Commercial Lease Assignment from Tenant to New Tenant - Mississippi 2025

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This document is a Commercial Lease Assignment agreement between a Landlord, a former Tenant (Assignor), and a new Tenant (Assignee). It outlines the assignment of the Assignor's rights and obligations under an existing lease to the Assignee, who assumes these responsibilities, including rent payments. The document also addresses the potential joint liability of the Assignor in relation to the lease.

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Click ‘Get Form’ to open it in the editor.
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.
In the section labeled 'OPERATIVE LEASE AGREEMENT', enter the date when the original Lease Agreement was executed. This establishes a reference point for all parties involved.
Next, complete the 'ASSIGNMENT OF INTEREST' section by specifying the date when Assignee will assume rights and obligations. This is vital for clarity on responsibilities moving forward.
In 'JOINT AND SEVERAL LIABILITY OF ASSIGNOR', select whether Assignor will be jointly liable or not by checking the appropriate box. This decision impacts legal accountability under the lease.
Finally, ensure all parties sign and date at the bottom of the form to validate this assignment legally.

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Got questions?

We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

Is an assignment a transfer of ownership?

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.

What is the difference between assign and transfer?

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.

How to reassign a commercial lease?

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.

What is the meaning of transfer of lease?

transfer of lease means a document by which a lessee transfers the lessees rights and obligations under a lease to another party.

How long does a commercial lease assignment take?

The time required to assign a commercial lease can vary from a few weeks to several months, depending on several factors, including: How complex the lease terms are. How quickly the landlord consents to the assignment. The responsiveness of third-party solicitors in finalising the paperwork.

What is the difference between transfer of lease and assignment of lease?

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.

How do I amend a commercial lease?

If you agree with your landlord to vary your lease, this will usually be documented as a deed of variation. A deed evidences the changes made to the lease and avoids the potential for disputes in the future if one party were to allege that the changes were not agreed and is enforceable between the parties.

Commercial Lease Assignment from Tenant to New Tenant - Mississippi 2025

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