Landlord Consent to Assignment of Lease

by Practical Law Real Estate

A Standard Document that provides a form of landlord's consent for an assignment of a real estate lease, to be used when a tenant requests permission to assign its leasehold interest to a third party. This Standard Document outlines the key terms and conditions of the consent agreement among the landlord, the original tenant (assignor), and the new tenant (assignee). It addresses critical issues such as the assignee's formal assumption of all tenant obligations under the lease, including the payment of rent and performance of all covenants. This Standard Document also contemplates that the original tenant and any guarantor of the lease will remain fully liable for their obligations, ensuring the landlord's position is not compromised by the assignment. Furthermore, it clarifies that the landlord's approval is specific to this single transaction and does not constitute a waiver for any future assignments or subletting. The provisions also cover practical conditions precedent to the effectiveness of the consent, such as the delivery of insurance certificates and payment of the landlord's legal fees. This Standard Document has integrated notes with important explanations and drafting tips for both landlords and tenants. While lease agreements and related documents are generally governed by state law, this jurisdictionally neutral template is useful and relevant in every state.