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Lease Assignment Agreement
LEASE ASSIGNMENT AGREEMENT
AGREEMENT entered into this [Date of agreement], by and between [Assignor], hereinafter "Assignor", and, [Assignee], hereinafter "Assignee", and [Landlord], hereinafter "Landlord".
WHEREAS, the Assignor is the tenant of leased premises located at [Leased premises located at]; and
WHEREAS, the Assignor desires to assign said lease rights to [Assignee]; and
WHEREAS, the Assignee desires to acquire said lease.
NOW, THEREFORE, for good and valuable consideration, the parties hereto agree as follows:
1. Sale of Lease. The Assignor shall assign it rights in the above mentioned lease to the Assignee. The lease representing said leasehold interest is attached hereto and made a part hereof as Exhibit "A."
2. Purchase Price. The purchase price for the sale of the lease rights as described in paragraph 1 above shall be $ [sale of the lease rights] dollars. The Assignee shall tender to the Landlord a check in the amount of $ [check amount] dollars.
3. Date the Assignor Shall Vacate the Leased Premises. The Assignor shall vacate the leased premises no later than [Date assignor will vacate premises]. The Assignor may vacate the leased premises prior to [Date assignor will vacate premises], provided that the Assignor notifies the Landlord and the Assignee of such occurrence at least weeks prior to the date of vacating. The leased premises shall be left in broom-clean condition, and the Assignor shall, prior to the date of vacating, remove from the leased premises all items personally belonging to the Assignor.
4. Proration of Rent. The Assignee hereby agrees to reimburse the Assignor for all rents paid by the Assignor to the Landlord that represent rental payments for the period of time after the date of vacating by the Assignor.
5. Waiver of Breach. The waiver by any party to this agreement of a breach of any provision of this agreement by any party shall not operate or be construed as a waiver of any subsequent breach by any party. No waiver shall be valid unless in writing and signed by the parties to this agreement.
6. Captions. Captions are used in this agreement for convenience only and are not intended to be used in the construction or in the interpretation of this agreement.
7. Interpretation. This agreement shall be interpreted in accordance with the laws of the state of [State of Jurisdiction].
8. Enforceability. In the event that any provision of this agreement is held to be void, invalid or unenforceable in any respect, then the same shall not affect the remaining provisions or sub provisions hereof, which shall continue in full force and effect.
9. Binding Effect. This agreement shall bind the parties hereto, their legal representatives, successors and assigns. The Assignee assumes and undertakes all of the terms and conditions of the lease as [his/her] own obligation.
10. Entire Agreement. This agreement contains the entire understanding of the parties. It may not be changed orally. This agreement may be amended or modified only with such writing being executed by the parties hereto.
IN WITNESS WHEREOF, the parties have caused this agreement to be executed on the date first above written.
Landlord Assignor
Assignee