The Assign Tenancy Agreement is a crucial legal instrument used in the Philippine real estate sector when an existing tenant wishes to transfer their lease obligations to a new tenant. This document is essential in situations where the original tenant needs to exit a lease agreement before its natural termination, whether due to relocation, business changes, or personal circumstances. The agreement must comply with Philippine property law, particularly the Civil Code of the Philippines and the Rent Control Act, and requires explicit landlord consent. It typically includes detailed information about the original lease, the parties involved, financial obligations, security deposits, and any specific conditions of the assignment. The document serves to protect all parties' interests by clearly defining the rights, responsibilities, and liabilities in the assignment process.
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1. Parties: Identifies all parties involved: the Landlord, Current Tenant (Assignor), and New Tenant (Assignee)
2. Background: Recitals explaining the existing lease agreement details and the intention to assign the tenancy
3. Definitions: Defines key terms used throughout the agreement
4. Assignment and Acceptance: Core clause detailing the assignment of the lease from Current Tenant to New Tenant
5. Landlord's Consent: Express consent from the Landlord for the assignment
6. Effective Date: Specifies when the assignment takes effect
7. Current Tenant's Warranties: Warranties regarding the lease status, payments, and condition of the property
8. New Tenant's Covenants: New Tenant's commitments to comply with original lease terms and conditions
9. Security Deposit: Arrangements for transfer or replacement of security deposit
10. Fees and Costs: Details of any assignment fees and responsibility for legal costs
11. Release of Current Tenant: Terms of release of Current Tenant from future obligations
12. Governing Law: Confirms Philippine law governs the agreement
13. Execution: Signature blocks and execution requirements
1. Broker/Agent Provisions: Include when a broker or agent is involved in facilitating the assignment
2. Outstanding Repairs: Include when there are pending maintenance or repair issues to be addressed
3. Rent Arrears: Include when there are outstanding rent payments to be settled
4. Modifications to Original Lease: Include when the assignment includes any approved modifications to the original lease terms
5. Guarantor Provisions: Include when the new tenant is required to provide a guarantor
6. Utility Transfers: Include when specific arrangements for utility account transfers are needed
1. Schedule 1 - Original Lease Agreement: Copy of the original lease agreement being assigned
2. Schedule 2 - Property Inventory: Current inventory and condition report of the property
3. Schedule 3 - Outstanding Obligations: List of any outstanding obligations, payments, or maintenance issues
4. Schedule 4 - Landlord's Consent Form: Formal consent document from the landlord
5. Appendix A - Property Documents: Relevant property certificates and documentation
6. Appendix B - Identification Documents: Copies of identification documents for all parties
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