Commercial Lease Assignment (India)

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Assignment of Commercial Lease for India.

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An assignment of lease is an agreement whereby the original tenant to a lease assigns his rights and responsibilities under that lease to another person. The original tenant may choose to use an assignment for a number of reasons including job relocation, financial concerns or other changes in circumstance. This form is for use with commercial leases and contains an optional landlord consent clause.

Among others, this form includes the following provisions:
  • Assignment
  • Assignor’s Representations
  • Indemnification
  • Additional Terms and Conditions
This lawyer-prepared packet contains:
  • Instructions and Checklist
  • General Information
  • Assignment of Commercial Lease for India
Law Compliance: This form complies with the laws of the states and territories of India
This is the content of the form and is provided for your convenience. It is not necessarily what the actual form looks like and does not include the information, instructions and other materials that come with the form you would purchase. An actual sample can also be viewed by clicking on the "Sample Form" near the top left of this page.











Assignment of Commercial Lease
(India)










This Packet Includes:
1. Instructions and Checklist
2. General Information
3. Assignment of Commercial Lease






Instructions and Checklist
Assignment of Commercial Lease


   Both the Assignor (the original party to the contract) and the Assignee (the new party) should review the Assignment carefully before signing.

   Many leases require that before a party may assign its rights in the lease, the consent of the landlord is required.  You should review the original lease to be assigned to determine whether the landlords consent is required.  

   The Assignor should provide the Assignee with a copy of the original lease.

   The Assignor and Assignee must both sign the Assignment.  Generally each party will retain an original signed Assignment; therefore, at least two original copies of the Assignment should be executed (i.e. signed).  The Landlord may also want an original copy of the Assignment.

   You can erase the italicised statements in the Assignment; these are just instructions to help you complete it.

   Laws vary from time to time and from state to state. These forms are not intended to be and are not a substitute for legal advice. These forms should only be a starting point for you and should not be used or signed before first consulting with a lawyer to ensure that it addresses your particular situation. A lawyer should be consulted before negotiating any document with another party.

   The purchase and use of these forms is subject to the “Disclaimers and Terms of Use” found at www.findlegalforms.com.






General Information
Assignment of Commercial Lease

An assignment of lease is an agreement whereby the original tenant to a lease (the “Assignor”) assigns his rights and responsibilities under that lease to another person (the “Assignee”).   The Assignor may choose to use an assignment for a number of reasons including job relocation, financial concerns or other changes in circumstances.  
   
In India, state rent control acts protect the interests of the tenants from the landlords. The State laws also deal with eviction of tenants. Each State has laid down its own set of grounds for eviction. One of the main grounds for eviction is the tenant has sublet, assigned or parted with the possession of the rented property without the consent of the landlord. 

Hence, the written consent by the landlord to assignment is essential. Where the premises are assigned without prior consent, such assignment by the tenant is illegal and in such an eventuality the tenant is liable for eviction from the premises. In the recent Supreme Court judgment, it was held that the tenant can be thrown out of the premises if he assigns it to someone without the consent of the landlord, including distant relatives. Therefore, you must contact the landlord. The law generally does not require that they consent to an assignment, so it is best to handle the situation diplomatically.

Laws change from time to time, therefore the landlord, the Assignor and the Assignee should all become familiar with the laws at present before entering into this type of arrangement.  In addition, before using this form you should always consult with your lawyer to ensure that it addresses your specific situation.






DISCLAIMER:

FindLegalForms, Inc. (“FLF”) is not a law firm and does not provide legal advice.  The use of these materials is not a substitute for legal advice. Only a lawyer can provide legal advice.  A lawyer should be consulted for all serious legal matters.  No Lawyer-Client relationship is created by use of these materials.  

