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Lease Assignment And Assumption Agreement

Lease Assignment And Assumption Agreement Template for Germany

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Key Requirements PROMPT example:

Lease Assignment And Assumption Agreement

"I need a Lease Assignment and Assumption Agreement for transferring my commercial office lease in Berlin to a new tenant company, with the assignment to take effect from March 1, 2025; this is a straightforward transfer with landlord's consent already obtained."

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Document background
The Lease Assignment and Assumption Agreement is utilized when an existing tenant wishes to transfer their lease obligations to a new tenant under German law. This document is essential in situations such as business acquisitions, corporate restructuring, or when a tenant needs to exit a lease early but has found a suitable replacement tenant. The agreement must comply with German Civil Code (BGB) requirements, particularly regarding form requirements for lease transfers and the necessary consents. It includes detailed provisions about the transfer of rights and obligations, any security deposits, outstanding claims, and specific undertakings by the new tenant. The document typically requires the explicit consent of the landlord and may need to address specific requirements of commercial property leases under German commercial law (Handelsgesetzbuch - HGB) if applicable.
Suggested Sections

1. Parties: Identification of all parties: Original Lessor, Original Lessee (Assignor), and New Lessee (Assignee)

2. Background: Context of the original lease agreement and the reasons for the assignment and assumption

3. Definitions: Definitions of key terms used throughout the agreement, including 'Lease Agreement', 'Assignment Date', 'Lease Obligations', etc.

4. Assignment and Assumption: Core provisions detailing the assignment of rights and assumption of obligations under the lease

5. Effective Date: Specification of when the assignment and assumption become effective

6. Lessor's Consent: Documentation of the lessor's consent to the assignment and assumption

7. Representations and Warranties: Statements by both assignor and assignee regarding their capacity and authority to enter into the agreement

8. Original Lessee's Obligations: Specification of any continuing obligations or release of the original lessee

9. New Lessee's Undertakings: Specific commitments by the new lessee regarding the lease obligations

10. Notices: Provisions for how formal communications between parties should be made

11. Governing Law: Confirmation of German law as governing law and jurisdiction

12. Execution: Signature blocks and execution formalities

Optional Sections

1. Security Deposit Transfer: Provisions dealing with the transfer or replacement of any security deposit - include if there is an existing security deposit

2. Outstanding Claims: Provisions addressing any existing claims or disputes - include if there are any pending issues

3. Broker's Fees: Provisions regarding any broker's or agent's fees - include if brokers were involved

4. Guarantees: Provisions regarding any existing or new guarantees - include if guarantees are part of the arrangement

5. Renovation/Restoration Obligations: Transfer of any renovation or restoration obligations - include if specific work obligations exist

6. Confidentiality: Provisions regarding confidentiality of the transaction - include for commercial leases

7. Registration Requirements: Provisions regarding any necessary registration of the assignment - include if required by local law or the original lease

Suggested Schedules

1. Original Lease Agreement: Copy of the original lease agreement and all amendments

2. Property Description: Detailed description of the leased property, including address and any relevant plans

3. Inventory List: List of any furniture, fixtures, or equipment included in the lease

4. Outstanding Payments: Schedule of any outstanding rent, utilities, or other payments

5. Condition Report: Current condition report of the property

6. Consent Documentation: Copies of all necessary consents and approvals

7. Handover Protocol: Protocol for the handover of keys, security cards, and other access devices

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 | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
Agreement
Assignment
Assignment Date
Assumption
Effective Date
Lease
Lease Agreement
Lease Obligations
Lease Rights
Leased Premises
Lessor
Original Lessee
New Lessee
Original Lease Date
Permitted Use
Property
Rent
Security Deposit
Term
Parties
Consent Document
Handover Date
Outstanding Obligations
Related Agreements
Ancillary Documents
Assignment Consideration
Existing Guarantees
Handover Protocol
Operating Expenses
Additional Charges
Common Areas
Building
Building Rules
Utility Services
Insurance Obligations
Maintenance Obligations
Relevant Industries

Real Estate

Commercial Property

Retail

Office Space

Industrial

Hospitality

Manufacturing

Logistics

Healthcare

Education

Professional Services

Relevant Teams

Legal

Real Estate

Facilities Management

Operations

Finance

Compliance

Administration

Property Management

Asset Management

Risk Management

Relevant Roles

Legal Counsel

Property Manager

Real Estate Manager

Facilities Manager

Corporate Counsel

Lease Administrator

Asset Manager

Operations Director

Business Development Manager

Compliance Officer

Chief Financial Officer

Real Estate Director

Contracts Manager

Property Administrator

Office Manager

Industries
German Civil Code (BGB) §§ 535-548: Core provisions on lease agreements (Mietvertrag), defining basic rights and obligations of lessors and lessees
German Civil Code (BGB) §§ 398-413: Provisions governing the assignment of rights (Abtretung), crucial for transferring the lessee's rights to the assignee
German Civil Code (BGB) §§ 414-419: Regulations on the assumption of debt (Schuldübernahme), relevant for the assumption of the original lessee's obligations
German Civil Code (BGB) § 550: Form requirements for long-term lease agreements (contracts with a term of more than one year must be in writing)
German Commercial Code (HGB) §§ 578-580a: Special provisions for commercial lease agreements if applicable to business premises
German Civil Code (BGB) § 566: Provisions regarding the effect of property sale on existing lease agreements ('sale does not break hire' principle)
German Civil Code (BGB) § 540: Provisions regarding permission for transfer of lease and subletting
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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