Deed Of Assignment Of Tenancy Template for Philippines

The Deed of Assignment of Tenancy is a crucial legal instrument in Philippine property law, used when an existing tenant wishes to transfer their lease rights and obligations to another party. This document is essential in situations where a tenant needs to relocate, change business circumstances, or can no longer fulfill the lease terms and finds a suitable replacement tenant. The deed must comply with Philippine Civil Code requirements, local property regulations, and the Rent Control Act where applicable. It typically includes comprehensive details about the original lease, property condition, financial obligations, and the specific terms of the assignment. The document ensures a smooth transition of tenancy while protecting the rights of all parties involved - the original tenant (Assignor), the new tenant (Assignee), and the landlord.

1. Parties: Identifies the three key parties: the Assignor (current tenant), the Assignee (new tenant), and the Landlord

2. Background: Sets out details of the existing tenancy agreement, including its date, property description, and reason for assignment

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

4. Assignment: Core clause that transfers the tenancy rights and obligations from Assignor to Assignee

5. Consideration: States any payment or consideration made by the Assignee to the Assignor for the assignment

6. Landlord's Consent: Documents the Landlord's explicit consent to the assignment and any conditions attached

7. Assignor's Warranties: Warranties from the current tenant regarding the status of the lease, rent payments, and property condition

8. Assignee's Covenants: New tenant's promises to comply with lease terms and assume all obligations

9. Release of Assignor: Terms releasing the original tenant from future obligations under the lease

10. Execution: Formal signing section including witness requirements and notarization provisions