THESE MATERIALS ARE PROVIDED “AS-IS.  FLF DOES NOT GIVE ANY EXPRESS OR IMPLIED WARRANTIES OF MERCHANTABILITY, SUITABILITY OR COMPLETENESS FOR ANY OF THE MATERIALS FOR YOUR PARTICULAR NEEDS.  THE MATERIALS ARE USED AT YOUR OWN RISK.  IN NO EVENT WILL:  I) FLF, ITS AGENTS, PARTNERS, OR AFFILIATES; OR II) THE PROVIDERS, AUTHORS OR PUBLISHERS OF ITS MATERIALS, BE RESPONSIBLE OR LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL, SPECIAL, EXEMPLARY, OR CONSEQUENTIAL DAMAGES (INCLUDING, BUT NOT LIMITED TO, PROCUREMENT OF SUBSTITUTE GOODS OR SERVICES; LOSS OF USE, DATE OR PROFITS; OR BUSINESS INTERRUPTION) HOWEVER USED AND ON ANY THEORY OF LIABILITY, WHETHER IN CONTRACT, STRICT LIABILITY, OR TORT (INCLUDING NEGLIGENCE OR OTHERWISE) ARISING IN ANY WAY OUT OF THE USE OF THESE MATERIALS. 









Assignment of Commercial Lease


This Assignment of Lease (the “Assignment”) is made and entered on _____________________________________________, 20______ (the “Effective Date”), by and between _________________________________________ (“Assignor”) and _______________________________________ (“Assignee”) (collectively referred to as the “Parties”).  Assignor is the original “Tenant” in the ______________________agreement dated _________________ between the Assignor and ___________________________ (“Landlord”) for a term ending on ______________, 20___, for the premises located at __________________
_____________________________________(the “Master Lease”), attached hereto as Exhibit A.  

The Parties agree as follows:
1.  ASSIGNMENT: For value received, the sufficiency of which is hereby acknowledged Assignor hereby assigns to Assignee all of his/her interests, rights and title held by Assignor in and to the Master Lease from the Effective Date until the present term expires.  
2.  ASSUMPTION OF RIGHTS AND OBLIGATIONS:  Assignee hereby (i) assumes all of Assignors right, title and interest to the Master Lease and (ii) agrees to comply with all the terms, make all payments, and perform all conditions and covenants in the Master Lease due or required after the Effective Date as if Assignee were the original tenant therein.

3.  INDEMNIFICATION:  Assignee will indemnify, protect and hold Assignor harmless from and against any and all loss, cost, or damage in any way related to Assignees breach or default of the obligations or covenants in the Master Lease or this Assignment.  
4.  ASSIGNORS REPRESENTATIONS:  Assignor warrants that the Master Lease is in full force and effect and fully assignable or may be assigned with consent of Landlord (such consent to be obtained by Assignor before executing this Assignment).  Assignor warrants that he has performed all duties and obligations and made all payments required under the Master Lease.  Assignor further warrants that the contract rights transferred in this Assignment are free of lien, encumbrance or adverse claim.

5.  BINDING EFFECT:  The covenants and conditions contained in the Assignment shall apply to and bind the Parties and their heirs, legal representatives, successors and permitted assigns.

6.  GOVERNING LAW: This Assignment shall be governed by and construed in accordance with the laws of India.

7.  NOTICE: Any notice required or otherwise given pursuant to this Assignment shall be in writing and mailed certified return receipt requested, postage prepaid, or delivered by overnight delivery service to:

Assignor:                           Assignee:
________________________________      ___________________________
________________________________      _____________________________
________________________________      _____________________________

Either party may change such addresses from time to time by providing notice as set forth above.

8.   WAIVER: The failure of either party to enforce any provisions of this Assignment shall not be deemed a waiver or limitation of that party's right to subsequently enforce and compel strict compliance with every provision of this Assignment.

9.  ADDITIONAL TERMS & CONDITIONS: (Specify “none” if there are no additional provisions: ________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

IN WITNESS WHEREOF, the Parties have caused this Assignment to be executed the day and year first above written.

ASSIGNOR:                  ASSIGNEE:

__________________________________      _____________________________

___________________________________      _____________________________
(Name)                        (Name)
___________________________________      _____________________________
(Position, if applicable)            (Position, if applicable)


LANDLORDS CONSENT

The undersigned, Landlord in the Master Lease, hereby consents to the foregoing Assignment.

                              LANDLORD


                              _________________________________
                              (Name)
                              _________________________________
                              (Position, if applicable)
EXHIBIT A

MASTER LEASE

Number of Pages7
DimensionsDesigned for Letter Size (8.5" x 11")
EditableYes (.doc, .wpd and .rtf)
UsageUnlimited number of prints
Product number#33626
This is the content of the form and is provided for your convenience. It is not necessarily what the actual form looks like and does not include the information, instructions and other materials that come with the form you would purchase. An actual sample can also be viewed by clicking on the "Sample Form" near the top left of this page.











