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Commercial Lease Assignment Template for Canada

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Key Requirements PROMPT example:

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."

Document background
The Commercial Lease Assignment is a crucial document used when a tenant wishes to transfer their entire interest in a commercial lease to another party in Canada. This document is typically required when a business is being sold, when a tenant needs to relocate, or during corporate restructuring. The assignment must comply with Canadian federal and provincial commercial tenancy laws and requires careful consideration of the original lease terms, the financial capability of the new tenant, and any conditions imposed by the landlord. The document includes comprehensive details about the premises, existing lease terms, payment obligations, and any modifications agreed upon by all parties. It's essential to ensure proper drafting and execution of this agreement to protect all parties' interests and maintain the validity of the lease arrangement.
Suggested Sections

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

Optional Sections

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

Suggested Schedules

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

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

Relevant legal definitions






























Clauses






























Relevant Industries

Commercial Real Estate

Retail

Manufacturing

Professional Services

Healthcare

Hospitality

Technology

Warehousing and Distribution

Financial Services

Education

Entertainment and Recreation

Relevant Teams

Legal

Real Estate

Finance

Operations

Facilities Management

Risk Management

Corporate Services

Administration

Business Development

Asset Management

Relevant Roles

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

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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