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Deed Of Covenant On Assignment Of Lease

Deed Of Covenant On Assignment Of Lease Template for New Zealand

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Key Requirements PROMPT example:

Deed Of Covenant On Assignment Of Lease

"I need a Deed of Covenant on Assignment of Lease for transferring a retail shop lease to a new tenant, with the original tenant's guarantor to be released and a new guarantor to be added for the assignee; the assignment needs to be effective from March 1, 2025."

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Document background
The Deed of Covenant on Assignment of Lease is a crucial document in New Zealand property law, commonly used when an existing tenant wishes to transfer their lease to another party. This document is essential for protecting the interests of all parties involved in the lease assignment process, particularly the landlord's rights and the continuity of lease obligations. It is required when a tenant (assignor) wants to assign their lease to a new tenant (assignee), ensuring that the new tenant becomes directly liable to the landlord for all lease obligations. The deed must comply with New Zealand's Property Law Act 2007 and related legislation, and typically includes details about the original lease, property description, parties involved, and specific conditions of the assignment. It's particularly important in commercial, retail, and industrial leasing arrangements where the landlord needs assurance that the new tenant will fulfill all lease obligations.
Suggested Sections

1. Parties: Identifies all parties to the deed including Landlord, Original Tenant (Assignor), New Tenant (Assignee), and any guarantors

2. Background: Sets out the context of the original lease, the desire to assign, and the requirement for the covenant

3. Definitions and Interpretation: Defines key terms used in the deed and establishes interpretation principles

4. Consent to Assignment: Records the landlord's formal consent to the assignment of lease

5. Covenant by Assignee: New tenant's direct covenant with the landlord to perform and observe the tenant's obligations under the lease

6. Acknowledgments: Assignee's acknowledgment of lease terms and conditions

7. Landlord's Rights and Remedies: Confirms the landlord's continuing rights under the original lease

8. Costs: Addresses responsibility for legal and other costs related to the assignment

9. Execution: Formal execution block for all parties to sign the deed

Optional Sections

1. Guarantor Covenant: Required when there are guarantors for the new tenant's obligations

2. Release of Original Tenant: Optional section if the original tenant is to be released from future obligations

3. Release of Original Guarantor: Used when original guarantors are to be released from their obligations

4. Specific Property Obligations: Required when there are special conditions or requirements relating to the property

5. GST Provisions: Required when GST implications need to be specifically addressed

6. Insurance Requirements: Used when specific insurance obligations need to be highlighted or modified

7. Bank Guarantee or Security: Required when additional security arrangements are part of the assignment

Suggested Schedules

1. Schedule 1 - Original Lease Details: Copy or summary of the original lease including all variations and supplementary deeds

2. Schedule 2 - Property Description: Detailed description of the leased premises including address and legal description

3. Schedule 3 - Assignee Details: Detailed information about the new tenant including business structure and contact details

4. Schedule 4 - Special Conditions: Any special conditions or specific requirements relating to the assignment

5. Appendix A - Copy of Original Lease: Complete copy of the original lease document and any variations

6. Appendix B - Required Certificates: Copies of any required certificates (e.g., insurance certificates, bank guarantees)

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

Industrial

Hospitality

Healthcare

Professional Services

Manufacturing

Warehousing and Distribution

Education

Technology

Relevant Teams

Legal

Property Management

Facilities Management

Operations

Risk and Compliance

Real Estate

Asset Management

Finance

Commercial Operations

Corporate Services

Relevant Roles

Property Manager

Legal Counsel

Commercial Lease Manager

Real Estate Manager

Facilities Manager

Corporate Lawyer

Property Portfolio Manager

Asset Manager

Operations Director

Chief Financial Officer

Commercial Director

Risk Manager

Compliance Officer

Business Owner

General 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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