A Partial Assignment Of Lease is utilized when a tenant wishes to transfer a portion of their leasehold interest while maintaining rights to the remaining portion. This document, governed by Singapore law, is commonly used in commercial and industrial settings where space optimization is desired. It must address specific requirements under Singapore's property legislation, including registration requirements, stamp duty obligations, and landlord's consent provisions. The document typically includes detailed descriptions of the assigned portion, consideration paid, and the respective rights and obligations of all parties involved.
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Key Requirements PROMPT example:
Partial Assignment Of Lease
"I need a Partial Assignment of Lease for transferring 60% of my commercial office space in Singapore's Central Business District to a tech startup, with the assignment to take effect from March 1, 2025, and including specific provisions for shared meeting rooms and common facilities."
1. Parties: Details of assignor, assignee, and original landlord
2. Background: Details of original lease and reason for partial assignment
3. Definitions: Key terms used throughout the document
4. Subject Matter of Assignment: Specific portion of lease being assigned
5. Consideration: Payment or other consideration for the assignment
6. Effective Date: When the assignment takes effect
7. Covenants and Warranties: Promises and guarantees by assignor regarding the lease
8. Execution Clause: Formal signing section
1. Conditions Precedent: Conditions that must be met before assignment becomes effective
2. Security Deposit Arrangements: Handling of existing security deposits
3. Service Charge Provisions: Allocation of service charges between assignor and assignee
1. Original Lease: Copy of the original lease agreement
2. Property Plans: Plans showing the portion of property being assigned
3. Landlord's Consent: Written consent from landlord for the assignment
4. Condition Report: Current condition of the assigned portion
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