged that he or she executed said instrument for the purposes therein contained as his or her free and voluntary act and deed. _______________________________ NOTARY PUBLIC

My Commission Expires: ________

(SEAL)




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