Commercial Lease Assignment from Tenant to New Tenant - Illinois 2025

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  1. Click ‘Get Form’ to open it in the editor.
  2. Begin by filling in the names of the Landlord, Assignor (former Tenant), and Assignee (new Tenant) at the top of the form. Ensure accuracy as these parties are crucial for the assignment.
  3. In the section labeled 'OPERATIVE LEASE AGREEMENT', enter the date when the original Lease Agreement was executed and attach any relevant documents if necessary.
  4. For 'ASSIGNMENT OF INTEREST', specify the date when Assignee will assume rights and obligations. This is critical for establishing when responsibilities transfer.
  5. In 'JOINT AND SEVERAL LIABILITY OF ASSIGNOR', select whether Assignor will be jointly liable. This decision impacts legal responsibilities, so choose carefully.
  6. Finally, ensure all parties sign and date the document at the bottom to validate the assignment.

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We outlined the top steps to adding a new tenant to an existing lease to help guide you along the process. Request a Rental Application. Create a Lease Amendment. Collect Signatures From All Parties. Set Up Rent Collection From the New Tenant.
In summary, while assignment usually means a full and direct handover of lease rights and obligations, transfer is a broader term that might involve different arrangements or partial rights. Both require landlord consent and proper legal documentation.
Assignment is a legal term whereby an individual, the assignor, transfers rights, property, or other benefits to another, known as the assignee. This concept is used in both contract and property law. The term can refer to either the act of transfer or the rights/property/benefits being transferred.
This process, often called a lease assignment or lease transfer, is a way to pass on your rights and obligations to someone else so they become responsible for the rent amount, lease terms, and all other responsibilities tied to the agreement.
transfer of lease means a document by which a lessee transfers the lessees rights and obligations under a lease to another party.
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While assignment involves transferring existing rights, a transfer often involves the change in ownership or control of a title or asset. A deed of assignment is particularly vital in property and intellectual property transactions to evidence the change in ownership.
Most commercial leases require landlord consent for any assignment. To ask for this, you need to send a Request for Consent letter to the landlord. This letter should include details about the new tenant (assignee), like: The nature of their business.

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