An Assignment of Lease is a crucial legal document used in Malaysian property transactions when an existing tenant wishes to transfer their leasehold interest to another party. This document is essential when businesses need to transfer their lease obligations, during business acquisitions, or when tenants need to exit a lease agreement early. The assignment must comply with Malaysian legal requirements, particularly the National Land Code 1965 and relevant state-level regulations. It requires the landlord's consent and must be properly stamped and registered with appropriate authorities. The document typically includes detailed information about the property, parties involved, financial terms, and specific conditions of the assignment. It's particularly important in commercial contexts where proper documentation of lease transfers is crucial for business continuity and legal compliance.
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1. Parties: Identification of the Assignor (current lessee), Assignee (new lessee), and Landlord
2. Background: Recitals explaining the existing lease arrangement and the intention to assign
3. Definitions: Definitions of key terms used throughout the document
4. Assignment: The operative clause transferring the lease from Assignor to Assignee
5. Consideration: Details of the payment or other consideration for the assignment
6. Assignor's Covenants: Warranties and representations by the Assignor regarding the lease
7. Assignee's Covenants: Commitments by the Assignee to comply with lease terms and obligations
8. Landlord's Consent: Confirmation of the Landlord's agreement to the assignment
9. Completion: Details of when and how the assignment will be completed
10. Costs: Allocation of legal costs, stamp duty, and registration fees
1. Guarantor Provisions: Required when there is a guarantor for the Assignee's obligations
2. Condition of Premises: Include when specific arrangements about property condition need to be documented
3. Outstanding Obligations: Needed when there are existing arrears or obligations to be addressed
4. Break Clause: Include if there are specific provisions for early termination
5. Service Charge Provisions: Required for commercial properties with service charge arrangements
6. Existing Alterations: Include when there are modifications to the property that need to be documented
1. Schedule 1 - Property Details: Detailed description of the leased property including address and boundaries
2. Schedule 2 - Existing Lease: Copy or details of the original lease being assigned
3. Schedule 3 - Rent and Payment Details: Breakdown of rent, payment terms, and other financial obligations
4. Schedule 4 - Condition Report: Current condition of the property at the time of assignment
5. Appendix A - Plans and Drawings: Property plans, floor plans, or relevant drawings
6. Appendix B - Landlord's Consent Letter: Formal written consent from the Landlord for the assignment
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