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For example, the rules and regulations associated with the lease of real estate differs from that of lease of consumer goods.
A Lease Assignment Agreement is a short document that allows for the transfer of interest in a residential or commercial lease from one tenant to another.
In other words, a Lease Assignment Agreement is used when the original tenant wants to get out of a lease and has someone lined up to take their place.
Successful property management begins with good documentation, and a properly-drafted and executed assignment will ensure that all parties – new and old – understand the obligations that are being transferred and the responsibilities that each will have under the new arrangement.
In every way, this lays the foundation for a great (and long-lasting) landlord/new tenant relationship.
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Assignor hereby assigns the Lease and all of its right, title and interest thereunder to Assignee. 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. 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. 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. Assignee shall not assign the Lease any further or sublet all or any portion of the Premises without the prior written consent of Landlord. Except as specifically modified herein, the Lease will continue in full force and effect. This Assignment shall be binding upon and shall inure to the benefit of the parties and their respective heirs, legal representatives, successors and assigns.
With a sublease, the original tenant is still liable for everything, and the sublease may be made for less than the entire property interest.
A Lease Assignment transfers the whole interest and puts the new tenant in place of the old one.