The Lease Assignment Agreement is a crucial document in Irish property law that enables the transfer of leasehold interests between parties. It is typically used when a tenant wishes to exit a lease early and transfer their rights and obligations to another party. The agreement must comply with Irish property legislation, including the Landlord and Tenant Acts and the Land and Conveyancing Law Reform Act 2009. It contains detailed provisions covering the assignment terms, continuing obligations, warranties, and necessary consents. The document is essential for both commercial and residential property transactions in Ireland, requiring careful consideration of stamp duty implications, registration requirements, and any specific conditions imposed by the landlord. The agreement typically includes schedules detailing the property, existing lease terms, and current condition, ensuring a clear record of the assignment terms for all parties involved.
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1. Parties: Identifies the current tenant (Assignor), the new tenant (Assignee), and the Landlord
2. Background: Recitals explaining the existing lease details, reason for assignment, and confirmation of landlord's consent
3. Definitions: Defines key terms used throughout the agreement including Property, Lease, Assignment Date, and Rent
4. Agreement to Assign: The operative clause that effects the assignment of the lease from Assignor to Assignee
5. Consideration: Details of any premium or payment for the assignment
6. Assignor's Covenants: Warranties and representations from the current tenant regarding the lease status
7. Assignee's Covenants: New tenant's promises to comply with lease terms and perform obligations
8. Landlord's Consent: Confirmation of the landlord's formal consent to the assignment
9. Completion Requirements: Conditions and requirements for completing the assignment
10. Costs: Allocation of legal and other costs related to the assignment
11. Notices: Procedure for serving notices under the agreement
12. Governing Law: Confirmation that Irish law governs the agreement
1. Guarantee Provisions: Required when there is a guarantor for the Assignee's obligations
2. Rent Review Provisions: Needed if there is an ongoing or pending rent review
3. Authorized Guarantee Agreement: Required when the Assignor must guarantee the Assignee's performance
4. Property Modifications: Include when the Assignor has made alterations that need documentation
5. Service Charge Provisions: Required when there are specific service charge arrangements or reconciliations
6. Break Option: Include if there are existing break options that need to be addressed
7. VAT Elections: Required when VAT status of the property needs to be addressed
1. Schedule 1 - The Property: Detailed description of the leased property including any plans
2. Schedule 2 - The Existing Lease: Copy or details of the original lease and any supplemental documents
3. Schedule 3 - Rent and Payment Details: Current rent, payment dates, and any review dates
4. Schedule 4 - Condition Schedule: Current condition of the property and any existing dilapidations
5. Schedule 5 - Inventory: List of any fixtures, fittings, or equipment included in the assignment
6. Appendix A - Landlord's Consent Letter: Formal consent document from the landlord
7. Appendix B - Required Certificates: Copies of insurance, safety certificates, and other required documentation
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