An assignment of a lease is a complete transfer of the right to be the tenant under the lease. The third-party assignee becomes the "tenant" under the lease, taking over all of the leased premises, substituting for the old tenant. When the lease is assigned, the assigner move out permanently and a new tenant moves in for the remainder of the lease term. An assignment of a lease differs from a sublet. With a sublet, the original tenant gives up an apartment temporarily. With an assignment, the original tenant gives up the apartment permanently. Assignment agreement should be legally binding, so it is necessary to prepare and sign a deed of assignment.
Sample Format of Deed of Assignment of Lease Agreement is given below.
DEED OF ASSIGNMENT OF LEASE
THIS DEED OF ASSIGNMENT is made this ______ day of_____
Between
Mr. _________________ son of _____________ Resident of _____________ hereinafter called "the Assignor" of the One Part:
AND
Mr. _____________ Son of _____________ Resident of _____________ hereinafter called "the Assignee" of the Other Fart.
WHEREAS:
1. By a Deed of Lease dated_____________ and made between_____________ therein
referred to as the Lessor of the One Part and the Assignor, therein referred to
as the Lessee of the Other Part and registered with the Sub-Registrar of
Assurances at _____________ under No _____________ of Book No. I on the
_____________ the said Lessor demised unto the Assignor in perpetuity ALL that
piece of land situate at_____________ and more particularly described in the
Schedule thereunder being the same as described in the Schedule hereunder
written together with the buildings and structures standing thereon at the rent
and subject to the covenants and agreements therein contained;
2. By Clause_____________ of the said Deed of Lease it was in teralia provided as follows, "Not to assign the demised premises for the whole of the term hereby granted without the previous consent in writing of the Lessor his heirs, executors, administrators and assigns, which consent shall not be unreasonably withheld".
3. The Assignor has agreed with the Assignee for an assignment to him of the said demised premises for the remaining term in perpetuity free from all encumbrances at or for the price of Rs _____________.
4. The said Lessor by his letter dated_____________ has given his consent to the assignment of the demised premises.
NOW THIS DEED WITNESSETH that in pursuance of the said agreement and in consideration of the sum of Rs_____________ (Rupees) paid in the manner following viz. Rs_____________ on_____________ day of_____________ as earnest or deposit and Rs (Rupees) on or before the execution of these presents making together Rs _____________ (Rupees _____________ _____________. ) by the Assignee to the Assignor (the receipt whereof the Assignor doth hereby admit) He the Assignor hereby assigns unto the Assignee ALL that piece of land situate at_____________ in the Registration Sub-District of_____________ and more particularly described in the Schedule hereunder written TOGETHER WITH the buildings and structures thereon AND TOGETHER with all rights, liberties privileges, easements and appurtenances whatsoever to the said premises or any part thereof belonging or in anywise appertaining or usually held or occupied therewith or reputed to belong or be appurtenant thereto AND all the estate, right, title, interest property, claim and demand whatsoever of him the Assignor in and to the said premises or any part thereof TO HOLD the said land and other the premises hereby assigned unto the Assignee in perpetuity subject to the payment of ground rent of Rs_____________ reserved by the said Deed of Lease and to the performance and observance of the covenants and stipulations therein contained and on the part of the Lessee to be observed and performed and which henceforth on the part of the Assignee ought to be observed and performed.
