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Novation Lease Agreement

Novation Lease Agreement Template for United Arab Emirates

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Key Requirements PROMPT example:

Novation Lease Agreement

"I need a Novation Lease Agreement for transferring a Dubai retail store lease from my company to a new tenant from March 1, 2025, with the existing security deposit to be transferred and all outstanding utility bills to be settled by the existing tenant."

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Document background
The Novation Lease Agreement is a crucial document used in the UAE real estate market when an existing tenant needs to transfer their lease obligations to a new tenant. This situation commonly arises during business acquisitions, corporate restructuring, or when a tenant needs to exit a lease early but has found a replacement tenant. The agreement, governed by UAE law including the Civil Code (Federal Law No. 5 of 1985) and relevant emirate-specific regulations, ensures a smooth transition of lease obligations while protecting all parties' interests. It includes detailed provisions for the transfer of rights and responsibilities, handling of security deposits, settlement of outstanding amounts, and necessary registrations with relevant authorities such as EJARI in Dubai. The document is particularly important in commercial leases where significant financial obligations and complex terms need to be properly transferred.
Suggested Sections

1. Parties: Identification of all three parties: Landlord, Existing Tenant (Transferor), and New Tenant (Transferee)

2. Background: Details of the existing lease agreement, reason for novation, and current status of the lease

3. Definitions: Definitions of key terms including Property, Existing Lease, Novation Date, and other relevant terms

4. Novation: Core clause effecting the novation of the lease from Existing Tenant to New Tenant

5. Release of Existing Tenant: Terms of release of the Existing Tenant from obligations under the lease

6. Assumption by New Tenant: New Tenant's assumption of all rights and obligations under the lease

7. Landlord's Consent: Express consent of the Landlord to the novation and any conditions attached

8. Outstanding Amounts: Provisions dealing with any rent, service charges, or other amounts outstanding under the existing lease

9. Security Deposit: Arrangements for transfer or replacement of security deposit

10. Representations and Warranties: Standard representations and warranties from all parties

11. Costs: Allocation of costs related to the novation including registration fees

12. Governing Law and Jurisdiction: Confirmation of UAE law as governing law and jurisdiction of UAE courts

13. Execution: Signature blocks for all three parties

Optional Sections

1. Conditions Precedent: Used when novation is subject to certain conditions being met, such as regulatory approvals or completion of renovation works

2. Variations to Original Lease: Include if any terms of the original lease are being modified as part of the novation

3. Break Options: Include if there are any break options being transferred or modified

4. Assignment and Subletting: Include if there are specific restrictions or permissions regarding future assignments or subletting

5. Guarantees: Include if there are any guarantees being released, replaced, or newly provided

6. Property Management: Include if there are specific property management arrangements that need to be addressed

7. Fit-out Works: Include if there are ongoing or planned fit-out works that need to be addressed in the novation

Suggested Schedules

1. Schedule 1 - Original Lease: Copy or details of the original lease agreement being novated

2. Schedule 2 - Property Description: Detailed description of the leased property including any plans or drawings

3. Schedule 3 - Outstanding Amounts: Schedule of any outstanding amounts and payment arrangements

4. Schedule 4 - Condition Report: Current condition of the property at time of novation

5. Schedule 5 - Existing Guarantees: Details of any existing guarantees to be released or transferred

6. Appendix A - Required Consents: Copies of any required third-party or regulatory consents

7. Appendix B - EJARI Registration: EJARI registration details and requirements

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions









































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Relevant Industries

Real Estate

Retail

Commercial Office

Industrial

Hospitality

Healthcare

Education

Manufacturing

Logistics

Technology

Financial Services

Professional Services

Relevant Teams

Legal

Finance

Operations

Facilities Management

Real Estate

Compliance

Risk Management

Corporate Services

Administration

Business Development

Relevant Roles

Chief Executive Officer

Chief Financial Officer

Chief Operating Officer

Real Estate Director

Facilities Manager

Legal Counsel

Property Manager

Operations Manager

Finance Manager

Compliance Officer

Risk Manager

Commercial Director

Business Development Manager

Asset Manager

Leasing Manager

Corporate Services Manager

Industries







Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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