Free Lease Assignment
This Lease Assignment is between a tenant (assignor) and the person to whom the lease is being assigned (assignee). This assignment sets out the specific terms of the arrangement including the date of the original lease and any lease provisions assignee agrees to abide by and perform. This Lease Assignment must be signed by both assignor and assignee.
Disclaimer:This was not drafted by an attorney & should not be used as a legal document.
This Lease Assignment (the “Assignment”) is made and entered into this ___ day of ___________, 20_______, by and between _____________________of __________________________________ (the “Assignor”) and ____________________________of ___________________________________ (the “Assignee”).
A. The Assignor has entered into certain Lease dated ______________________ (the “Lease”) between Assignor and _______________________. A true copy of this Lease is attached to this Assignment.
B. WHEREAS, Assignor desires to transfer and assign to Assignee its rights, duties and obligations under the said Lease;
C. The Assignee is willing to release Assignor from the obligations enumerated in the Lease and to consent to Assignee assuming such obligations;
For good and valuable consideration, it is agreed by and between the parties that:
The Assignor hereby transfers and assigns to Assignee all rights, title and interest held by the Assignor in and to Lease.
Assignee hereby accepts such assignment and agrees to assume all of Assignor's rights, duties and obligations in, to the Lease. Upon such assignment, Assignor shall be released from all rights, duties and obligations under the Agreement.
In consideration of the Assignment of the Lease, Assignee is hereby paying to Assignor an aggregate amount of ______________________________ Dollars in cash, by such means as may be agreed by Assignor and Assignee.
The Assignor hereby warrants and represents that the Lease is in full force and effect. The Assignor further warrants that it has full right and authority to assign the said Lease and that the Lease rights herein transferred are free of lien, encumbrance or adverse claim.
The Assignee hereby assumes and agrees to perform all material obligations of the Assignor under the Lease from the effective date of this Assignment. The Assignee hereby agrees to indemnify and hold the Assignor harmless from any claim or demand resulting from any breach of obligations hereunder by the Assignee.
This Assignment shall be binding upon and inure to the benefit of the parties, their successors and assigns.
This Assignment shall be governed by the laws of the State of ___________________, applicable to agreements executed and to be performed entirely therein.
Signed this ___ day of ___________________, 20________.