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Novation Of Lease Agreement

Novation Of Lease Agreement Template for Malaysia

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Key Requirements PROMPT example:

Novation Of Lease Agreement

"I need a Novation of Lease Agreement for our retail space in Kuala Lumpur, where our company (ABC Retail Sdn Bhd) is transferring our remaining 3-year lease to XYZ Fashion Sdn Bhd effective March 1, 2025, with the landlord Pavilion Properties maintaining the same rental terms."

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Document background
A Novation Of Lease Agreement is essential in Malaysian commercial and property transactions when an existing tenant wishes to transfer their lease obligations to a new tenant. This document is used in situations where a complete transfer of leasehold rights and responsibilities is required, rather than a simple sublease or assignment. The agreement must comply with Malaysian legal requirements, particularly the Contracts Act 1950 and National Land Code 1965, and typically requires formal registration and stamping. It's commonly used in business restructuring, corporate relocations, or when a tenant needs to exit a lease early but has found a replacement tenant. The document ensures all parties' interests are protected while maintaining the continuity of the lease arrangement.
Suggested Sections

1. Parties: Details of the existing landlord, tenant, and incoming tenant

2. Background: Recitals explaining the existing lease arrangement and the intention to novate

3. Definitions: Definitions of key terms including 'Existing Lease', 'Effective Date', 'Outstanding Obligations', etc.

4. Novation: Core clause effecting the novation, transfer of rights and obligations

5. Release and Assumption of Obligations: Release of outgoing tenant and assumption of obligations by incoming tenant

6. Effective Date: Specification of when the novation takes effect

7. Representations and Warranties: Warranties from all parties regarding their capacity and authority to enter into the agreement

8. Costs and Stamp Duty: Provisions regarding who bears the costs of the novation including stamp duty

9. Governing Law and Jurisdiction: Specification of Malaysian law as governing law and jurisdiction

10. Execution: Execution blocks for all three parties

Optional Sections

1. Security Deposit Transfer: Include when there is an existing security deposit to be transferred or replaced

2. Outstanding Amounts: Include when there are rent arrears or other outstanding amounts to be settled

3. Conditions Precedent: Include when the novation is subject to certain conditions being met first

4. Landlord's Consent: Include when specific form of landlord's consent is required beyond being a party

5. Registration Requirements: Include when the lease/novation requires registration under Malaysian law

Suggested Schedules

1. Schedule 1 - Existing Lease: Copy or details of the existing lease being novated

2. Schedule 2 - Property Details: Description of the leased property including title details

3. Schedule 3 - Outstanding Obligations: List of any outstanding obligations or payments

4. Appendix 1 - Landlord's Consent Letter: Where separate landlord's consent is required

5. Appendix 2 - Transfer Documents: Any additional forms required for registration or transfer

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
Relevant legal definitions




















Clauses



















Relevant Industries

Real Estate

Retail

Commercial Property

Industrial

Hospitality

Office Space

Manufacturing

Warehouse and Logistics

Healthcare

Education

Relevant Teams

Legal

Real Estate

Facilities Management

Operations

Compliance

Risk Management

Property Administration

Corporate Services

Contract Administration

Relevant Roles

Legal Counsel

Property Manager

Real Estate Manager

Facilities Manager

Commercial Lease Administrator

Contract Manager

Corporate Real Estate Manager

Property Operations Director

Lease Administration Manager

Real Estate Portfolio Manager

Company Secretary

Compliance Officer

Risk Manager

Industries





Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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