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Assignment Of Purchase Agreement
"I need an Assignment of Purchase Agreement under German law to transfer my rights as purchaser of a commercial property in Berlin to a new buyer, with completion scheduled for March 15, 2025; the original purchase price was €2.5 million and the assignment needs to include provisions for outstanding payments."
1. Parties: Identification of the Assignor (current purchaser), Assignee (new purchaser), and the Original Seller (from the purchase agreement)
2. Background: Context of the original purchase agreement and the reason for the assignment
3. Definitions: Definitions of key terms including 'Purchase Agreement', 'Assignment Date', 'Purchase Rights', and other relevant terms
4. Assignment: Core provision detailing the transfer of rights and obligations under the Purchase Agreement from Assignor to Assignee
5. Consideration: Details of any payment or other consideration for the assignment
6. Assignor's Warranties: Warranties regarding the Assignor's right to assign, status of the Purchase Agreement, and absence of encumbrances
7. Completion Requirements: Actions required to complete the assignment, including notifications, registrations, or third-party consents
8. Further Assurance: Obligation to take additional steps necessary to perfect the assignment
9. Governing Law: Confirmation of German law as the governing law and jurisdiction provisions
10. Execution: Signature blocks and execution requirements
1. Seller's Consent: Required when the original Purchase Agreement contains restrictions on assignment or when Seller's consent is prudent
2. Partial Assignment: Used when only certain rights or assets under the Purchase Agreement are being assigned
3. Security Provisions: Needed when the assignment is being made as security for other obligations
4. Tax Provisions: Required when there are specific tax implications or allocations to be addressed
5. Confidentiality: Added when confidential information will be shared as part of the assignment process
6. Costs: Include when there's a need to specify how transaction costs will be allocated
7. Notice Requirements: Detailed notice provisions when ongoing communications are required between multiple parties
1. Original Purchase Agreement: Copy of the purchase agreement being assigned
2. Assets Schedule: Detailed list of assets covered by the Purchase Agreement when specific assets need to be identified
3. Completion Requirements: Checklist of actions required to complete the assignment
4. Form of Notice to Seller: Template for formal notification to the Original Seller about the assignment
5. Outstanding Obligations: List of any unfulfilled obligations under the Purchase Agreement
6. Required Consents: List of third-party consents required for the assignment to be effective
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