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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."
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
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
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
Real Estate
Retail
Food & Beverage
Professional Services
Financial Services
Technology
Manufacturing
Healthcare
Education
Logistics
Hospitality
Legal
Real Estate
Operations
Finance
Compliance
Facilities Management
Property Management
Business Development
Risk Management
Corporate Services
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
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