This residential lease assignment is between
On or about
The Lease covers the property located at
The Original Tenant wishes to assign to the New Tenant's his or her rights in, and delegate all of his or her obligations under, the Lease, and the New Tenant wishes to accept this assignment.
The parties therefore agree as follows:
1. ASSIGNMENT.
The Original Tenant assigns to the New Tenant of all his or her rights in, and delegates to the New Tenant all of his or her obligations under, the Lease. This transfer will become effective as of
2. ASSUMPTION OF RIGHTS AND DUTIES.
After the Effective Date, the New Tenant shall assume all rights and duties under the Lease, including the obligation to pay rent under the Lease when it is due.
3. REIMBURSEMENT.
On or before the Effective Date, the New Tenant shall pay
- (a) the security deposit held by the Landlord under the Lease; and
- (b) the rent or other deposits paid in advance by the Original Tenant for any period after the effective date of this assignment.
4. INDEMNIFICATION.
- (a) The Original Tenant shall indemnify the New Tenant from all damages, liabilities, expenses, claims, or judgments (including interest and reasonable attorneys' fees) (collectively, "Claims") arising out of the Original Tenant's failure to perform his or her obligations under the Lease before the Effective Date.
- (b) The New Tenant shall indemnify the Original Tenant from all Claims relating to the Lease, except if those costs arise from the Original Tenant's failure to perform his or her duties under the Lease before the Effective Date.
- (c) The New Tenant shall indemnify the Original Tenant from all Claims attributable to the acts or omissions of the New Tenant or his or her agents, contractors, or employees with respect to the Premises or any activities on the Premises. This indemnification will survive the termination of the Lease and this assignment.
5. CONTINUING EFFECTIVENESS OF LEASE.
This assignment is made on the understanding that all other terms of the Lease remain in full effect, including the prohibition against further assignments and subleases without the Landlord's express written consent.
6. ORIGINAL TENANT'S REPRESENTATIONS.
The Original Tenant represents that he or she:
- (a) has the power and authority to enter into and carry out this assignment;
- (b) has not previously assigned his or her rights under the Lease;
- (c) is the lawful and sole owner of the interests assigned under this assignment;
- (d) the interests assigned under this assignment are free from all encumbrances;
- (e) except for the Landlord and the Original Tenant, there are no parties in possession or occupancy of the Premises or any part of them, and there are no parties with possessory rights on the Premises or any part of them; and
- (f) has performed all obligations and made all required payments under the Lease.
7. CONDITION OF PREMISES.
The New Tenant has examined and inspected the Premises and accepts them "as is" and in its present condition with all faults. Except as provided in this assignment, the Original Tenant makes no representations, covenants, or guaranties about the status, nature, or condition of the Lease or the Premises.
8. INTERPRETATION.
In interpreting the language of this assignment, the parties shall be treated as having drafted this assignment after meaningful negotiations. The language in this assignment will be construed as to its fair meaning and not strictly for or against either party.
9. GOVERNING LAW.
- (a) Choice of Law. The laws of the state of
govern this assignment (without giving effect to its conflicts of law principles). - (b) Choice of Forum. Both parties consent to the personal jurisdiction of the state and federal courts in
County, .
10. AMENDMENTS.
No amendment to this assignment will be effective unless it is in writing and signed by a party or its authorized representative.
11. COUNTERPARTS; ELECTRONIC SIGNATURES.
- (a) Counterparts. The parties may execute this agreement in any number of counterparts, each of which is an original but all of which constitute one and the same instrument.
- (b) Electronic Signatures. This agreement, agreements ancillary to this agreement, and related documents entered into in connection with this agreement are signed when a party's signature is delivered by facsimile, email, or other electronic medium. These signatures must be treated in all respects as having the same force and effect as original signatures.
12. SEVERABILITY.
If any one or more of the provisions contained in this assignment is, for any reason, held to be invalid, illegal, or unenforceable in any respect, that invalidity, illegality, or unenforceability will not affect any other provisions of this assignment, but this assignment will be construed as if those invalid, illegal, or unenforceable provisions had never been contained in it, unless the deletion of those provisions would result in such a material change so as to cause completion of the transactions contemplated by this assignment to be unreasonable.
