The Novation Lease Agreement is essential in situations where there is a need to substitute one party in an existing lease arrangement with a new party under Indonesian law. This document is commonly used during property sales, business acquisitions, or when tenants need to transfer their lease obligations to another party. The agreement must comply with Indonesian Civil Code requirements and relevant property regulations, making it suitable for both commercial and residential properties. The document includes comprehensive details about the original lease, the parties involved, the effective date of transfer, and specific obligations being novated. It's particularly important in Indonesia's dynamic real estate market where proper documentation and legal compliance are crucial for lease transfers.
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1. Parties: Identifies the three parties: Original Lessor, Original Lessee, and New Party (either new lessor or new lessee)
2. Background: Recitals explaining the existing lease agreement, reason for novation, and intention of the parties
3. Definitions: Defines key terms including Original Lease, Effective Date, Property, and other relevant terms
4. Interpretation: Rules for interpreting the agreement including references to time, currency, and statutory provisions
5. Novation: Core clause establishing the novation, releasing original party and binding new party
6. Transfer of Rights and Obligations: Detailed provisions on the transfer of all rights, obligations, and liabilities
7. Effective Date and Conditions Precedent: Specifies when the novation takes effect and any conditions that must be met
8. Continuing Obligations: Confirms which original lease terms continue to apply
9. Representations and Warranties: Statements of fact and assurances from all parties
10. Payment Provisions: Handling of deposits, rent payments, and other financial matters
11. Costs and Stamp Duty: Allocation of costs related to the novation
12. Notices: Communication procedures between parties
13. Governing Law and Jurisdiction: Confirms Indonesian law governance and dispute resolution approach
14. Execution: Signature blocks for all three parties
1. Consent of Additional Parties: Required if there are guarantors, mortgagees, or other parties with interests in the original lease
2. Tax Provisions: Include for commercial properties or when specific tax arrangements need to be addressed
3. Insurance Arrangements: Required when there are specific insurance policies that need to be transferred or maintained
4. Property Management: Include when there are specific property management arrangements that need to be addressed
5. Assignment and Subletting: Include when modification to original assignment/subletting provisions is needed
6. Break Rights: Include when parties wish to modify or clarify break rights post-novation
7. Language Requirements: Required for agreements involving foreign parties, specifying dual language requirements and prevailing language
1. Original Lease: Copy or details of the original lease agreement being novated
2. Property Details: Detailed description of the leased property, including certificates and registration details
3. Rent and Payment Schedule: Details of rent amounts, payment dates, and any review mechanisms
4. Handover Protocol: Documentation of property condition and any handover requirements
5. Outstanding Obligations: List of any outstanding obligations or payments under the original lease
6. Required Consents: Copies of all third-party consents obtained for the novation
7. Property Insurance Details: Details of insurance policies and certificates
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Commercial Property
Retail
Industrial
Hospitality
Office Space
Residential Property
Manufacturing
Warehousing
Mixed-Use Development
Shopping Centers
Healthcare Facilities
Relevant Teams
Legal
Real Estate
Facilities Management
Operations
Compliance
Risk Management
Property Management
Asset Management
Contract Administration
Business Development
Corporate Services
Relevant Roles
Property Manager
Legal Counsel
Real Estate Director
Facilities Manager
Commercial Director
Lease Administrator
Asset Manager
Operations Manager
Contract Manager
Risk Manager
Compliance Officer
Property Development Manager
Real Estate Investment Manager
Business Development Manager
Chief Legal Officer
Chief Operating Officer
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