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Novation Of Tenancy Agreement
"I need a Novation of Tenancy Agreement for my Singapore retail space where the current tenant (ABC Retail Pte Ltd) wants to transfer their lease to a new company (XYZ Fashion Pte Ltd) from March 1, 2025, with all existing terms remaining the same."
1. Parties: Identifies the original tenant, new tenant, and landlord
2. Background: Details of the original tenancy agreement and reason for novation
3. Definitions: Key terms used throughout the agreement
4. Novation: Core provisions regarding the transfer of rights and obligations
5. Release of Original Tenant: Provisions releasing original tenant from obligations
6. Assumption by New Tenant: New tenant's assumption of rights and obligations
7. Effective Date: When the novation takes effect
8. Governing Law: Specification of Singapore law as governing law
1. Security Deposit Arrangements: Transfer or replacement of security deposit - use when there's an existing security deposit
2. Outstanding Payments: Handling of any outstanding rent or charges - use when there are pending payments
3. Representations and Warranties: Additional assurances by parties - use for complex commercial properties
4. Costs: Allocation of legal and administrative costs - use when costs need to be specifically addressed
1. Schedule 1 - Original Tenancy Agreement: Copy of the original agreement being novated
2. Schedule 2 - Property Details: Specific details of the property under tenancy
3. Schedule 3 - Inventory List: List of fixtures and fittings (when furnished property)
4. Schedule 4 - Outstanding Payments Schedule: Details of any outstanding payments (when applicable)
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