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Lease Assumption Agreement

Lease Assumption Agreement Template for India

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Key Requirements PROMPT example:

Lease Assumption Agreement

"I need a Lease Assumption Agreement for transferring a commercial office lease in Mumbai from our current tenant TechCorp Ltd to NewTech Solutions Pvt Ltd, with the assumption to take effect from March 1, 2025, and including special provisions for maintaining existing IT infrastructure."

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Document background
The Lease Assumption Agreement serves as a crucial legal instrument in Indian property law when a tenant wishes to transfer their lease obligations to another party. This document is commonly used in situations where the original tenant needs to exit a lease before its natural expiration, but a suitable replacement tenant has been identified. The agreement must comply with the Transfer of Property Act, 1882, the Indian Contract Act, 1872, and relevant state-specific property laws. It typically includes detailed provisions about the assumption of rights and obligations, handling of security deposits, representations and warranties, and landlord's consent conditions. The document is particularly important in commercial leasing scenarios where significant financial obligations and complex terms need to be carefully transferred and documented.
Suggested Sections

1. Parties: Identifies and defines all parties: Landlord, Original Tenant (Assignor), and New Tenant (Assignee)

2. Background: Recitals describing the original lease, its key terms, and the context for the assumption

3. Definitions: Defines key terms used throughout the agreement, including 'Original Lease', 'Effective Date', 'Assumed Obligations'

4. Assignment and Assumption: Core provision where Original Tenant assigns and New Tenant assumes the lease obligations

5. Landlord's Consent: Documents the landlord's formal consent to the assumption and any conditions attached

6. Effective Date and Term: Specifies when the assumption takes effect and confirms the remaining lease term

7. Representations and Warranties: Statements by all parties regarding their authority, lease status, and other material facts

8. Original Tenant's Continuing Obligations: Specifies any ongoing liabilities or obligations of the Original Tenant

9. Security Deposit: Handles the transfer or replacement of security deposits

10. Notices: Updates notice provisions to include New Tenant's contact information

11. Governing Law: Confirms Indian law governs the agreement and specifies jurisdiction

12. Execution: Signature blocks for all parties and witness requirements

Optional Sections

1. Guarantor Provisions: Include when there's a guarantor for either the Original Tenant or New Tenant

2. Rent Adjustment: Include if the assumption involves any modification to rent terms

3. Condition of Premises: Include when there are specific agreements about the current condition or required improvements

4. Broker Representations: Include if any brokers were involved in facilitating the assumption

5. Environmental Matters: Include for properties with potential environmental concerns or compliance requirements

6. Original Tenant Release: Include if the Original Tenant is being released from future obligations

7. Modification of Original Lease Terms: Include if any original lease terms are being modified as part of the assumption

Suggested Schedules

1. Schedule A - Original Lease: Copy of the original lease agreement and any amendments

2. Schedule B - Premises Details: Description and/or floor plan of the leased premises

3. Schedule C - Outstanding Obligations: List of any pending obligations, repairs, or improvements

4. Schedule D - Security Deposit Details: Breakdown of security deposit amounts and transfer arrangements

5. Schedule E - Rent Schedule: Current rent schedule and any agreed modifications

6. Appendix 1 - Required Consents: Copies of any third-party consents required for the assumption

7. Appendix 2 - Condition Report: Current condition assessment of the premises

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions






































Clauses






























Relevant Industries

Real Estate

Retail

Commercial Office

Industrial

Hospitality

Healthcare

Education

Manufacturing

Logistics

Technology

Banking and Financial Services

Professional Services

Relevant Teams

Legal

Real Estate

Facilities Management

Operations

Finance

Compliance

Risk Management

Administration

Property Management

Corporate Services

Relevant Roles

Real Estate Manager

Property Manager

Legal Counsel

Corporate Lawyer

Facilities Manager

Operations Director

Chief Financial Officer

Asset Manager

Leasing Manager

Compliance Officer

Property Administrator

Real Estate Director

Contract Manager

Risk Manager

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

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