AND THE ASSIGNOR COVENANTS WITH THE ASSIGNEE AS FOLLOWS -
the said lease is now a valid and subsisting lease of the said premises
hereinbefore expressed to be hereby assigned and is in no wise void or voidable
that all the rents reserved and the covenants by the Assignor and the conditions
contained in the said Deed of Lease have been paid, observed and performed upto
the date of these presents; that the Assignor now has in himself good right and
absolute power to assign the said premises unto the Assignee for the term and in
the manner aforesaid that it shall be lawful for the Assignee from time to time
and at all times hereafter during the said term to peaceably and quietly hold,
possess and enjoy the said premises hereby assigned or expressed so to be with
the appurtenances on and subject to said lease and receive the rents, and
profits thereof for his own use and benefit without any eviction interruption
claim or demand whatsoever from or by the Assignor or from or by any other
person or persons lawfully or equitably claiming by, from, under or in trust for
them. that the said premises are free and clear and freely clearly and
absolutely acquitted, exonerated, released and forever discharged or otherwise
by the Assignor well and sufficiently saved, defended, kepi harmless and
indemnified of from and against all estates charges and encumbrances whatever
made executed occasioned or suffered by the Assignor or by any other person or
persons having or lawfully claiming by from under or in trust for him. that the
Assignor and all persons having or lawfully claiming by. from, under or in trust
for him shall and will from time to time and at all times hereafter during the
said term at the request and costs of the Assignee do and execute or cause to be
done and executed all such further and other lawful and reasonable acts, deeds,
things, matters and assurances in the law whatsoever for further and more
perfectly and absolutely assuring the said premises hereby assigned or expressed
so to be and every part thereof unto and to the use of the Assignee for the
residue of (he said term and in manner aforesaid as shall or may be reasonably
required.
AND the Assignee doth hereby covenants with the Assignor that he the Assignee will henceforth during the said term pay the rents reserved by and perform all the covenants by the Lessee and conditions contained in the said Deed of Lease and keep indemnified the Assignor and his estate and effects from and against the payment of the said rent and the observance and performance of the said covenants and all actions, proceedings, costs, damages, claims, demands and liability whatsoever for or on account of the same or in anywise relating thereto.
IN WITNESS WHEREOF the parties hereto have hereunto set and subscribed their respective hands the day and year first hereinabove written.
THE SCHEDULE ABOVE REFERRED TO
WITNESSES:
Signed and Delivered by the within-named Assignor
1.
Signed by the within-named Assignee
2.
Received from the Assignee above-named a sum of Rs_____________ today which
together with the sum of Rs_____________ paid on_____________ as earnest makes
up the sum of_____________ Rupees (Rupees) being the full consideration money to
be paid by him to me.
Witnesses:
I say received.
1.
2.
Section 107 "Leases how made"
107. A lease of immovable property from year to year, or for any term exceeding
one year, or reserving a yearly rent, can be made only by a registered
instrument.
All other leases of immovable property may be made either by a registered
instrument or by oral agreement accompanied by delivery of possession.
Where a lease of immovable property is made by a registered instrument, such
instrument or, where there are more instruments than one, each such instrument
shall be executed by both the lessor and the lessee:
Provided that the State Government may, from time to time, by notification in
the Official Gazette, direct that leases of immovable property, other than
leases from year to year, or for any term exceeding one year, or reserving a
yearly rent, or any class of such leases, may be made by unregistered instrument
or by oral agreement without delivery of possession.
Section 108 "Rights and liabilities of lessor and lessee"
108. In the absence of a contract or local usage to the contrary, the lessor and the lessee of immovable property, as against one another, respectively, possess the rights and are subject to the liabilities mentioned in the rules next following or such of them as are applicable to the property leased :-
A. Rights and liabilities of the Lessor
(a) the lessor is bound to disclose to the lessee any material defect in the
property, with reference to its intended use, of which the former is and the
latter is not aware, and which the latter could not with ordinary care discover;
(b) the lessor is bound, on the lessee's request to put him in possession of the
property;
(c) the lessor shall be deemed to contract with the lessee that, if the latter
pays the rent reserved by the lease and performs the contract binding on the
lessee, he may hold the property during the time limited by the lease without
interruption.
The benefit of such contract shall be annexed to and go with the lessee's
interest as such, and may be enforced by every person in whom that interest is
for the whole or any part thereof from time to time vested.
