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Landlord’s Consent to Assignment
The undersigned, as owner and lessor of the real property in the lease agreement dated
___________ between _________________ as tenant (“Assignor”) and ____________
the undersigned and ___________________, as landlord, a copy of which is attached
(“Lease”), hereby consents to the assignment of the Lease by Assignor to ___________
(“Assignee”). The undersigned does not consent to any further assignment or subletting of the leased premises.
The undersigned hereby certifies in respect of the Lease that:
A. The Assignor is tenant under the Lease.
B. The Lease as attached hereto is in full force and effect and Assignor is not in default hereunder.
Assignor remains fully responsible under the lease until it is completely discharged. If Assignee does not make complete payments to landlord, assignor must seek recourse from the Assignee. Landlord will accept direct payments from Assignee only as a courtesy and that action will imply no release of Assignor from the original lease.
The undersigned, in the event Assignee exercises the option to extend or renew the Lease, if any, or if Assignee otherwise agrees to extend or renew the Lease, does hereby release Assignor, from any liability to the undersigned under the terms and conditions of said Lease which accrue and become due during the extended term thereof.
____________________ __________________ ____________________
Landlord Assignee Assignor
Landlord Consent to Assignment
This review list is provided to help you to complete the Landlord’s Consent to Assignment and to ensure that the necessary steps are taken to make it binding as well as to inform you as to the continued liabilities of the Assignor.
1. The Landlord’s Consent to Assignment is used when a landlord agrees to the assignment of the tenant’s interest in the lease to a new tenant. This assignment, however, does not release the Assignor from payment responsibilities. Rarely will a landlord let an assignor “off the hook” for rent due from a new tenant. Therefore, the Assignor must set up a separate agreement with the Assignee to get paid. A promissory note is best, with the provision of offset for all payments made under the lease. This step can be done expeditiously with the other documents being signed. If not done, the Assignor may have to chase the Assignee for the money, on a less well-documented basis, at a later date. The best solution for the Assignor, as a rule, is to get the Assignee to take over a new lease and cancel the old lease, unless, of course, the Assignor is getting a premium for rerenting the leased space to him or her.
2. The document need only be signed by the Landlord. However, it is in the best interests of the parties to have all three parties to the Consent sign the document to indicate their agreement to the terms and conditions. Sign in multiple copies of at least 3 so everyone has an original copy.