A Lease Novation Agreement is a crucial legal instrument used when there needs to be a change in the parties to an existing lease while maintaining the lease's core terms. This document, governed by Philippine law and particularly Articles 1292-1304 of the Civil Code of the Philippines regarding novation, is commonly used in situations such as business acquisitions, property sales, or when either a lessor or lessee needs to transfer their rights and obligations to another party. The agreement must comply with local property laws and registration requirements, particularly if the lease involves real property. The document typically includes detailed provisions about the transfer of rights and obligations, handling of security deposits, outstanding liabilities, and necessary representations and warranties from all parties involved.
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
Your data doesn't train Genie's AI
You keep IP ownership of your docs
1. Parties: Identifies the Original Lessor, Original Lessee, and New Party (either new lessor or new lessee)
2. Background: Recitals explaining the original lease agreement, its key terms, and the intention to novate
3. Definitions and Interpretation: Defines key terms used in the agreement and interpretation rules
4. Novation: Core clause establishing the novation mechanism, timing, and effect
5. Release and Assumption of Obligations: Details the release of the outgoing party and assumption of obligations by the incoming party
6. Continuing Obligations: Specifies which original lease terms continue to apply post-novation
7. Representations and Warranties: Standard representations from all parties regarding authority and capacity
8. Payment Provisions: Addresses any payments, adjustments, or security deposits related to the novation
9. Costs: Allocation of costs related to the preparation and execution of the novation
10. Governing Law and Jurisdiction: Specifies Philippine law as governing law and jurisdiction for disputes
11. Execution: Formal execution block for all parties' signatures
1. Guarantor Provisions: Required if the original lease had guarantors or new guarantors are being added
2. Property Modifications: Needed if any changes to the leased property or permitted use are being made concurrent with the novation
3. Tax Provisions: Required if there are specific tax implications or arrangements that need to be addressed
4. Registration Requirements: Necessary if the lease requires registration under Philippine property laws
5. Break Clause: Optional provision allowing early termination under specific circumstances
6. Insurance Provisions: Required if insurance arrangements are changing as part of the novation
1. Original Lease: Copy or summary of the original lease agreement being novated
2. Property Details: Detailed description of the leased property, including any plans or drawings
3. Outstanding Obligations: List of any outstanding obligations or payments under the original lease
4. Conditions Precedent: Any conditions that must be satisfied before the novation takes effect
5. Form of Notices: Templates for any required notices under Philippine law
6. Security Deposit Details: Information regarding handling of existing security deposits and any new arrangements
Find the exact document you need
Lease Novation Agreement
A Philippine law-governed agreement that substitutes either a lessor or lessee in an existing lease with a new party, transferring all associated rights and obligations.
Download
Contract Novation Letter
A formal letter under Philippine law that substitutes one party to an existing contract with a new party, transferring all rights and obligations while maintaining the original contract terms.
Download
Partial Novation Agreement
A Philippine law-governed agreement that partially transfers or modifies specific obligations from an existing contract while keeping other obligations intact.
Download
Novation Of Promissory Note
A Philippine law-governed agreement that transfers promissory note obligations from an original debtor to a new debtor with creditor consent.
Download
Genie’s Security Promise
Genie is the safest place to draft. Here’s how we prioritise your privacy and security.
Your documents are private:
We do not train on your data; Genie’s AI improves independently
All data stored on Genie is private to your organisation
Your documents are protected:
Your documents are protected by ultra-secure 256-bit encryption
We are ISO27001 certified, so your data is secure
Organizational security:
You retain IP ownership of your documents and their information
You have full control over your data and who gets to see it
.png)
.png)