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Novation Lease Agreement
"I need a Novation Lease Agreement for transferring a commercial office lease in Karachi to a new tenant from March 1, 2025, with specific provisions for maintaining existing fit-out arrangements and transferring service contracts."
1. Parties: Identification of the Original Lessor, Original Lessee, and New Lessee/Assignee
2. Background: Details of the original lease agreement, reason for novation, and brief context of the transfer
3. Definitions: Definitions of key terms including Original Lease, Effective Date, Property, and other relevant terms
4. Novation: Core provisions detailing the transfer of rights and obligations from Original Lessee to New Lessee
5. Effective Date: Specification of when the novation takes effect and timing of the transfer
6. Original Lease Terms: Confirmation that all other terms of the Original Lease remain unchanged
7. Property Details: Specific description of the leased property and its current condition
8. Rent and Payment Terms: Confirmation of existing rent, payment schedules, and any security deposits
9. Handover Provisions: Process for transferring possession, keys, and relevant documentation
10. Representations and Warranties: Statements of fact and promises by all parties regarding their capacity and authority
11. Release and Indemnity: Release of Original Lessee and indemnification provisions
12. Governing Law: Confirmation of Pakistani law as governing law and jurisdiction
13. Miscellaneous: Standard boilerplate provisions including notices, amendments, and counterparts
1. Security Deposit Transfer: Required if there is an existing security deposit to be transferred or replaced
2. Outstanding Charges: Include if there are any pending utility bills, maintenance charges, or other payments to be settled
3. Consent of Mortgagee: Required if the property is mortgaged and bank consent is needed
4. Insurance Provisions: Include if specific insurance arrangements need to be transferred or modified
5. Fit-out Provisions: Required if there are existing alterations or improvements to be addressed
6. Service Contracts: Include if there are ongoing service contracts that need to be transferred
7. Break Clause: Optional provision allowing early termination under specific circumstances
1. Schedule 1 - Original Lease: Copy or key terms of the original lease agreement
2. Schedule 2 - Property Description: Detailed description of the property including floor plans and photographs
3. Schedule 3 - Inventory: List of any fixtures, fittings, or equipment included in the lease
4. Schedule 4 - Condition Report: Current condition of the property at the time of novation
5. Schedule 5 - Outstanding Obligations: List of any ongoing obligations or pending matters
6. Appendix A - Required Consents: Copies of any third-party consents obtained
7. Appendix B - Registration Documents: Documents required for registration of the novation (if applicable)
Authors
Real Estate
Commercial Property
Residential Property
Retail
Manufacturing
Office Space
Industrial
Hospitality
Healthcare
Education
Logistics
Warehousing
Legal
Real Estate
Facilities Management
Operations
Finance
Risk & Compliance
Administrative Services
Corporate Services
Business Development
Property Management
Legal Counsel
Property Manager
Real Estate Manager
Facilities Manager
Commercial Director
Operations Manager
Chief Financial Officer
Risk Manager
Compliance Officer
Asset Manager
Leasing Manager
Real Estate Administrator
Corporate Services Manager
Business Development Manager
Property Administrator
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