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Assignment Of Lease From Seller To Buyer

Assignment Of Lease From Seller To Buyer Template for Indonesia

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Key Requirements PROMPT example:

Assignment Of Lease From Seller To Buyer

"I need an Assignment of Lease From Seller To Buyer agreement for our retail store in Jakarta, where we're taking over an existing 5-year lease from March 1, 2025, with our company as assignee and the current tenant (PT Retail Solutions) as assignor."

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Document background
The Assignment Of Lease From Seller To Buyer is a crucial document used in Indonesian property transactions when a current lessee wishes to transfer their lease rights and obligations to another party. This document is particularly relevant in commercial property scenarios, corporate restructuring, business sales, or when a tenant needs to exit a lease agreement before its natural termination. The agreement must conform to Indonesian legal requirements, including the Civil Code (KUHPerdata) and relevant property regulations. It should contain comprehensive details about the original lease, the parties involved, consideration paid, and specific terms of the assignment. The document typically requires the landlord's explicit consent and may need to be notarized and registered with relevant authorities. It's essential for protecting all parties' interests and ensuring a smooth transition of lease rights and obligations.
Suggested Sections

1. Parties: Identification of the Assignor (current lessee/seller), Assignee (buyer), and acknowledgment by the Landlord

2. Background: Details of the existing lease agreement, reason for assignment, and confirmation of landlord's consent

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

4. Assignment: Core provision transferring all rights, title, and interest in the lease from Assignor to Assignee

5. Consideration: Details of the payment or other consideration for the assignment

6. Effective Date: Specification of when the assignment takes effect

7. Assignor's Warranties: Warranties regarding lease validity, no breaches, payment status, etc.

8. Assignee's Covenants: Assignee's commitment to comply with lease terms and perform lessee obligations

9. Landlord's Consent: Formal documentation of landlord's approval of the assignment

10. Registration and Formalities: Requirements for registering the assignment with relevant authorities

11. Governing Law: Specification of Indonesian law as governing law

12. Execution: Signature blocks and execution requirements

Optional Sections

1. Security Deposit Transfer: Terms for transferring existing security deposit, used when there is a security deposit under the original lease

2. Existing Subleases: Provisions dealing with any existing subleases, included if there are subtenants

3. Broker Fees: Provisions regarding any broker or agent fees, included if brokers were involved

4. Condition of Premises: Description of property condition at assignment, used for significant properties or when required by parties

5. Outstanding Repairs: Allocation of responsibility for existing repair obligations, included if there are pending repairs

6. Tax Implications: Provisions regarding tax responsibilities, included for high-value assignments

7. Dispute Resolution: Specific dispute resolution procedures, included for high-value or complex assignments

Suggested Schedules

1. Original Lease Agreement: Copy of the existing lease agreement being assigned

2. Property Details: Detailed description of the leased property, including address and specifications

3. Lease Payment Schedule: Details of remaining lease payments and payment terms

4. Landlord's Consent Document: Written consent from landlord for the assignment

5. Condition Report: Current condition of the property with photographs if applicable

6. Outstanding Obligations: List of any outstanding obligations under the lease

7. Required Licenses: Copies of any licenses or permits associated with the lease

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 Industries

Real Estate

Retail

Commercial Property

Industrial

Hospitality

Office Space Management

Shopping Centers

Warehousing

Manufacturing

Food & Beverage

Relevant Teams

Legal

Real Estate

Property Management

Operations

Finance

Compliance

Risk Management

Facilities Management

Corporate Services

Administrative Services

Relevant Roles

Property Manager

Real Estate Manager

Legal Counsel

Corporate Lawyer

Business Development Manager

Operations Director

Facilities Manager

Commercial Director

Chief Financial Officer

Contract Administrator

Real Estate Agent

Lease Administrator

Company Secretary

Risk Manager

Compliance Officer

Industries
Indonesian Civil Code (KUHPerdata): Contains fundamental provisions regarding contracts, obligations, and property rights, particularly Articles 1313-1351 on contracts and Articles 1548-1600 on lease agreements
Basic Agrarian Law No. 5 of 1960 (UUPA): Fundamental law governing land rights in Indonesia, including provisions for lease rights and transfer of land-related rights
Government Regulation No. 40 of 1996: Regulates Right to Build (HGB), Right to Use (Hak Pakai), and Right to Manage (Hak Pengelolaan), including provisions for lease assignments
Law No. 20 of 2011 on Apartments: Relevant if the lease assignment involves an apartment unit, containing specific provisions for property rights transfer in multi-story buildings
Minister of Land Affairs/Head of BPN Regulation No. 8 of 2012: Provides procedures for land registration, including registration of lease assignments and transfers
Law No. 28 of 2002 on Buildings: Contains provisions regarding building utilization and transfer of rights related to buildings
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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