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Commercial Lease Assignment
"I need a Commercial Lease Assignment for my retail store in Lagos, transferring my 5-year lease to a new tenant who will continue the same business, with completion planned for March 2025; landlord has already given verbal consent."
1. Parties: Identifies and provides full details of all parties: the Assignor (current tenant), Assignee (new tenant), and Landlord
2. Background: Recitals explaining the existing lease, the intention to assign, and confirmation of landlord's consent
3. Definitions: Defines key terms used throughout the agreement, including Property, Lease, Assignment Date, etc.
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
7. Assignor's Covenants: Warranties and obligations of the outgoing tenant
8. Assignee's Covenants: New tenant's obligations and commitments, including compliance with lease terms
9. Landlord's Consent: Confirmation and terms of the landlord's consent to the assignment
10. Completion Requirements: Actions required to complete the assignment, including registration and documentation
11. Costs and Stamp Duty: Allocation of legal costs, registration fees, and stamp duty
12. Governing Law: Confirmation that the assignment is governed by Nigerian law
13. Execution: Signature blocks and execution formalities
1. Guarantor Provisions: Required when there's a guarantor for the Assignee's obligations
2. Outstanding Rent: Needed when addressing settlement of any rent arrears or prepaid rent
3. Property Maintenance Status: Used when specific maintenance or repair obligations need to be addressed
4. Security Deposit Transfer: Required when handling transfer of existing security deposits
5. Break Clause: Optional provision allowing early termination rights
6. Assignment Restrictions: Used when specifying additional restrictions on future assignments
7. Service Charge Reconciliation: Needed when addressing outstanding service charge accounts
8. Existing Alterations: Required when dealing with alterations made by the Assignor
9. VAT Elections: Needed when the property is subject to VAT elections
1. Schedule 1 - Property Description: Detailed description of the leased property, including plans and measurements
2. Schedule 2 - Existing Lease: Copy or summary of the original lease terms being assigned
3. Schedule 3 - Condition Report: Current condition of the property at the time of assignment
4. Schedule 4 - Outstanding Obligations: List of any outstanding obligations or breaches under the existing lease
5. Schedule 5 - Rent and Payment Details: Details of current rent, payment dates, and review dates
6. Appendix A - Landlord's Consent Document: Formal consent document from the landlord
7. Appendix B - Property Plans: Detailed plans and drawings of the property
8. Appendix C - Inventory: List of any fixtures, fittings, or equipment included in the assignment
Authors
Retail
Office Space
Industrial
Hospitality
Healthcare
Education
Manufacturing
Logistics
Technology
Financial Services
Professional Services
Entertainment
Warehousing
Legal
Real Estate
Facilities Management
Finance
Operations
Compliance
Risk Management
Property Management
Business Development
Administrative
Real Estate Manager
Property Manager
Legal Counsel
Commercial Director
Facilities Manager
Chief Financial Officer
Business Development Manager
Operations Director
Company Secretary
Asset Manager
Leasing Manager
Property Lawyer
Compliance Officer
Risk Manager
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