The Assignment Of Lease To New Owner Form is a crucial legal instrument in Malaysian property transactions, designed to facilitate the formal transfer of leasehold interests between parties. This document becomes necessary when an existing tenant wishes to transfer their entire interest in a lease to a new tenant, requiring careful consideration of the National Land Code 1965 and related Malaysian legislation. It is commonly used in commercial, residential, and industrial property contexts, ensuring proper documentation of the transfer of rights, obligations, and responsibilities under the original lease agreement. The form must include specific provisions required by Malaysian law, including proper identification of parties, property details, consideration for the assignment, and the landlord's consent. It serves as both a legal record of the transfer and a binding agreement between all parties involved, requiring registration with relevant land authorities to be fully effective.
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1. Parties: Identification of all parties: Original Lessee (Assignor), New Lessee (Assignee), and acknowledgment by the Landlord
2. Background: Recitals explaining the existing lease details, property information, and intention to assign
3. Definitions: Definitions of key terms used throughout the document
4. Assignment: Core clause transferring all rights, title, and interest in the lease from Assignor to Assignee
5. Consideration: Details of the payment or consideration for the assignment
6. Assignor's Covenants: Warranties and representations by the Assignor regarding the lease status and authority to assign
7. Assignee's Covenants: Undertakings by the Assignee to comply with lease terms and obligations
8. Landlord's Consent: Confirmation of the Landlord's consent to the assignment as required by law
9. Completion: Details of the completion process, including timing and requirements
10. Costs: Allocation of legal costs, stamp duty, and registration fees
11. Governing Law: Specification of Malaysian law as governing law and jurisdiction
1. Security Deposit Transfer: Terms for transferring existing security deposits, applicable when deposits are being transferred between parties
2. Outstanding Rental Payments: Provisions dealing with any rental arrears or prepayments, needed when there are outstanding financial matters
3. Existing Sublease Provisions: Clauses addressing existing subleases, required when there are existing subtenants
4. Condition of Premises: Details about the current condition of the premises, useful when there are specific concerns about property condition
5. Novation of Service Contracts: Provisions for transferring related service contracts, needed when service contracts are attached to the lease
6. Break Clause Assignment: Special provisions regarding any break clauses in the original lease, needed when the original lease contains break options
1. Schedule 1 - Property Description: Detailed description of the leased property including lot number, address, and registered title details
2. Schedule 2 - Original Lease: Copy or details of the original lease agreement including date, parties, and registration details
3. Schedule 3 - Existing Tenancy Terms: Key terms from the original lease that continue to apply
4. Schedule 4 - Outstanding Obligations: List of any outstanding obligations or payments under the existing lease
5. Schedule 5 - Consent Conditions: Any specific conditions imposed by the Landlord for consenting to the assignment
6. Appendix A - Property Plans: Relevant floor plans or property layouts if referenced in the lease
7. Appendix B - Inventory: List of any fixtures, fittings or equipment included in the lease assignment
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