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Novation Of Tenancy Agreement
"I need a Novation of Tenancy Agreement for my commercial office space in Mumbai, where my technology company (outgoing tenant) will transfer the lease to another company starting March 1, 2025, with all existing lease terms to remain unchanged."
1. Parties: Details of the Landlord, Outgoing Tenant (Transferor), and Incoming Tenant (Transferee)
2. Background: Recitals explaining the existing tenancy agreement, its key terms, and the intention to novate
3. Definitions and Interpretation: Definitions of key terms used in the agreement and rules of interpretation
4. Novation: Core clause effecting the transfer of rights and obligations from outgoing to incoming tenant
5. Effective Date: Specification of when the novation takes effect
6. Release of Outgoing Tenant: Formal release of the outgoing tenant from future obligations
7. Assumption of Obligations: Incoming tenant's commitment to assume all obligations under the original lease
8. Landlord's Consent: Express consent of the landlord to the novation
9. Continuing Terms: Confirmation that original lease terms remain unchanged except for the substitution of tenant
10. Representations and Warranties: Standard warranties from all parties regarding their capacity and authority
11. Governing Law and Jurisdiction: Specification of Indian law as governing law and relevant jurisdiction
12. Execution: Signature blocks for all parties
1. Security Deposit Arrangements: Required when there's a transfer or replacement of security deposit between outgoing and incoming tenant
2. Modifications to Original Terms: Used when parties agree to modify certain terms of the original lease alongside the novation
3. Outstanding Payments: Required when addressing any pending rent or charges from the outgoing tenant
4. Condition of Premises: Used when documenting the state of the property at the time of transfer
5. Costs and Expenses: Required when specifying how transition costs and registration fees will be shared
6. Notices: Optional section for detailed notice provisions if not covered in original lease
1. Schedule 1 - Property Details: Detailed description of the leased property including address and specifications
2. Schedule 2 - Original Lease: Copy or key terms of the original lease agreement being novated
3. Schedule 3 - Rent and Payment Details: Current rent amount, payment terms, and any modifications
4. Schedule 4 - Inventory: List of fixtures, fittings, and contents if relevant to the tenancy
5. Appendix A - Condition Report: Current condition of the property at the time of novation
6. Appendix B - Outstanding Obligations: List of any pending obligations or payments to be addressed in the novation
Authors
Real Estate
Retail
Commercial Property
Residential Property
Office Space
Industrial
Hospitality
Education
Healthcare
Manufacturing
Technology
Professional Services
Legal
Real Estate
Facilities Management
Operations
Administrative
Compliance
Property Management
Corporate Services
Risk Management
Business Development
Property Manager
Real Estate Manager
Legal Counsel
Corporate Lawyer
Facilities Manager
Operations Manager
Tenant Relations Manager
Lease Administrator
Real Estate Director
Company Secretary
Business Operations Manager
Property Administrator
Legal Operations Manager
Compliance Officer
Asset Manager
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