The Assignment Of Lease Agreement is a crucial legal instrument in Indonesian property law that enables the transfer of leasehold interests from one party to another. This document is typically used when a tenant needs to exit a lease early and transfer their rights to another party, or when a business is being sold or restructured and lease rights need to be transferred. The agreement must comply with Indonesian Civil Code requirements and property regulations, including specific provisions for foreign investment if applicable. It contains detailed terms regarding the transfer of rights and obligations, handling of security deposits, and necessary consents. The document is particularly important in commercial leasing scenarios and requires careful consideration of both the original lease terms and the landlord's specific requirements for assignment. When properly executed, this agreement creates a legally binding relationship between the new tenant and the landlord while releasing the original tenant from future obligations.
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1. Parties: Identifies the three key parties: (1) Assignor (current tenant), (2) Assignee (new tenant), and (3) Landlord
2. Background: Recitals explaining the existing lease arrangement, the parties' intention to assign the lease, and confirmation of the landlord's consent
3. Definitions: Defines key terms including 'Lease Agreement', 'Premises', 'Assignment Date', and other relevant terms
4. Assignment: Core provision transferring all rights and obligations under the lease from Assignor to Assignee
5. Effective Date: Specifies when the assignment takes effect
6. Assignor's Obligations: Details the Assignor's obligations including handover of premises and documentation
7. Assignee's Covenants: Assignee's commitment to comply with lease terms and perform tenant obligations
8. Landlord's Consent: Formal statement of Landlord's approval of the assignment
9. Security Deposit: Handling of existing security deposit and arrangements for new deposit
10. Representations and Warranties: Statements of fact and assurances from all parties
11. Governing Law: Confirms Indonesian law governs the agreement
12. Execution: Signature blocks for all three parties
1. Guarantor Provisions: Required when there is a guarantor for the Assignee's obligations
2. Outstanding Amounts: Include when there are any unpaid rent or charges to be addressed
3. Broker/Agent Fees: Include when brokers or agents are involved in the assignment
4. Registration Requirements: Include when the assignment requires registration with specific authorities
5. Condition of Premises: Include when specific condition issues need to be documented
6. Novation Provisions: Include when a complete novation rather than assignment is intended
7. Foreign Investment Provisions: Required when the assignment involves foreign parties
1. Original Lease Agreement: Copy of the existing lease agreement being assigned
2. Premises Details: Detailed description of the leased premises including floor plans
3. Inventory: List of any fixtures, fittings or equipment included in the lease
4. Condition Report: Current condition of the premises at time of assignment
5. Outstanding Payments Schedule: Details of any rent, service charges or other payments to be settled
6. Required Consents: Copies of any required regulatory or third-party consents
7. Handover Protocol: Procedure and checklist for the physical handover of the premises
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Relevant Teams
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Administration
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