Assignment of Commercial Lease
(India)










This Packet Includes:
1. Instructions and Checklist
2. General Information
3. Assignment of Commercial Lease






Instructions and Checklist
Assignment of Commercial Lease


   Both the Assignor (the original party to the contract) and the Assignee (the new party) should review the Assignment carefully before signing.

   Many leases require that before a party may assign its rights in the lease, the consent of the landlord is required.  You should review the original lease to be assigned to determine whether the landlords consent is required.  

   The Assignor should provide the Assignee with a copy of the original lease.

   The Assignor and Assignee must both sign the Assignment.  Generally each party will retain an original signed Assignment; therefore, at least two original copies of the Assignment should be executed (i.e. signed).  The Landlord may also want an original copy of the Assignment.

   You can erase the italicised statements in the Assignment; these are just instructions to help you complete it.

   Laws vary from time to time and from state to state. These forms are not intended to be and are not a substitute for legal advice. These forms should only be a starting point for you and should not be used or signed before first consulting with a lawyer to ensure that it addresses your particular situation. A lawyer should be consulted before negotiating any document with another party.

   The purchase and use of these forms is subject to the “Disclaimers and Terms of Use” found at www.findlegalforms.com.






General Information
Assignment of Commercial Lease

An assignment of lease is an agreement whereby the original tenant to a lease (the “Assignor”) assigns his rights and responsibilities under that lease to another person (the “Assignee”).   The Assignor may choose to use an assignment for a number of reasons including job relocation, financial concerns or other changes in circumstances.  
   
In India, state rent control acts protect the interests of the tenants from the landlords. The State laws also deal with eviction of tenants. Each State has laid down its own set of grounds for eviction. One of the main grounds for eviction is the tenant has sublet, assigned or parted with the possession of the rented property without the consent of the landlord. 

Hence, the written consent by the landlord to assignment is essential. Where the premises are assigned without prior consent, such assignment by the tenant is illegal and in such an eventuality the tenant is liable for eviction from the premises. In the recent Supreme Court judgment, it was held that the tenant can be thrown out of the premises if he assigns it to someone without the consent of the landlord, including distant relatives. Therefore, you must contact the landlord. The law generally does not require that they consent to an assignment, so it is best to handle the situation diplomatically.

Laws change from time to time, therefore the landlord, the Assignor and the Assignee should all become familiar with the laws at present before entering into this type of arrangement.  In addition, before using this form you should always consult with your lawyer to ensure that it addresses your specific situation.






DISCLAIMER:

FindLegalForms, Inc. (“FLF”) is not a law firm and does not provide legal advice.  The use of these materials is not a substitute for legal advice. Only a lawyer can provide legal advice.  A lawyer should be consulted for all serious legal matters.  No Lawyer-Client relationship is created by use of these materials.  

THESE MATERIALS ARE PROVIDED “AS-IS.  FLF DOES NOT GIVE ANY EXPRESS OR IMPLIED WARRANTIES OF MERCHANTABILITY, SUITABILITY OR COMPLETENESS FOR ANY OF THE MATERIALS FOR YOUR PARTICULAR NEEDS.  THE MATERIALS ARE USED AT YOUR OWN RISK.  IN NO EVENT WILL:  I) FLF, ITS AGENTS, PARTNERS, OR AFFILIATES; OR II) THE PROVIDERS, AUTHORS OR PUBLISHERS OF ITS MATERIALS, BE RESPONSIBLE OR LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL, SPECIAL, EXEMPLARY, OR CONSEQUENTIAL DAMAGES (INCLUDING, BUT NOT LIMITED TO, PROCUREMENT OF SUBSTITUTE GOODS OR SERVICES; LOSS OF USE, DATE OR PROFITS; OR BUSINESS INTERRUPTION) HOWEVER USED AND ON ANY THEORY OF LIABILITY, WHETHER IN CONTRACT, STRICT LIABILITY, OR TORT (INCLUDING NEGLIGENCE OR OTHERWISE) ARISING IN ANY WAY OUT OF THE USE OF THESE MATERIALS. 









