LEASE ASSIGNMENT AGREEMENT
State of ________
This Lease Assignment Agreement (hereinafter the "Assignment") is entered into and made effective as of ________ (the "Effective Date"), by and between the current tenant under the Lease (defined below), hereinafter referred to as the "Assignor": ________, with a mailing address of ________, and the new tenant, hereinafter referred to as the "Assignee": ________, with a mailing address of ________.
The Assignor and the Assignee may be collectively referred to herein as the "Parties" and each individually as a "Party."
RECITALS
WHEREAS, the Assignor is the current tenant (lessee) under a written lease agreement (the "Lease") concerning a residential property (the "Property") located at the following address:
________
WHEREAS, the Lease was originally entered into and executed on ________ by and between the Assignor, as tenant, and the owner/landlord of the Property (the "Landlord"): ________, with a current term commencing on ________ and expiring on ________;
WHEREAS, the Assignor desires to assign and transfer to the Assignee all of the Assignor's right, title, and interest in, to, and under the Lease, together with the leasehold estate in the Property;
WHEREAS, the Landlord has agreed and consented to this Assignment as evidenced by the Landlord Consent appended hereto; and
WHEREAS, the Assignee desires to accept the assignment of the Lease and to assume the obligations of the tenant thereunder as set forth herein.
NOW, THEREFORE, in consideration of the mutual covenants, promises, and obligations contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:
§ 1 — ASSIGNMENT
Subject to the terms and conditions set forth in this Assignment, the Assignor hereby assigns, transfers, conveys, and sets over to the Assignee all of the Assignor's right, title, and interest in, to, and under the Lease and the leasehold estate in the Property. This Assignment shall become effective on the Effective Date set forth above and shall continue through the end of the current Lease term on ________, unless sooner terminated in accordance with the Lease.
§ 2 — SECURITY DEPOSIT
The security deposit currently held under the Lease is in the amount of $________. The Parties agree that the disposition of the security deposit shall be as follows: ________. Nothing herein shall relieve the Landlord of any obligation to account for or refund the security deposit as required by applicable state law.
§ 3 — ASSIGNOR'S REPRESENTATIONS, WARRANTIES, AND COVENANTS
The Assignor represents, warrants, and covenants that: (a) the Assignor has full right, power, and lawful authority to assign and transfer the leasehold interest hereunder; (b) the Lease is in full force and effect and has not been amended, modified, or supplemented except as disclosed to the Assignee in writing; (c) there are no liens, encumbrances, subleases, or prior assignments affecting the leasehold interest; (d) the Assignor is current on, and not in default with respect to, all rent, charges, fees, duties, and other obligations under the Lease through the Effective Date; and (e) the Assignor has not received any notice of default or termination under the Lease that remains uncured.
§ 4 — ASSIGNEE'S COVENANTS AND ASSUMPTION
The Assignee hereby accepts the assignment of the Lease and agrees to assume and perform all of the terms, covenants, conditions, and obligations of the tenant under the Lease arising on or after the Effective Date. The Assignee agrees to pay all rent and other charges due under the Lease and to be bound by all of the provisions of the Lease as if the Assignee were the original tenant thereto. The Assignee acknowledges that the Assignee has read and reviewed the Lease and accepts the Property in its current "as-is" condition.
§ 5 — LEASE COPY & INCORPORATION
A true and correct copy of the original Lease is attached to and made a part of this Assignment. This Assignment incorporates and is subject to the original Lease. There shall be no further assignment of the Lease, nor any sublease of the Property, without the Landlord's prior written consent.
§ 6 — BREACH; CONTINUING LIABILITY
Except to the extent the Assignor is expressly released by the Landlord under the Landlord Consent appended hereto, the Assignor agrees that this Assignment does not, of itself, discharge the Assignor of obligations under the Lease in the event of a breach by the Assignee. In such circumstance, the Assignor shall be provided notice of the breach by the Landlord and may thereafter commence any and all lawful actions to recover possession of the Property for the duration of the Lease, provided that the Assignor continues to pay rent and cure any breach by the Assignee. The Assignee shall indemnify, defend, and hold harmless the Assignor from and against any and all claims, damages, liabilities, costs, and expenses (including reasonable attorneys' fees) arising out of the Assignee's breach of, or failure to perform under, the Lease on or after the Effective Date.
§ 7 — GENERAL PROVISIONS
a) BINDING EFFECT. This Assignment shall inure to the benefit of and be binding upon the respective successors, assigns, heirs, executors, and administrators of the Parties.
b) SEVERABILITY. If any provision or sub-provision of this Assignment is held invalid or unenforceable by court order, judgment, or other operation of law, the remaining provisions and sub-provisions shall remain valid and enforceable to the fullest extent permitted by law.
c) GOVERNING LAW. This Assignment shall be governed by, construed, and interpreted in accordance with the laws of the State of ________, without regard to its conflict-of-laws principles.
d) VENUE. The Parties agree that any dispute arising under this Assignment shall be brought exclusively in the state or federal courts located in ________.
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f) AMENDMENT. This Assignment may be amended or modified only by a written instrument signed by all Parties and consented to in writing by the Landlord.
g) NOTICES. All notices required or permitted hereunder shall be in writing and delivered to the addresses of the Parties set forth above, or to such other address as a Party may designate in writing.
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IN WITNESS WHEREOF, the Parties have executed this Assignment as of the Effective Date.
ASSIGNOR:
Sign: ________________________________
Date: ________________________________
Print: ________________________________
Name: ________
ASSIGNEE:
Sign: ________________________________
Date: ________________________________
Print: ________________________________
Name: ________
LANDLORD CONSENT
I, ________, the Landlord named in the above Lease Assignment Agreement to be effective on ________, hereby consent to that Assignment. I further agree that, on and after ________, the Assignee in the above Assignment shall be responsible for all rent and other obligations under the Lease.
Release of Assignor (check one): ________. If the Assignor is released, I hereby release the Assignor from all duties and obligations under the Lease arising on or after the Effective Date; provided, however, that if the Assignee breaches the Lease, the Assignor shall, at my election, take repossession of the Property and pay all charges and accrued rent until the end of the Lease term. If the Assignor is not released, the Assignor shall remain jointly and severally liable with the Assignee for all obligations under the Lease.
I accept the Assignee as tenant in place of the Assignor.
Sign: ________________________________
Date: ________________________________
Print: ________________________________
Name: ________