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1. Parties: Identification of the Landlord, Original Tenant (Outgoing Tenant), and New Tenant (Incoming Tenant)
2. Background: Recitals explaining the existing lease arrangement, reason for novation, and parties' intentions
3. Definitions: Definitions of key terms including 'Lease', 'Effective Date', 'Liabilities', and other relevant terms
4. Interpretation: Rules for interpreting the agreement including references to legislation, time, currency
5. Novation: Core provisions affecting the transfer of rights and obligations from Original Tenant to New Tenant
6. Release of Original Tenant: Terms of release of the Original Tenant from future obligations under the lease
7. Assumption by New Tenant: New Tenant's covenant to assume and perform all lease obligations from the Effective Date
8. Landlord's Consent: Express consent of the Landlord to the novation and continued terms of the lease
9. Payments and Apportionments: Handling of rent, deposits, and other financial matters between the parties
10. Representations and Warranties: Standard warranties from each party regarding capacity and authority to enter agreement
11. General Provisions: Standard boilerplate clauses including notices, entire agreement, governing law
12. Execution: Signature blocks for all parties and execution formalities
1. Guarantor Provisions: Required when there is a guarantor for either the Original or New Tenant
2. VAT Provisions: Required when the property is subject to VAT or when VAT election is in place
3. Property Management: Include when specific property management arrangements need to transfer
4. Insurance Obligations: Include when specific insurance arrangements need to be addressed
5. Assignment and Subletting: Include when modifying or clarifying future assignment/subletting rights
6. Break Rights: Include when addressing or modifying any break rights under the original lease
1. Schedule 1 - Original Lease: Copy or details of the original lease being novated
2. Schedule 2 - Property Description: Detailed description of the leased property including any plans
3. Schedule 3 - Rent and Payment Details: Details of rent, payment dates, and other financial obligations
4. Schedule 4 - Condition Report: Current condition of the property at time of novation
5. Schedule 5 - Outstanding Matters: List of any outstanding obligations or issues under the original lease
6. Appendix A - Form of Notice to Third Parties: Template notices to insurers, utility providers, etc.
7. Appendix B - Handover Documentation: List of documents, keys, access cards, etc. to be transferred
Commercial Real Estate
Retail
Industrial
Office Space
Hospitality
Healthcare
Education
Manufacturing
Logistics
Technology
Professional Services
Legal
Real Estate
Facilities Management
Finance
Operations
Risk & Compliance
Property Management
Corporate Services
Administration
Business Development
Property Manager
Real Estate Director
Legal Counsel
Facilities Manager
Commercial Director
Chief Financial Officer
Operations Manager
Asset Manager
Compliance Officer
Risk Manager
Company Secretary
Property Lawyer
Lease Administrator
Business Development Manager
Finance Director
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