Lease Assignment Agreement

ASSIGNMENT OF LEASE WITH CONSENT OF LANDLORD

THIS ASSIGNMENT OF LEASE dated ________ day of ________________, ________

BETWEEN:

_________________________
(the "Assignor")

OF THE FIRST PART

- AND-

_________________________
(the "Assignee")

OF THE SECOND PART

1. Background
   
1. This is an agreement (the "Assignment") to assign a commercial lease in real property according to the terms specified below.
   
2. The Assignor wishes to assign and transfer to the Assignee that lease (the "Lease") dated ________ day of ________________, ________ , and executed by the Assignor as tenant and by _________________________ as landlord (the "Landlord") .
   

IN CONSIDERATION OF the Assignor agreeing to assign and the Assignee agreeing to assume the Lease for the Premises, and other valuable consideration, the receipt and sufficiency of which is hereby acknowledged, both parties agree to keep, perform and fulfill the promises, conditions and agreements below:

1. Premises
   
1. The Lease governs the rental of the following described premises (the "Premises") to the Assignor: ______________________________________________
   
2. Assigned Lease
   
2. The Assignor assigns and transfers to the Assignee all of the Assignor's right, title, and interest in and to the Lease and the Premises, subject to all the conditions and terms contained in the Lease.
   
3. Effective Date
   
3. This Assignment takes effect on _______________________________ (the "Effective Date"), and continues until the present term of the Lease expires on _______________________________ .
   
4. Assignor's Interest
   
4. The Assignor covenants that:
   
   1. the Assignor is the lawful and sole owner of the interest assigned under this Assignment;
      
   2. this interest is free from all encumbrances; and
      
   3. the Assignor has performed all duties and obligations and made all payments required under the terms and conditions of the Lease.
      
5. Breach of Lease by Assignee
   
5. Consent to this Assignment will not discharge the Assignor of its obligations under the Lease in the event of a breach by the Assignee.
   
6. In the event of a breach by the Assignee, the Landlord will provide the Assignor with written notice of this breach and the Assignor will have full rights to commence all actions to recover possession of the Premises (in the name of the Landlord, if necessary) and retain all rights for the duration of the Lease provided the Assignor will pay all accrued rents and cure any other default.
   
7. Governing Law
   
7. It is the intention of the parties that this Assignment, and all suits and special proceedings under this Assignment, be construed in accordance with and governed, to the exclusion of the law of any other forum, by the laws of the State of _______________________________ , without regard to the jurisdiction in which any action or special proceeding may be instituted.
   
8. Miscellaneous Provisions
   
8. This Assignment incorporates and is subject to the Lease, a copy of which is attached hereto, and which is hereby referred to and incorporated as if it were set out here at length. The Assignee agrees to assume all of the obligations and responsibilities of the Assignor under the Lease.
   
9. This Assignment will be binding upon and inure to the benefit of the parties, their successors, assigns, personal representatives, beneficiaries, executors, administrators, and heirs, as the case may be.
   
10. All rents and other charges accrued under the Lease prior to the Effective Date will be fully paid by the Assignor, and by the Assignee after the Effective Date. The Assignee will also be responsible for assuming and performing all other duties and obligations required under the terms and conditions of the Lease after the Effective Date.
    
11. There will be no further assignment of the Lease without the prior written consent of the Landlord.
    

IN WITNESS WHEREOF the Assignor and Assignee have duly affixed their signatures under hand and seal on ________ day of ________________, ________ .

_______________________________ Witness	_______________________________ Assignor
_______________________________ Witness	_______________________________ Assignee