The Assignment Of Lease Deed is a crucial legal document used in New Zealand property transactions when a tenant wishes to transfer their leasehold interest to another party. This document is essential for ensuring compliance with the Property Law Act 2007 and protecting the interests of all parties involved. It's commonly used in both commercial and residential contexts when a tenant needs to exit a lease early or transfer their lease obligations to another party. The deed must contain specific provisions required by New Zealand law, including the landlord's consent, warranties from both the assignor and assignee, and details about the original lease. It's particularly important in commercial leasing where businesses may need to assign their lease due to sale of business, restructuring, or other commercial reasons. The document also needs to address any guarantees, outstanding obligations, and specific conditions imposed by the landlord for consenting to the assignment.
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1. Parties: Identifies all parties to the deed: the Assignor (current tenant), Assignee (new tenant), and Landlord
2. Background: Recitals explaining the existing lease arrangement and the intention to assign the lease
3. Definitions: Defines key terms used throughout the deed
4. Assignment: The operative clause that effects the transfer of the lease from Assignor to Assignee
5. Assignor's Covenants: Warranties and obligations of the outgoing tenant
6. Assignee's Covenants: New tenant's commitments to comply with lease terms and obligations
7. Landlord's Consent: Formal consent of the landlord to the assignment and any conditions attached
8. Costs: Provisions regarding payment of legal and registration costs
9. Execution: Formal execution blocks for all parties to sign the deed
1. Guarantor Provisions: Required when there are guarantors for the Assignee's obligations
2. Release of Assignor: Optional release of the Assignor from future obligations, if agreed by the Landlord
3. GST Provisions: Required when the assignment involves GST-registered parties or commercial property
4. Bank Guarantee: Required when the Assignee must provide a bank guarantee as security
5. Special Conditions: Any unique terms specific to this assignment
6. Transition Provisions: Required when there are specific arrangements for handover between Assignor and Assignee
1. Schedule 1 - Lease Details: Details of the original lease including date, parties, and registration details
2. Schedule 2 - Property Description: Legal description of the leased premises including title references
3. Schedule 3 - Lease Terms: Key terms of the lease being assigned including rent, term, and expiry date
4. Schedule 4 - Outstanding Obligations: List of any outstanding obligations or breaches of the Assignor
5. Appendix A - Copy of Original Lease: Complete copy of the original lease document and any variations
6. Appendix B - Guarantor Documents: Any guarantee documents required from the Assignee's guarantors
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