The Commercial Lease Assignment Agreement is a crucial document used in Irish commercial property transactions when a tenant wishes to transfer their leasehold interest to another party. This type of agreement is essential when businesses need to exit a lease early, restructure their property portfolio, or transfer their business premises to another entity. The document complies with Irish property law and commercial lease regulations, incorporating necessary provisions for the protection of all parties involved. It includes detailed information about the property, existing lease terms, conditions of assignment, and any specific requirements imposed by the landlord. The agreement addresses key aspects such as outstanding obligations, guarantees, and compliance with lease covenants. It is particularly important in ensuring a smooth transition of leasehold interests while maintaining the landlord's rights and the integrity of the original lease terms.
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1. Parties: Identifies and provides full details of the Assignor (current tenant), Assignee (new tenant), and Landlord
2. Background: Recitals explaining the existing lease, the intention to assign, and any relevant background information
3. Definitions: Defines key terms used throughout the agreement
4. Agreement to Assign: Core clause detailing the assignment of the lease from Assignor to Assignee
5. Consideration: Details of any premium or consideration paid for the assignment
6. Conditions Precedent: Conditions that must be satisfied before the assignment can complete
7. Assignor's Covenants: Warranties and obligations of the outgoing tenant
8. Assignee's Covenants: New tenant's obligations and promises to comply with lease terms
9. Landlord's Consent: Confirmation of the landlord's consent to the assignment and any conditions attached
10. Completion: Details of the completion process and requirements
11. Costs: Allocation of legal and other costs related to the assignment
12. Notices: Process and requirements for serving notices under the agreement
13. Governing Law: Confirmation that Irish law governs the agreement
14. Execution: Signature blocks and execution provisions
1. Guarantor Provisions: Required when there are guarantors for either the Assignor or Assignee
2. VAT Provisions: Required when the assignment has VAT implications
3. Break Options: Include when specific break rights are being transferred or modified
4. Rent Deposit: Required when there is a rent deposit to be transferred or new deposit to be provided
5. Outstanding Claims: Include when there are ongoing disputes or claims that need to be addressed
6. Property Condition: Optional section detailing the condition of the property if relevant to the assignment
7. Existing Alterations: Required when there are unauthorized alterations or ongoing works to be addressed
1. Schedule 1 - The Property: Detailed description of the leased property including any plans
2. Schedule 2 - The Lease: Details of the original lease and any supplemental documents
3. Schedule 3 - Landlord's Consent Conditions: Specific conditions imposed by the landlord for consenting to the assignment
4. Schedule 4 - Outstanding Matters: List of any outstanding rent, service charges, or other payments
5. Schedule 5 - Existing Licenses and Consents: Details of any existing licenses, permits, or consents relating to the property
6. Appendix A - Copy of Original Lease: Certified copy of the original lease document
7. Appendix B - Plans: Property plans and drawings if applicable
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Real Estate
Retail
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Warehousing
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Professional Services
Healthcare
Education
Technology
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Relevant Teams
Legal
Real Estate
Facilities Management
Operations
Finance
Risk and Compliance
Property Management
Corporate Services
Administration
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Relevant Roles
Real Estate Manager
Property Manager
Legal Counsel
Commercial Property Lawyer
Facilities Manager
Business Development Manager
Operations Director
Chief Financial Officer
Commercial Director
Lease Administrator
Asset Manager
Property Portfolio Manager
Company Secretary
Risk Manager
Compliance Officer
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