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Tenancy Novation Agreement

Tenancy Novation Agreement Template for India

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Key Requirements PROMPT example:

Tenancy Novation Agreement

"I need a Tenancy Novation Agreement for transferring a commercial office lease from ABC Technologies Ltd to XYZ Solutions Pvt Ltd, with the transfer to take effect from March 1, 2025, including provisions for the transfer of the existing security deposit."

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Document background
The Tenancy Novation Agreement is a crucial legal instrument used in Indian property law when an existing tenant wishes to transfer their lease obligations to a new tenant while maintaining the original lease terms. This document becomes necessary in situations such as business relocations, corporate restructuring, or when a tenant needs to exit a lease agreement before its natural expiration. The agreement must comply with Indian contract law principles, particularly the Transfer of Property Act 1882 and relevant state-specific regulations. It includes detailed provisions for the transfer of rights and obligations, handling of security deposits, outstanding liabilities, and necessary consents. The document ensures that all parties' interests are protected while facilitating a smooth transition of tenancy rights and responsibilities. Special consideration is given to local registration requirements and stamp duty obligations as per Indian state laws.
Suggested Sections

1. Parties: Identifies the three key parties: Landlord, Outgoing Tenant (Current Tenant), and Incoming Tenant (New Tenant)

2. Background: Recitals explaining the existing lease arrangement and the intention to novate the tenancy to the new tenant

3. Definitions: Defines key terms used in the agreement, including 'Existing Lease', 'Effective Date', 'Property', and 'Outstanding Obligations'

4. Novation: Core clause that effects the novation, transferring rights and obligations from outgoing to incoming tenant

5. Release of Outgoing Tenant: Formally releases the outgoing tenant from future obligations under the lease

6. Assumption by Incoming Tenant: New tenant's covenant to assume all obligations under the existing lease

7. Landlord's Consent: Explicit consent of the landlord to the novation arrangement

8. Outstanding Amounts: Addresses handling of any rent, deposits, or other payments due up to the effective date

9. Representations and Warranties: Standard warranties from all parties regarding their capacity to enter into the agreement

10. Governing Law and Jurisdiction: Specifies Indian law as governing law and defines jurisdiction for disputes

Optional Sections

1. Security Deposit Arrangements: Required when there is a security deposit to be transferred or replaced by the incoming tenant

2. Condition of Premises: Used when there needs to be a formal record of the property's condition at novation

3. Outstanding Repairs: Needed when there are ongoing repair obligations or disputes to be addressed

4. Assignment of Licenses and Permits: Required when the tenancy includes specific licenses or permits that need to be transferred

5. Stamp Duty Declaration: Required in states where specific stamp duty declarations must be included in the document

6. Service Charge Reconciliation: Needed when the lease includes service charges that need to be apportioned

Suggested Schedules

1. Schedule 1 - Property Details: Detailed description of the leased property including address and any included fixtures/fittings

2. Schedule 2 - Existing Lease: Copy or summary of the key terms of the existing lease being novated

3. Schedule 3 - Outstanding Obligations: List of any outstanding obligations or payments as of the effective date

4. Schedule 4 - Handover Inventory: Detailed inventory of any fixtures, fittings, or equipment included in the tenancy

5. Appendix A - Registration Requirements: Details of registration requirements and procedures as per local law

6. Appendix B - Consent Documents: Copies of any required third-party consents or approvals

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
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Relevant Industries

Commercial Real Estate

Retail

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Relevant Teams

Legal

Real Estate

Facilities Management

Operations

Finance

Compliance

Property Management

Asset Management

Corporate Services

Risk Management

Relevant Roles

Property Manager

Facilities Manager

Real Estate Manager

Legal Counsel

Corporate Lawyer

Lease Administrator

Asset Manager

Operations Manager

Commercial Director

Chief Financial Officer

Real Estate Director

Compliance Officer

Contract Manager

Property Legal Specialist

Tenant Relations Manager

Industries





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