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Lease Assignment Agreement for Philippines

Lease Assignment Agreement Template for Philippines

A legal document governed by Philippine law that facilitates the transfer of leasehold rights and obligations from an existing tenant (Assignor) to a new tenant (Assignee), with the landlord's consent. The agreement is structured in accordance with the Civil Code of the Philippines and relevant property laws, ensuring proper documentation of the assignment of lease rights, obligations, and responsibilities. It includes provisions for security deposits, outstanding liabilities, and compliance with local registration requirements, while addressing specific Philippine legal requirements for property transactions and lease arrangements.

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What is a Lease Assignment Agreement?

The Lease Assignment Agreement is a crucial document used in Philippine real estate transactions when an existing tenant wishes to transfer their lease rights and obligations to another party. This document becomes necessary when a tenant needs to exit a lease early, during business restructuring, or in cases of business sale or transfer. The agreement must comply with Philippine property laws, particularly the Civil Code of the Philippines and relevant property regulations. It typically includes detailed provisions about the transfer of rights, obligations, security deposits, and outstanding liabilities. The document requires careful consideration of local registration requirements, tax implications, and proper execution procedures, including notarization when required by Philippine law. A key feature is the mandatory inclusion of the landlord's consent, without which the assignment would not be valid under Philippine jurisdiction.

What sections should be included in a Lease Assignment Agreement?

1. Parties: Identifies the Assignor (current tenant), Assignee (new tenant), and Landlord

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

3. Definitions: Defines key terms used throughout the agreement

4. Assignment: Core clause transferring the lease from Assignor to Assignee

5. Landlord's Consent: Documentation of the landlord's approval of the assignment

6. Consideration: Details of any payment or consideration for the assignment

7. Effective Date: Specifies when the assignment takes effect

8. Assignor's Warranties: Warranties regarding the lease status, payments, and compliance

9. Assignee's Covenants: Assignee's commitments to comply with lease terms and obligations

10. Security Deposit: Handling and transfer of security deposit

11. Registration and Costs: Requirements for registration and responsibility for associated costs

12. Governing Law: Confirms Philippine law governs the agreement

13. Execution: Signature blocks and execution requirements

What sections are optional to include in a Lease Assignment Agreement?

1. Outstanding Obligations: Used when there are existing liabilities or obligations to be addressed

2. Broker Provisions: Include if a broker was involved in arranging the assignment

3. Improvements and Fixtures: Required when dealing with tenant improvements or fixtures

4. Guarantor Provisions: Include if there are guarantors for either the original lease or the assignment

5. Conditional Assignment: Used when assignment is subject to specific conditions precedent

6. Sub-letting Provisions: Include if sub-letting rights are being addressed

7. Insurance Assignment: Required when existing insurance policies need to be transferred or new ones arranged

What schedules should be included in a Lease Assignment Agreement?

1. Original Lease: Copy or summary of the original lease agreement

2. Property Details: Detailed description of the leased premises

3. Inventory: List of any fixtures, fittings, or equipment included in the assignment

4. Outstanding Payments: Schedule of any outstanding rent or other payments

5. Condition Report: Current condition of the premises at time of assignment

6. Required Consents: Copies of all required consents and approvals

7. Payment Schedule: Details of any assignment consideration payment structure

Authors

Alex Denne

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

Jurisdiction

Philippines

Document Type

Agreement Contract

Cost

Free to use
Relevant legal definitions




































Clauses






























Relevant Industries

Real Estate

Retail

Commercial Property

Industrial

Hospitality

Office Space

Manufacturing

Warehousing

Healthcare

Education

Food and Beverage

Professional Services

Relevant Teams

Legal

Real Estate

Operations

Finance

Compliance

Facilities Management

Asset Management

Property Management

Administrative

Risk Management

Relevant Roles

Real Estate Manager

Property Manager

Legal Counsel

Corporate Lawyer

Facility Manager

Business Owner

Operations Director

Chief Financial Officer

Commercial Director

Leasing Manager

Asset Manager

Contract Administrator

Real Estate Broker

Company Secretary

Compliance Officer

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, 聽Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination, 聽Severance Pay, Governing Law, Entire Agreemen

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