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Provide a template for a Lease Assignment Agreement
Introduction
A Lease Assignment Agreement is a legal document that transfers the rights and obligations of a lease from the current tenant (assignor) to a new tenant (assignee). This document is essential in ensuring that all parties involved are aware of and consent to the transfer of the lease. In Kenya, the laws governing lease agreements and their assignments are primarily found in the Land Act, 2012, and the Land Registration Act, 2012.
Table of Contents
Sources
Template for Lease Assignment Agreement
2.1 Title and Introduction
2.2 Recitals
2.3 Assignment Clause
2.4 Assumption of Obligations
2.5 Consent of Landlord
2.6 Warranties and Representations
2.7 Indemnification
2.8 Governing Law
2.9 Miscellaneous Provisions
2.10 Signatures
Conclusion
1. Sources
Land Act, 2012
Section 54: Transfer of Lease
Land Registration Act, 2012
Section 38: Registration of Leases
2. Template for Lease Assignment Agreement
2.1 Title and Introduction
LEASE ASSIGNMENT AGREEMENT
This Lease Assignment Agreement ("Agreement") is made and entered into on this [Date] day of [Month], [Year], by and between:
Assignor: [Name of Current Tenant], residing at [Address], ("Assignor").
Assignee: [Name of New Tenant], residing at [Address], ("Assignee").
Landlord: [Name of Landlord], residing at [Address], ("Landlord").
2.2 Recitals
WHEREAS, the Assignor entered into a lease agreement dated [Original Lease Date] ("Lease Agreement") with the Landlord for the premises located at [Premises Address] ("Premises");
WHEREAS, the Assignor wishes to assign and transfer all of its rights, title, and interest in and to the Lease Agreement to the Assignee;
WHEREAS, the Assignee wishes to accept the assignment and assume all of the Assignor's obligations under the Lease Agreement;
WHEREAS, the Landlord consents to the assignment of the Lease Agreement to the Assignee.
2.3 Assignment Clause
Assignment of Lease:
The Assignor hereby assigns, transfers, and conveys to the Assignee all of the Assignor's rights, title, and interest in and to the Lease Agreement, effective as of [Effective Date].
2.4 Assumption of Obligations
Assumption of Obligations:
The Assignee hereby accepts the assignment of the Lease Agreement and assumes and agrees to perform all of the Assignor's obligations under the Lease Agreement, effective as of [Effective Date].
2.5 Consent of Landlord
Consent of Landlord:
The Landlord hereby consents to the assignment of the Lease Agreement from the Assignor to the Assignee, effective as of [Effective Date].
2.6 Warranties and Representations
Warranties and Representations:
The Assignor warrants and represents that the Lease Agreement is in full force and effect and that there are no defaults under the Lease Agreement.
The Assignee warrants and represents that it has the financial capability to perform all of the obligations under the Lease Agreement.
2.7 Indemnification
Indemnification:
The Assignor agrees to indemnify and hold harmless the Assignee from and against any and all claims, liabilities, and expenses arising out of any breach of the Lease Agreement by the Assignor prior to the Effective Date.
The Assignee agrees to indemnify and hold harmless the Assignor from and against any and all claims, liabilities, and expenses arising out of any breach of the Lease Agreement by the Assignee on or after the Effective Date.
2.8 Governing Law
Governing Law:
This Agreement shall be governed by and construed in accordance with the laws of the Republic of Kenya.
2.9 Miscellaneous Provisions
Miscellaneous Provisions:
Entire Agreement: This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior agreements and understandings, whether written or oral, relating to such subject matter.
Amendments: This Agreement may be amended or modified only by a written instrument executed by all parties hereto.
Severability: If any provision of this Agreement is held to be invalid or unenforceable, the remaining provisions shall continue in full force and effect.
Counterparts: This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.
2.10 Signatures
Signatures:
IN WITNESS WHEREOF, the parties hereto have executed this Lease Assignment Agreement as of the day and year first above written.
[Assignor's Name]
Assignor
[Assignee's Name]
Assignee
[Landlord's Name]
Landlord
3. Conclusion
A Lease Assignment Agreement is a crucial document for the legal transfer of lease rights and obligations from one tenant to another. It ensures that all parties are aware of and consent to the transfer, thereby protecting their respective interests. The template provided above is designed to comply with Kenyan law, specifically the Land Act, 2012, and the Land Registration Act, 2012. It is advisable to consult with a legal professional to ensure that the agreement meets all legal requirements and adequately protects the interests of all parties involved.
Answered by mwakili.com