B. Rights and liabilities of the lessee
(d) if during the continuance of the lease any accession is made to the
property, such accession (subject to the law relating to alluvion for the time
being in force) shall be deemed to be comprised in the lease;
(e) if by fire, tempest or flood, or violence of any army or of a mob, or other
irresistible force, any material part of the property be wholly destroyed or
rendered substantially and permanently unfit for the purposes for which it was
let, the lease shall, at the option of the lessee, be void :
Provided that, if the injury be occasioned by the wrongful act or default of the
lessee, he shall not be entitled to avail himself to the benefit of this
provision;
(f) if the lessor neglects to make, within a reasonable time after notice, any
repairs which he is bound to make to the property, the lessee may make the same
himself, and deduct the expense of such repairs with interest from the rent, or
otherwise recover it from the lessor;
(g) if the lessor neglects to make any payment which he is bound to make, and
which if not made by him, is recoverable from the lessee or against the
property, the lessee may make such payment himself, and deduct it with interest
from the rent, or otherwise recover it from the lessor;
(h) the lessee may even after the determination of the lease remove, at any time
whilst he is in possession of the property leased but not afterwards, all things
which he has attached to the earth : provided he leaves the property in the
state in which he received it ;
(i) when a lease of uncertain duration determines by any means except the fault
of the lessee, he or his legal representative is entitled to all the crops
planted or sown by the lessee and growing upon the property when the lease
determines, and to free ingress and egress to gather and carry them;
(j) the lessee may transfer absolutely or by way of mortgage or sub-lease the
whole or any part of his interest in the property, and any transferee of such
interest or part may again transfer it. The lessee shall not, by reason only of
such transfer, cease to be subject to any of the liabilities attaching to the
lease;
nothing in this clause shall be deemed to authorize a tenant having an
un-transferable right of occupancy, the farmer of an estate in respect of which
default has been made in paying revenue, or the lessee of an estate under the
management of a Court of Wards, to assign his interest as such tenant, farmer or
lessee;
(k) the lessee is bound to disclose to the lessor any fact as to the nature or
extent of the interest which the lessee is about to take, of which the lessee
is, and the lessor is not, aware, and which materially increases the value of
such interest;
(l) the lessee is bound to pay or tender, at the proper time and place, the
premium or rent to the lessor or his agent in this behalf;
(m) the lessee is bound to keep, and on the termination of the lease to restore,
the property in as good condition as it was in at the time when he was put in
possession, subject only to the changes caused by reasonable wear and tear or
irresistible force, and to allow the lessor and his agents, at all reasonable
times during the term, to enter upon the property and inspect the condition
thereof and give or leave notice of any defect in such condition; and, when such
defect has been caused by any act of default on the part of the lessee, his
servants or agents, he is bound to make it good within three months after such
notice has been given or left;
(n) if the lessee becomes aware of any proceeding to recover the property or any
part thereof, or of any encroachment made upon, or any interference with, the
lessor's rights concerning such property, he is bound to give, with reasonable
diligence, notice thereof to the lessor;
(o) the lessee may use the property and its products (if any) as a person of
ordinary prudence would use them if they were his own; but he must not use, or
permit another to use, the property for a purpose other than that for which it
was leased, or fell or sell timber, pull down or damage buildings belonging to
the lessor or work mines or quarries not open when the lease was granted, or
commit any other act which is destructive or permanently injurious thereto;
(p) he must not, without the lessor's consent, erect on the property any
permanent structure, except for agricultural purposes;
(q) on the determination of the lease, the lessee is bound to put the lessor
into possession of the property.
Agreement for Lease of commercial property, Rent agreement for office space
Agreement for License for commercial property, Office space
Agreement for Lease of Residential House, Rent agreement Residential Accommodation
Lease Deed of Residential Property by Power of Attorney Holder
Lease Deed of Commercial Property by Power of Attorney Holder to hire office space
Rent Agreement of Residential Property for use of House for Residence
Rent Agreement of Commercial Property for use of space for Office, shop or business purpose
Leave and License Deed for occupation of property for short period
Lease Deed for lease of land for long period
Deed of Assignment of Lease Agreement to transfer complete right to the Tenant
Lease Deed to lease Plant and Machinery to Lessee for a fixed term
Deed of Sub Lease to give the leased property on sub lease to Third Party
Lease Deed for Lease of space for advertisement purpose