13. NOTICES.
- (a) Writing; Permitted Delivery Methods. Each party giving or making any notice, request, demand, or other communication required or permitted by this assignment shall give that notice in writing and use one of the following types of delivery, each of which is a writing for purposes of this assignment: personal delivery, mail (registered or certified mail, postage prepaid, return-receipt requested), nationally recognized overnight courier (fees prepaid), facsimile, or email.
- (b) Addresses. A party shall address notices under this section to a party at the following addresses:
- If to the Original Tenant:
, - If to the New Tenant:
, - (c) Effectiveness. A notice is effective only if the party giving notice complies with subsections (a) and (b) and if the recipient receives the notice.
14. WAIVER.
No waiver of a breach, failure of any condition, or any right or remedy contained in or granted by the provisions of this assignment will be effective unless it is in writing and signed by the party waiving the breach, failure, right, or remedy. No waiver of any breach, failure, right, or remedy will be deemed a waiver of any other breach, failure, right, or remedy, whether or not similar, and no waiver will constitute a continuing waiver, unless the writing so specifies.
15. ENTIRE AGREEMENT.
This agreement constitutes the final agreement of the parties. It is the complete and exclusive expression of the parties' agreement about the subject matter of this agreement. All prior and contemporaneous communications, negotiations, and agreements between the parties relating to the subject matter of this agreement are expressly merged into and superseded by this agreement. The provisions of this agreement may not be explained, supplemented, or qualified by evidence of trade usage or a prior course of dealings. Neither party was induced to enter this agreement by, and neither party is relying on, any statement, representation, warranty, or agreement of the other party except those set forth expressly in this agreement. Except as set forth expressly in this agreement, there are no conditions precedent to this agreement's effectiveness.
16. HEADINGS.
The descriptive headings of the sections and subsections of this assignment are for convenience only, and do not affect this agreement's construction or interpretation.
17. EFFECTIVENESS.
This assignment will become effective when all parties have signed it. The date this assignment is signed by the last party to sign it (as indicated by the date associated with that party's signature) will be deemed the date of this assignment.
18. NECESSARY ACTS; FURTHER ASSURANCES.
Each party shall use all reasonable efforts to take, or cause to be taken, all actions necessary or desirable to consummate and make effective the transactions this assignment contemplates or to evidence or carry out the intent and purposes of this assignment.
[SIGNATURE PAGE FOLLOWS]
Each party is signing this agreement on the date stated opposite that party's signature.
NEW TENANT
| Date: _______________________ | By: __________________________________________________ |
| Name: |
ORIGINAL TENANT
| Date: _______________________ | By: __________________________________________________ |
| Name: |
[PAGE BREAK HERE]
LANDLORD'S CONSENT
As Landlord under the Lease, I hereby consent to this assignment of the Lease, and to the New Tenant's assumption of the Original Tenant's obligations under the Lease, including the obligation to pay rent when it is due.
Date:_______________________ | By: __________________________________________________ |
| Name: |
[PAGE BREAK HERE]
Attach a copy of the Lease as Exhibit A
What's an assignment of residential lease?
With an assignment of residential lease, you can transfer your interest in a lease to another party before your lease term is up, with your landlord's written permission. The new tenant takes on the lease responsibilities, including rent and property maintenance, and you are released from most (if not all) of your duties. We offer an assignment of residential lease document to ensure proper documentation of the landlord's written approval of your lease transfer to a new tenant with ease.Here's the information you'll need to have handy to complete your assignment of residential lease:
- Who it's going to : Have the information about the rental property ready and the name and contact information for both the original renter and the new renter handy.
- Which state will govern it : Specify a state so it's clear what laws apply to the document.
- Subject matter : Prepare a summary of the general terms, like the planned rent amount.
- Dates : Be clear about the beginning and end dates of the lease.
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