An Assignment Of Lease is essential when a tenant wishes to permanently transfer their entire interest in a lease to another party. This document is commonly used in Canadian business and real estate transactions when tenants need to exit a lease early, during business acquisitions, or when restructuring operations. The assignment must comply with both federal and provincial legislation, including provincial property laws and tenancy acts. It requires careful consideration of existing lease terms, outstanding obligations, and the new tenant's credentials. The document typically includes details of the original lease, terms of assignment, landlord's consent, and any specific conditions or modifications. It's particularly important that the Assignment of Lease clearly defines the rights and obligations being transferred and includes appropriate representations and warranties from all parties. This document is distinct from a sublease as it transfers the entire leasehold interest rather than just a portion of it.
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1. Parties: Identifies all parties: Landlord, Assignor (current tenant), and Assignee (new tenant)
2. Background: Recitals explaining the existing lease arrangement and the intention to assign
3. Definitions: Key terms used throughout the document including 'Original Lease', 'Premises', 'Assignment Date', etc.
4. Assignment and Acceptance: Core provision transferring all rights and obligations under the lease from Assignor to Assignee
5. Landlord's Consent: Express consent of the landlord to the assignment
6. Effective Date: Specifies when the assignment takes effect
7. Assignor's Representations and Warranties: Statements about the lease status, no defaults, and authority to assign
8. Assignee's Covenants: New tenant's promises to comply with lease terms and perform obligations
9. Rent and Security Deposit: Details of ongoing rent obligations and handling of existing security deposits
10. Release of Assignor: Terms of release of original tenant from future obligations, if applicable
11. Notices: How and where notices should be delivered to all parties
12. Governing Law: Specifies that Canadian law governs the agreement
13. Execution: Signature blocks for all parties
1. Conditions Precedent: Used when the assignment is subject to specific conditions being met before becoming effective
2. Outstanding Obligations: Include when there are specific outstanding obligations of the Assignor that need to be addressed
3. Improvements and Fixtures: Required when there are specific arrangements regarding tenant improvements or fixtures
4. Broker Fees: Include when real estate brokers are involved in the assignment transaction
5. Environmental Matters: Important for commercial properties with potential environmental concerns
6. Assignment Fee: Include if the landlord charges a fee for consenting to the assignment
7. Guarantor: Required when there is a guarantor for either the original lease or the assignment
8. Insurance Transfer: Used when specific insurance arrangements need to be transferred or modified
1. Schedule A - Original Lease: Copy of the original lease agreement and any amendments
2. Schedule B - Premises Description: Detailed description or floor plan of the leased premises
3. Schedule C - Rent Schedule: Detailed breakdown of rent payments and schedules
4. Schedule D - Condition Report: Current condition of the premises at time of assignment
5. Schedule E - Outstanding Obligations: List of any outstanding obligations or payments
6. Appendix 1 - Landlord's Consent Form: Formal consent document from the landlord
7. Appendix 2 - Assignment Specific Terms: Any special terms or conditions specific to the assignment
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