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Commercial Lease Assignment
"I need a Commercial Lease Assignment for transferring a retail space lease in downtown Toronto to a new tenant, with the original lease expiring in March 2025 and including specific provisions for existing store fixtures and equipment transfer."
1. Parties: Identification of all parties: Landlord, Assignor (current tenant), and Assignee (new tenant)
2. Background: Recitals explaining the original lease details and intention to assign
3. Definitions: Key terms used throughout the agreement including 'Original Lease', 'Premises', 'Assignment Date'
4. Assignment and Assumption: Core provision transferring the lease from Assignor to Assignee
5. Consideration: Details of any payment for the assignment
6. Assignor's Covenants: Warranties and representations from the current tenant
7. Assignee's Covenants: New tenant's commitments to comply with lease terms
8. Landlord's Consent: Express consent and any conditions attached
9. Release of Assignor: Terms of release of original tenant from obligations
10. Effective Date: When the assignment takes effect
11. Costs: Responsibility for legal and administrative costs
12. Notices: How and where formal communications should be sent
13. Governing Law: Confirmation of applicable Canadian jurisdiction
14. Execution: Signature blocks for all parties
1. Guarantee: Required when a guarantor is providing security for the Assignee's obligations
2. Security Deposit: Include when there are specific arrangements for transfer or replacement of security deposits
3. Conditions Precedent: Include when assignment is subject to specific conditions being met
4. Improvements and Alterations: Required when specific renovation or modification rights are being transferred
5. Environmental Matters: Include for properties with specific environmental concerns or obligations
6. Assignment Fee: Include when the landlord charges a specific fee for consenting to the assignment
7. Broker Provisions: Required when brokers are involved in the assignment transaction
1. Schedule A - Original Lease: Copy of the original lease and any amendments
2. Schedule B - Premises Details: Description and/or floor plan of the leased premises
3. Schedule C - Financial Statements: Assignee's financial information demonstrating capacity to fulfill lease obligations
4. Schedule D - Rent Schedule: Details of current and future rent obligations
5. Schedule E - Existing Guarantees: Copies of any existing guarantee agreements
6. Schedule F - Condition Report: Current condition of the premises at time of assignment
7. Schedule G - Outstanding Obligations: List of any outstanding obligations or defaults under the original lease
Authors
Commercial Real Estate
Retail
Manufacturing
Professional Services
Healthcare
Hospitality
Technology
Warehousing and Distribution
Financial Services
Education
Entertainment and Recreation
Legal
Real Estate
Finance
Operations
Facilities Management
Risk Management
Corporate Services
Administration
Business Development
Asset Management
Chief Financial Officer
Real Estate Manager
Property Manager
Legal Counsel
Commercial Lease Administrator
Business Development Manager
Facilities Manager
Asset Manager
Operations Director
Risk Manager
Corporate Real Estate Director
Tenant Relations Manager
Contract Administrator
Real Estate Portfolio Manager
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