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Lease Novation Agreement

Lease Novation Agreement Template for United Arab Emirates

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Key Requirements PROMPT example:

Lease Novation Agreement

"I need a Lease Novation Agreement for our Dubai office space, where our tech startup is taking over the remaining 3-year lease from a consulting firm effective March 1, 2025, with the original landlord's consent required and a new security deposit arrangement to be included."

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Document background
The Lease Novation Agreement is a crucial document used in the United Arab Emirates when an existing tenant wishes to transfer their lease obligations to a new tenant while maintaining the original lease terms. This document is particularly relevant in commercial and retail contexts where businesses need to exit their lease early or transfer their premises to another entity. The agreement must comply with UAE Federal Law No. 5 of 1985 (Civil Code) and relevant emirate-specific property laws, such as Dubai Law No. 26 of 2007 for properties in Dubai. It includes essential provisions for the transfer of rights and obligations, handling of security deposits, and necessary registrations with relevant authorities such as RERA in Dubai. The Lease Novation Agreement ensures a smooth transition while protecting the interests of all parties involved - the landlord, outgoing tenant, and incoming tenant.
Suggested Sections

1. Parties: Identification of the Landlord, Original Tenant (Outgoing Tenant), and New Tenant (Incoming Tenant)

2. Background: Recitals explaining the existing lease arrangement, the parties' intentions, and the purpose of the novation

3. Definitions: Definitions of key terms used throughout the agreement, including 'Original Lease', 'Effective Date', 'Premises', etc.

4. Novation: Core clause effecting the novation, transferring rights and obligations from Original Tenant to New Tenant

5. Release of Original Tenant: Formal release of the Original Tenant from future obligations under the lease

6. New Tenant's Covenant: New Tenant's undertaking to perform the lease obligations and be bound by its terms

7. Landlord's Consent: Explicit consent of the Landlord to the novation and acknowledgment of the New Tenant

8. Effective Date and Conditions: Specification of when the novation takes effect and any conditions that must be satisfied

9. Representations and Warranties: Standard warranties from each party regarding their capacity and authority to enter into the agreement

10. Governing Law and Jurisdiction: Specification of UAE law as governing law and jurisdiction for disputes

11. Execution: Signature blocks for all parties and execution requirements

Optional Sections

1. Security Deposit Arrangements: Details of the transfer or replacement of any security deposit - include if there is an existing security deposit

2. Outstanding Payments: Provisions dealing with any rent arrears or other outstanding payments - include if there are any unpaid amounts

3. Costs and Registration: Provisions for who bears the costs of the novation and registration - include if costs allocation needs to be specified

4. Guarantor Provisions: Provisions relating to any guarantees - include if the original lease has guarantors

5. Condition of Premises: Acknowledgment of the condition of the premises - include if there are specific condition issues to address

6. Break Rights: Treatment of any existing break rights - include if the original lease contains break options

Suggested Schedules

1. Schedule 1 - Original Lease: Copy or details of the original lease being novated

2. Schedule 2 - Premises: Description and/or plans of the leased premises

3. Schedule 3 - Outstanding Matters: List of any outstanding obligations, payments, or issues to be addressed

4. Schedule 4 - Conditions Precedent: List of any conditions that must be satisfied before the novation takes effect

5. Appendix A - Required Notices: Forms of any notices required to be given to authorities or other parties

6. Appendix B - Registration Requirements: Details of registration requirements and processes under UAE law

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
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Relevant Industries

Real Estate

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Relevant Teams

Legal

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Corporate Services

Administration

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Relevant Roles

Real Estate Manager

Property Manager

Facilities Manager

Legal Counsel

Commercial Director

Operations Manager

Chief Financial Officer

Contract Manager

Leasing Manager

Asset Manager

Compliance Officer

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Business Development Manager

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