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Assignment Of Sublease
"I need an Assignment of Sublease agreement for transferring my commercial warehouse sublease in Riyadh to a new subtenant by March 2025, with specific provisions for existing fit-out works and maintenance obligations."
1. Parties: Identifies the Assignor (current subtenant), Assignee (new subtenant), Head Landlord, and Original Tenant/Sublandlord
2. Background: Recitals explaining the original lease, sublease, and intention to assign the sublease
3. Definitions: Defines key terms used throughout the agreement including Property, Lease, Sublease, Assignment Date, etc.
4. Assignment: Core provision transferring all rights and interests in the sublease from Assignor to Assignee
5. Consideration: Details of any payment or consideration for the assignment
6. Consent and Conditions: Confirmation of necessary consents from Head Landlord and Sublandlord, and any conditions attached
7. Assignor's Covenants: Warranties and representations from the Assignor regarding the sublease status
8. Assignee's Covenants: Assignee's obligations to comply with sublease terms and perform all tenant obligations
9. Registration and Formalities: Requirements for registering the assignment with relevant authorities
10. Costs and Taxes: Allocation of costs related to the assignment including registration fees and taxes
11. Governing Law and Jurisdiction: Specifies Saudi law as governing law and relevant courts for dispute resolution
1. Guarantor Provisions: Required when there is a guarantor for the Assignee's obligations
2. Security Deposit Assignment: Required when transferring existing security deposit or arranging new security
3. Condition of Premises: Used when specific agreement needed on current condition or outstanding repairs
4. Service Charge Provisions: Required for commercial properties with service charge arrangements
5. Fit-out Works: Needed when there are ongoing or planned fit-out works
6. Insurance Requirements: Detailed insurance provisions if beyond standard lease requirements
7. Break Rights: Required when specific break options are being transferred or modified
1. Schedule 1 - The Property: Detailed description of the leased premises including floor plans
2. Schedule 2 - The Original Lease: Copy or key terms of the head lease
3. Schedule 3 - The Sublease: Copy or key terms of the sublease being assigned
4. Schedule 4 - Consent Documents: Copies of consent letters from Head Landlord and Sublandlord
5. Schedule 5 - Condition Report: Current condition of the property and any outstanding repairs
6. Appendix A - Registration Requirements: Checklist of documents required for registration
7. Appendix B - Payment Schedule: Details of any assignment consideration payment schedule
Authors
Real Estate
Commercial Property
Retail
Hospitality
Healthcare
Education
Manufacturing
Logistics
Office Space
Industrial
Residential Property
Banking and Financial Services
Legal
Real Estate
Facilities Management
Operations
Finance
Compliance
Property Management
Asset Management
Commercial
Risk Management
Administrative
Real Estate Manager
Property Manager
Legal Counsel
Facilities Manager
Commercial Director
Operations Manager
Asset Manager
Lease Administrator
Compliance Officer
Contract Manager
Chief Financial Officer
Real Estate Director
Property Development Manager
Regional Manager
Business Development Manager
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