Assignment and Assumption of Leasehold Interest in Corporate Transactions (Short Form)

by Practical Law Real Estate

An assignment and assumption of a tenant's leasehold interest to a third party for use in a corporate transaction. This Standard Document is typically used in connection with an asset purchase agreement. Key considerations include landlord consent requirements and the assignor's release from future liabilities. This Standard Document also addresses the importance of negotiating indemnities between assignor and assignee to cover liabilities arising before and after the assignment date. This Standard Document has integrated notes with important explanations and drafting and negotiating tips. While lease assignments are generally governed by state law, this jurisdictionally neutral template is useful and relevant in every state.