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Partial Assignment Of Lease

Partial Assignment Of Lease Template for New Zealand

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Key Requirements PROMPT example:

Partial Assignment Of Lease

"I need a Partial Assignment of Lease document for transferring 60% of my retail space to another business while retaining 40% for my own use, with shared bathroom and storage facilities, effective from March 1, 2025."

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Document background
The Partial Assignment of Lease is utilized when a tenant wishes to transfer a portion of their leased premises to another party while retaining the remainder. This arrangement is common in commercial settings where businesses may want to downsize or share space to reduce costs. The document, compliant with New Zealand property law, requires the landlord's consent and clearly defines the rights and responsibilities of all parties involved. It includes crucial details such as the description of the assigned portion, rent apportionment, shared facility arrangements, and ongoing obligations of both the assignor and assignee. This type of assignment is particularly relevant in today's flexible working environment where space sharing and cost optimization are increasingly important considerations for businesses.
Suggested Sections

1. Parties: Identifies the Assignor (current tenant), Assignee (new tenant taking partial assignment), and Landlord

2. Background: Recitals explaining the original lease details, reason for partial assignment, and portion being assigned

3. Definitions: Defines key terms including 'Original Lease', 'Assigned Portion', 'Retained Portion', 'Assignment Date', and other relevant terms

4. Assignment: Core clause specifying what portion of the lease is being assigned and from what date

5. Consideration: Details of any payment or consideration for the partial assignment

6. Landlord's Consent: Confirmation of landlord's consent to the partial assignment

7. Assignor's Covenants: Warranties and obligations of the current tenant regarding the assigned portion

8. Assignee's Covenants: New tenant's commitments to comply with lease terms for assigned portion

9. Shared Responsibilities: Allocation of responsibilities between Assignor and Assignee for shared areas or obligations

10. Execution: Formal signing section with execution blocks for all parties

Optional Sections

1. Security Deposit Arrangements: Include when there's a transfer or adjustment of security deposits between parties

2. Rent and Outgoings Apportionment: Include when specific arrangements for splitting rent and outgoings need to be detailed

3. Fitout and Alterations: Include when there are specific arrangements regarding existing fitout or planned alterations

4. Insurance Requirements: Include when special insurance arrangements are needed for shared spaces

5. Dispute Resolution: Include when parties want specific dispute resolution procedures for shared space issues

6. GST Provisions: Include when GST registration status of parties affects the assignment

7. Break Rights: Include when original lease contains break rights that need to be addressed in the partial assignment

Suggested Schedules

1. Schedule 1 - Original Lease: Copy or summary of the original lease document

2. Schedule 2 - Assigned Premises Plan: Detailed plan showing the portion of premises being assigned and retained

3. Schedule 3 - Apportionment Schedule: Breakdown of rent, outgoings, and other costs between Assignor and Assignee

4. Schedule 4 - Condition Report: Current condition of the assigned portion of the premises

5. Schedule 5 - Shared Facilities Agreement: Detailed arrangements for shared areas and facilities

6. Appendix A - Landlord's Consent Letter: Formal written consent from the Landlord

7. Appendix B - Registration Requirements: Forms and requirements for registration of the partial assignment if required

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

Commercial Real Estate

Retail

Hospitality

Professional Services

Healthcare

Manufacturing

Warehousing

Education

Technology

Coworking Spaces

Relevant Teams

Legal

Property Management

Facilities Management

Operations

Real Estate

Compliance

Finance

Administration

Risk Management

Corporate Services

Relevant Roles

Property Manager

Facilities Manager

Legal Counsel

Real Estate Manager

Commercial Lease Administrator

Property Lawyer

Tenant Representative

Asset Manager

Operations Manager

Business Development Manager

Corporate Real Estate Manager

Leasing Executive

Compliance Officer

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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