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Assignment Of Sublease
"I need an Assignment of Sublease agreement for transferring my commercial warehouse sublease in Cape Town to a new subtenant, effective March 1, 2025, with the original lease terms remaining unchanged and landlord's consent required."
1. Parties: Identifies all parties to the assignment: Assignor (original subtenant), Assignee (new subtenant), Head Tenant (original tenant), and Landlord (if consent required)
2. Background: Recitals explaining the existing sublease arrangement, the intention to assign, and any required consents obtained
3. Definitions: Defines key terms used in the agreement including Property, Original Sublease, Effective Date, etc.
4. Assignment: Core clause transferring all rights and obligations under the sublease from Assignor to Assignee
5. Effective Date: Specifies when the assignment takes effect
6. Assignor's Warranties: Warranties regarding the status of the sublease, no breaches, rent payments up to date, etc.
7. Assignee's Covenants: New subtenant's undertaking to perform all obligations under the original sublease
8. Rent and Deposits: Handling of rent payments, deposit transfers, and any adjustments
9. Costs: Allocation of costs related to the assignment
10. Notices: Contact details and method of serving notices
11. General Provisions: Standard boilerplate clauses including governing law, entire agreement, etc.
12. Execution: Signature blocks for all parties
1. Landlord's Consent: Required if the original lease or sublease requires landlord's consent for assignment
2. Head Tenant's Consent: Required if the sublease requires head tenant's consent for assignment
3. Modifications to Original Terms: Used when any terms of the original sublease are being modified as part of the assignment
4. Security Arrangements: Required if there are specific security deposits, guarantees, or other security arrangements
5. Break Clause: Optional clause allowing early termination under specific circumstances
6. Registration Requirements: Required for long-term leases that need registration under the Deeds Registries Act
7. VAT Provisions: Required for commercial properties where VAT is applicable
1. Schedule 1 - Property Description: Detailed description of the leased property including any exclusive use areas
2. Schedule 2 - Original Sublease: Copy of the original sublease agreement
3. Schedule 3 - Rent Schedule: Details of rent amounts, payment dates, and escalation provisions
4. Schedule 4 - Inventory: List of any furniture, fixtures, or equipment included in the sublease
5. Schedule 5 - Consents: Copies of written consents from landlord and/or head tenant
6. Schedule 6 - Condition Report: Current condition of the property at time of assignment
7. Appendix A - Property Plans: Floor plans or property diagrams if applicable
Authors
Commercial Real Estate
Residential Real Estate
Retail
Industrial
Office Space
Hospitality
Healthcare
Education
Manufacturing
Warehousing
Agriculture
Legal
Real Estate
Property Management
Facilities Management
Operations
Compliance
Contract Administration
Asset Management
Risk Management
Corporate Services
Property Manager
Real Estate Attorney
Legal Counsel
Facilities Manager
Commercial Lease Administrator
Real Estate Manager
Property Administrator
Tenant Relations Manager
Asset Manager
Real Estate Operations Director
Compliance Officer
Contract Manager
Real Estate Portfolio Manager
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