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Lease Assignment And Assumption Agreement
"I need a Lease Assignment and Assumption Agreement under Pakistani law for transferring a commercial warehouse lease in Karachi from ABC Manufacturing Ltd to XYZ Logistics Ltd, with the assignment to take effect from March 1, 2025, including provisions for a security deposit transfer of PKR 2 million."
1. Parties: Identifies and defines all parties: Original Lessor, Original Lessee (Assignor), and Assignee
2. Background: Recitals describing the original lease agreement, reason for assignment, and intent of the parties
3. Definitions: Defines key terms including Original Lease, Effective Date, Assigned Rights, Assumed Obligations
4. Assignment and Assumption: Core provision detailing the assignment of lease rights and assumption of obligations
5. Consideration: States the payment or consideration for the assignment
6. Effective Date: Specifies when the assignment becomes effective
7. Representations and Warranties: Statements by Assignor and Assignee about their capacity, authority, and lease status
8. Lessor's Consent: Documentation of the original lessor's consent to the assignment
9. Release of Assignor: Terms regarding the release of original lessee from future obligations
10. Governing Law: Specifies Pakistani law as governing law and relevant jurisdiction
11. Notices: Communication procedures between parties
12. Entire Agreement: Integration clause confirming the complete agreement of parties
13. Execution: Signature blocks and execution requirements
1. Security Deposit Transfer: Include when there's an existing security deposit to be transferred from Assignor to Assignee
2. Rent Proration: Include when assignment occurs mid-rental period to address pro-rata rent allocation
3. Broker Fees: Include if any broker or agent was involved in facilitating the assignment
4. Improvements and Fixtures: Include when there are specific tenant improvements or fixtures being transferred
5. Outstanding Claims: Include when addressing any existing disputes or claims related to the lease
6. Guarantor Provisions: Include when the original lease has a guarantor who needs to consent or be released
7. Environmental Matters: Include for commercial properties with potential environmental liabilities
1. Schedule A - Original Lease: Copy of the original lease agreement and any amendments
2. Schedule B - Property Description: Detailed description of the leased premises
3. Schedule C - Lessor's Consent: Formal consent document from the original lessor
4. Schedule D - Outstanding Obligations: List of any pending obligations, payments, or claims
5. Schedule E - Existing Defaults: Declaration of any existing defaults or breaches
6. Appendix 1 - Security Deposit Statement: Details of security deposit transfer and calculations
7. Appendix 2 - Rent Payment Schedule: Updated rent payment schedule post-assignment
Authors
Real Estate
Commercial Property
Retail
Industrial
Healthcare
Education
Hospitality
Manufacturing
Warehousing
Office Space
Agriculture
Legal
Real Estate
Facilities Management
Operations
Finance
Risk & Compliance
Corporate Services
Administration
Business Development
Real Estate Manager
Property Manager
Legal Counsel
Contract Administrator
Facilities Manager
Tenant Relations Manager
Asset Manager
Operations Director
Chief Financial Officer
Risk Manager
Compliance Officer
Real Estate Director
Corporate Services Manager
Business Development Manager
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