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Commercial Lease Assignment Template for Hong Kong

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Key Requirements PROMPT example:

Commercial Lease Assignment

"I need a Commercial Lease Assignment agreement for transferring a retail space lease in Central, Hong Kong to a new tenant, with the assignment to take effect from March 1, 2025, and including provisions for the transfer of existing fixtures and security deposit."

Document background
A Commercial Lease Assignment is essential when a tenant wishes to transfer their leasehold interest in a commercial property to another party in Hong Kong. This document is commonly used when businesses need to exit a lease early, restructure their property portfolio, or transfer premises as part of a larger business transaction. The assignment must comply with Hong Kong's property laws and requires careful consideration of existing lease terms, landlord's consent requirements, and statutory obligations. The document typically includes detailed provisions about the property, existing lease terms, financial obligations, and various warranties and covenants. It's crucial to ensure proper execution according to Hong Kong law, including obtaining necessary consents and paying appropriate stamp duty.
Suggested Sections

1. Parties: Identification of the Assignor (existing tenant), Assignee (new tenant), and Landlord

2. Background: Details of the existing lease, property description, and reason for assignment

3. Definitions: Definitions of key terms used throughout the agreement

4. Agreement to Assign: Core clause establishing the assignment of the lease from Assignor to Assignee

5. Consideration: Details of the payment or other consideration for the assignment

6. Conditions Precedent: Conditions that must be satisfied before the assignment becomes effective, including landlord's consent

7. Completion: Details of the completion process, timing, and requirements

8. Assignor's Warranties: Warranties given by the Assignor regarding the lease and property condition

9. Assignee's Covenants: Assignee's promises to comply with lease terms and obligations

10. Costs and Stamp Duty: Responsibility for legal costs and stamp duty payments

11. Notices: Process for serving notices under the assignment

12. Governing Law and Jurisdiction: Confirmation of Hong Kong law and jurisdiction

Optional Sections

1. Guarantor Provisions: Required when there is a guarantor for the Assignee's obligations

2. Existing Deposits: Required when dealing with transfer or replacement of existing security deposits

3. Break Clause: Optional provision allowing early termination under specific circumstances

4. Property Condition: Detailed provisions about the condition of the property, required when there are specific concerns or requirements

5. Outstanding Repairs: Required when there are pending repair obligations to be transferred or settled

6. Existing Alterations: Required when dealing with alterations made by the Assignor that need consent or reinstatement

7. VAT/Tax Provisions: Required when there are specific tax implications to be addressed

Suggested Schedules

1. Schedule 1 - The Property: Detailed description of the leased property including floor plans and boundaries

2. Schedule 2 - The Lease: Details of the existing lease including date, parties, and any supplemental deeds

3. Schedule 3 - Rent and Other Payments: Details of current rent, service charges, and other financial obligations

4. Schedule 4 - Existing Licenses and Consents: List of all existing licenses, consents, and permits relating to the property

5. Appendix A - Form of Landlord's Consent: Draft or copy of the landlord's consent to the assignment

6. Appendix B - Inventory: List of any fixtures, fittings, or equipment included in the assignment

7. Appendix C - Outstanding Requirements: List of any outstanding obligations or requirements to be satisfied

Authors

Alex Denne

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

Relevant legal definitions






































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Relevant Industries

Real Estate

Retail

Food & Beverage

Professional Services

Financial Services

Technology

Manufacturing

Healthcare

Education

Logistics

Hospitality

Relevant Teams

Legal

Real Estate

Operations

Finance

Compliance

Facilities Management

Property Management

Business Development

Risk Management

Corporate Services

Relevant Roles

Property Manager

Real Estate Director

Facilities Manager

Legal Counsel

Commercial Director

Chief Financial Officer

Operations Manager

Business Development Manager

Property Lawyer

Compliance Officer

Asset Manager

Lease Administrator

Real Estate Consultant

Property Acquisition 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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