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DEED OF ASSIGNMENT AND ASSUMPTION OF LEASE

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DEED OF ASSIGNMENT AND ASSUMPTION OF LEASE

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Basic Info

  • Applicable Region UAE
  • Available Languages
    English & Arabic
  • Document No 000077
  • Version V 1.0
  • Last Updated 07-06-2023
  • Reviews 0
Document Summary

An assignment and assumption of lease is a legal real estate document that allows one party to transfer rights and obligations of a lease to another party.

Description

A Deed of Assignment and Assumption of ‎Lease ‎is used to transfer one of the contracting party’s rights and obligations to a third party who was not originally a party of the contract.

For a Deed of Assignment and Assumption of ‎Lease to be valid, the assignor must agree to assign their rights and obligations under the contract to the assignee, the assignee must agree to accept, or “assume”, those contractual rights and obligations, and the Lessor must consent to the transfer of rights and obligations to the assignee.

The lease will then have to be amended so that the contract holds the name of the assignee as the Lessee, instead of the name of the assignor.

This Deed of Assignment and Assumption of ‎Lease ‎contains the following sections:

 

1.     Preamble

2.     Representations And Undertakings

3.     Assignment By Assignor

4.     Assumption By Assignee

5.     Consent By the Landlord

6.     Amendment Of the Lease

7.     Assignor’s Guarantee

Jurisdiction

This document is intended for use in the United Arab Emirates.

Before Execution

- The information on this front page or contained in the headers and footers of this instrument are for guidance purposes only.

- Please delete this front page together with the information contained in the headers, footers and the endnotes prior to circulating this letter. Where square brackets […] and highlights are used in the document, it indicates that there is missing or incomplete information which will need to be incorporated prior to signature.

- Please remove the square brackets and all highlighting prior to signature.