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Lease Assignment And Assumption Agreement Template for Singapore

A legally binding document under Singapore law that facilitates the transfer of lease rights and obligations from an existing tenant (assignor) to a new tenant (assignee). The agreement ensures compliance with Singapore's property and contract laws, including the Civil Law Act and Conveyancing and Law of Property Act, while documenting the landlord's consent and establishing the new tenant's assumption of all lease obligations. The document includes provisions for security deposits, outstanding payments, and specific conditions of the assignment.

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What is a Lease Assignment And Assumption Agreement?

The Lease Assignment And Assumption Agreement is essential when a tenant wishes to transfer their lease obligations to another party in Singapore. This document is commonly used in commercial and retail settings where a business needs to exit a lease early or transfer their tenancy to another entity. The agreement must comply with Singapore's property laws and typically requires explicit landlord approval. It details the transfer of rights, obligations, and liabilities under the original lease, handles security deposits, and addresses any outstanding issues. The document protects all parties' interests by clearly defining the terms of assignment and ensuring proper assumption of lease obligations.

What sections should be included in a Lease Assignment And Assumption Agreement?

1. Parties: Identifies all parties: Current Tenant (Assignor), New Tenant (Assignee), and Landlord

2. Background: Details of original lease and reason for assignment

3. Definitions: Key terms used throughout the agreement

4. Assignment: Core provision transferring lease rights and obligations

5. Assumption of Obligations: New tenant's acceptance of lease obligations

6. Effective Date: When the assignment takes effect

7. Representations and Warranties: Standard assurances from all parties

8. Governing Law: Specifies Singapore law as governing law

What sections are optional to include in a Lease Assignment And Assumption Agreement?

1. Security Deposit: Provisions regarding transfer of existing security deposit from assignor to assignee

2. Outstanding Payments: Provisions handling any rent arrears or other outstanding payments

3. Landlord's Consent: Specific terms and conditions of landlord's approval for the assignment

4. Broker Provisions: Terms relating to broker involvement and commission arrangements

What schedules should be included in a Lease Assignment And Assumption Agreement?

1. Schedule 1 - Original Lease: Copy of the original lease agreement being assigned

2. Schedule 2 - Property Details: Detailed description of leased premises including address and specifications

3. Schedule 3 - Condition Report: Current condition of premises at time of assignment

4. Schedule 4 - Outstanding Obligations: List of any ongoing obligations or payments to be transferred

5. Schedule 5 - Landlord's Consent Letter: Written consent from landlord approving the assignment

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents

Jurisdiction

Singapore

Publisher

Genie AI

Cost

Free to use

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