Licence To Assign A Commercial Underlease (With Guarantee)
Publisher one
ƵSource file
Jurisdiction
England and WalesCost
Free to useRelevant sectors
Type of legal document
🏠 Lease agreementBusiness activity
Lease a propertyA lease agreement is a legally binding contract between a landlord and tenant that outlines the terms of the rental arrangement. The lease agreement should include information such as the length of the lease, the amount of rent, when it is due, and what utilities are included in the rent. The agreement may also include provisions for renewing the lease or terminating the lease early.
This template outlines the terms and conditions for granting consent (license) from the landlord to the assignor. It includes provisions related to the assignment of the commercial underlease and the involvement of a guarantee. Typically, the assignor seeks consent to transfer their rights and obligations as the original tenant to a new party, the assignee, who wishes to assume the tenancy.
The document reflects the key aspects associated with this process under UK law. It provides a detailed description of the underlease, including the premises, duration, and any specific terms or restrictions. Additionally, the template sets out the conditions necessary for the assignor to obtain consent from the landlord, such as submitting a formal application, providing necessary documentation, and paying any required fees.
Furthermore, the template addresses the necessary provisions related to the assignee's guarantee. This guarantee ensures that the assignor, as well as the assignee, will fulfill their respective obligations to the landlord during the remaining term of the underlease. The guarantee may require the assignee to provide a guarantee deposit, financial references, or personal guarantees from directors or guarantors.
Overall, this legal template is primarily concerned with facilitating the process of assigning a commercial underlease with the landlord's consent under UK law. It covers various aspects related to the transfer, including the terms and conditions of the underlease, the requirements for obtaining consent, and the involvement of a guarantee to secure the landlord's interests.
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