assignment of lease

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Assignment of Lease

The transfer of a lease by the lessee to another party. For example, if one rents an apartment, one might sell or give one's friend the right to live there (and the obligation to make payments). The assignor (the original lessee) remains bound by the lease contract if the assignee fails to make his/her obligations, unless the lessor states otherwise. Because of the potential complications, some lessors do not allow lessees to engage in assignment of lease.

assignment of lease

Transferring all rights in a lease to real property to another.Leases typically contain prohibitions against assignment without landlord approval, but the approval may not be unreasonably withheld. Reasonable grounds may include a change in the creditworthiness of the tenant,an increase in the burden placed upon the property by the new tenant because of additional parking demands,or incompatibility with other tenants such as a liquor store coming into a small shopping center of family-oriented businesses.When a tenant assigns its lease, it remains liable for the entire lease term unless the landlord agrees to a novation, which is a declaration that the old lease is void and the landlord has entered into a direct relationship with the assignee.

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Under the exchange agreement, certain of the properties were traded with no cash consideration to either party and Rally's leased or took lease assignments from the Company on the remaining properties.
office leasing specialists, Priestley will be responsible for assisting in the firm's marketing of exclusive lease assignments and tenant representation in the Monmouth, Middlesex and Ocean Country areas.
OTC:GSNH) announced today that the Company has satisfied a portion of its Letter of Intent (LOI) terms through delivery of the cash portion due to an investor group that had provided the financing to the current operator for lease assignments in the Clayton Field, Live Oak County, Texas.
Lowe will be responsible for the firm's marketing of exclusive lease assignments and tenant representation, with special emphasis on user relocation of disposition opportunities.
It is anticipated that this most recent workover project will be commenced as soon as the lease assignments are recorded and will require 30-45 days to completion.
Checker Flag Lightning currently operates the racing center at Rivertown Crossing in Granville, Michigan, and recently agreed to pursue lease assignments to operate an additional seven retail and entertainment centers featuring the company's simulators under revenue share agreements.
At Jones Lang Lasalle, he was involved in a broad spectrum of tenant representation projects including strategic master plans, complex build-to-suits, lease-with-equity transactions, building acquisitions, land dispositions, and environmental management as well as large and small lease assignments.
The combined entity is America's leading brokerage services provider, having participated in more than 26,000 sale and lease assignments last year for a range of corporate, institutional and other clients, and having completed more than $7 billion of investment property sales.
The combined firm would be America's leading brokerage services provider, having participated in over 26,000 sale and lease assignments in 1996 for a range of corporate, institutional and other clients around the world, and would be a leader in commercial property and facilities management, with a portfolio of approximately 300 million square feet; commercial mortgage lending, with 1996 originations of $3.
NEW YORK--(BUSINESS WIRE)--April 16, 1996--A class action was filed last Friday, April 12, 1996, in the Supreme Court of the State of New York, County of New York, on behalf of purchasers of notes, bonds, units, lease assignments and other instruments ("Bennett Securities") issued by The Bennett Funding Group, Inc.
This agreement provides for the purchase of the 26 physical kiosks and lease assignments.