Assignment of Commercial Lease


This Assignment of Lease (the “Assignment”) is made and entered on _____________________________________________, 20______ (the “Effective Date”), by and between _________________________________________ (“Assignor”) and _______________________________________ (“Assignee”) (collectively referred to as the “Parties”).  Assignor is the original “Tenant” in the ______________________agreement dated _________________ between the Assignor and ___________________________ (“Landlord”) for a term ending on ______________, 20___, for the premises located at __________________
_____________________________________(the “Master Lease”), attached hereto as Exhibit A.  

The Parties agree as follows:
1.  ASSIGNMENT: For value received, the sufficiency of which is hereby acknowledged Assignor hereby assigns to Assignee all of his/her interests, rights and title held by Assignor in and to the Master Lease from the Effective Date until the present term expires.  
2.  ASSUMPTION OF RIGHTS AND OBLIGATIONS:  Assignee hereby (i) assumes all of Assignors right, title and interest to the Master Lease and (ii) agrees to comply with all the terms, make all payments, and perform all conditions and covenants in the Master Lease due or required after the Effective Date as if Assignee were the original tenant therein.

3.  INDEMNIFICATION:  Assignee will indemnify, protect and hold Assignor harmless from and against any and all loss, cost, or damage in any way related to Assignees breach or default of the obligations or covenants in the Master Lease or this Assignment.  
4.  ASSIGNORS REPRESENTATIONS:  Assignor warrants that the Master Lease is in full force and effect and fully assignable or may be assigned with consent of Landlord (such consent to be obtained by Assignor before executing this Assignment).  Assignor warrants that he has performed all duties and obligations and made all payments required under the Master Lease.  Assignor further warrants that the contract rights transferred in this Assignment are free of lien, encumbrance or adverse claim.

5.  BINDING EFFECT:  The covenants and conditions contained in the Assignment shall apply to and bind the Parties and their heirs, legal representatives, successors and permitted assigns.

6.  GOVERNING LAW: This Assignment shall be governed by and construed in accordance with the laws of India.

7.  NOTICE: Any notice required or otherwise given pursuant to this Assignment shall be in writing and mailed certified return receipt requested, postage prepaid, or delivered by overnight delivery service to:

Assignor:                           Assignee:
________________________________      ___________________________
________________________________      _____________________________
________________________________      _____________________________

Either party may change such addresses from time to time by providing notice as set forth above.

8.   WAIVER: The failure of either party to enforce any provisions of this Assignment shall not be deemed a waiver or limitation of that party's right to subsequently enforce and compel strict compliance with every provision of this Assignment.

9.  ADDITIONAL TERMS & CONDITIONS: (Specify “none” if there are no additional provisions: ________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

IN WITNESS WHEREOF, the Parties have caused this Assignment to be executed the day and year first above written.

ASSIGNOR:                  ASSIGNEE:

__________________________________      _____________________________

___________________________________      _____________________________
(Name)                        (Name)
___________________________________      _____________________________
(Position, if applicable)            (Position, if applicable)


LANDLORDS CONSENT

The undersigned, Landlord in the Master Lease, hereby consents to the foregoing Assignment.

                              LANDLORD


                              _________________________________
                              (Name)
                              _________________________________
                              (Position, if applicable)
EXHIBIT A

MASTER LEASE

Customer Reviews

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Reviews: 3


,

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I DOWNLOADED YOUR LEASE ASSIGNMENT FORM IT WAS FAIRLY STRAIGHT FORWARD . I WAS SELLING MY SHOP AND WASNT PREPARED TO PAY THE EXORBITANT FEES QUOTED BY SOLICITORS . THE ASSIGNMENT WAS STRAIGHT FORWARD AND AS LONG AS YOU COMMUNICATE WITH THE ASSIGN AND THE LANDLORD THERE SHOULDNT BE ANY PROBLEMS I SAVED ABOUT £1000 IN FEES AND MY BUYER £1500 TO £2000


,

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A fantastic service! Very easy instructions and very straightforward forms which will serve their purpose perfectly well and will certainly save on hundreds of pounds on solicitors' fees. Highly recommended.


Delmar,

NY

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My landlord was willing to assign my lease to the new owner, but didn't come up with a form in a timely manner, so I downloaded this form which all three of us signed. She is a lawyer and this form met her standards fine. It made it so easy for me to assign my lease without having to hire a lawyer and pay a large fee.


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