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Lease Assignment Agreement
"I need a Lease Assignment Agreement for transferring my Dubai retail store lease to a new tenant, with the assignment to take effect from March 1, 2025, including specific provisions for the transfer of existing store fixtures and equipment."
1. Parties: Identification of the Assignor (current tenant), Assignee (new tenant), and Landlord
2. Background: Details of the existing lease, property description, and context for the assignment
3. Definitions: Definitions of key terms used throughout the agreement
4. Assignment: Core provision transferring the lease from Assignor to Assignee
5. Consideration: Details of any payment between Assignor and Assignee for the assignment
6. Landlord's Consent: Confirmation of the Landlord's consent to the assignment and any conditions attached
7. Security Deposit: Arrangements for transfer or replacement of the security deposit
8. Assignor's Warranties: Warranties regarding the lease, property condition, and outstanding obligations
9. Assignee's Covenants: Assignee's promises to comply with lease terms and obligations
10. Handover: Provisions for physical handover of the property and any fixtures/fittings
11. Registration: Requirements for registering the assignment with relevant authorities
12. Costs: Allocation of costs related to the assignment and registration
13. Governing Law and Jurisdiction: Confirmation of UAE law application and jurisdiction
1. Condition of Premises: Detailed section about property condition, used when there are specific concerns or valuable fixtures
2. Outstanding Violations: Section addressing any existing violations or pending actions, used when there are known issues
3. Broker Provisions: Section covering broker involvement and fees, used when brokers are involved in the transaction
4. Post-Assignment Obligations: Special arrangements between Assignor and Assignee after assignment, used for complex transitions
5. Utility Transfers: Detailed provisions for utility account transfers, used for residential or comprehensive commercial assignments
6. Service Contracts: Provisions regarding existing service contracts, used for commercial properties with ongoing service arrangements
1. Schedule 1 - Original Lease: Copy of the original lease agreement and any amendments
2. Schedule 2 - Property Details: Detailed description of the property including floor plans and parking allocations
3. Schedule 3 - Inventory: List of fixtures, fittings, and equipment included in the assignment
4. Schedule 4 - Outstanding Payments: Details of any rent, service charges, or other payments due
5. Schedule 5 - Landlord's Consent Letter: Formal written consent from the Landlord
6. Schedule 6 - Handover Protocol: Procedure and checklist for physical handover of the property
7. Appendix A - Required Documents: List of documents required for registration and completion
Authors
Real Estate
Commercial Property
Residential Property
Retail
Hospitality
Industrial
Office Space
Manufacturing
Warehousing
Healthcare
Education
Legal
Real Estate
Facilities Management
Operations
Compliance
Property Management
Corporate Services
Business Development
Contract Administration
Asset Management
Real Estate Manager
Property Manager
Legal Counsel
Facilities Manager
Commercial Director
Operations Manager
Tenant Relations Manager
Compliance Officer
Real Estate Agent
Business Development Manager
Contract Administrator
Asset Manager
Leasing Manager
Corporate Services Manager
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