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What is a Lease Assignment Agreement?
A lease assignment agreement is a legal document that transfers ownership of the rights, title, and interest of a lease agreement from one party to another. If a tenant wants to take over a lease or transfer their lease to someone else, a lease assignment agreement would be the legal document they would need.
The lease assignment agreement can involve a residential or commercial lease agreement. Not to be confused with a sublease agreement, a lease assignment agreement deals with the entirety of a lease agreement. It is often titled as the “Assignment and Assumption of Lease Agreement”.
Common Sections in Lease Assignment Agreements
Below is a list of common sections included in Lease Assignment Agreements. These sections are linked to the below sample agreement for you to explore.
Lease Assignment Agreement Sample
ASSIGNMENT AND ASSUMPTION
OF LEASE AGREEMENT
THIS ASSIGNMENT AND ASSUMPTION OF LEASE AGREEMENT (“Agreement”) is made and entered into this 15th day of October, 2007, by and between Doc Holliday Casino, LLC, a Colorado limited liability company (“Assignor”) and Global Casinos, Inc., a Utah corporation (“Global Casinos”) and Doc Holliday Casino II, LLC, a Colorado limited liability company, (collectively “Assignee”).
WHEREAS, Assignor, as Tenant, and 157 Lane, LLC, a Colorado limited liability company and Jigsaw Puzzle, LLC, a Colorado limited liability company (collectively as “Landlord”) entered into that certain Multi-Tenant Lease Agreement dated July 15, 2003, together with Addendum to Multi-Tenant Lease dated July 17, 2003 and Second Addendum dated July ___, 2003 (collectively the “Lease”) pursuant to which Landlord agreed to lease to Assignor certain premises commonly known as 129-131 Main Street, Central City, Colorado; and,
WHEREAS, Landlord has provided its written consent dated September 29, 2007 to an Assignment of said Lease by Assignor to Global Casinos, Inc.; and,
WHEREAS, Landlord has provided its further written consent dated October 7, 2007 to an Assignment of said Lease by Global Casinos to Doc Holliday Casino II, LLC; and,
WHEREAS, Assignor desires to assign all of its right, title and interest in the Lease to Assignee and Assignee desires to assume Assignor’s obligations under the Lease.
NOW, THEREFORE, in consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and legal sufficiency of which is hereby acknowledged, the parties hereto agree as follows:
1. Assignment. Subject to and concurrently with the consummation of that certain Asset Purchase and Sale Agreement dated June 14, 2007, as amended by Amendment No. 1 thereto dated as of September 28, 2007 (the “Agreement”) (the “Effective Date”), Assignor hereby assigns to Global Casinos and Global Casinos hereby assigns to Assignee all of its right, title and interest in and to the Lease including any and all prepaids and other rights or entitlements of Assignor under the Lease, subject to all of the terms, covenants, conditions and provisions of the Lease.
2. Assumption. From and after the date hereof, Assignee hereby assumes, covenants and agrees to keep and perform each and every obligation of Assignor under the Lease. Assignee agrees to be bound by each and every provision of the Leases as if it had executed the same.
3. Assignor’s Representations and Warranties. Assignor represents and warrants to Assignee that:
the Lease is in full force and effect, unmodified except as provided in this Agreement;
Assignor’s interest in the Lease is free and clear of any liens, encumbrances or adverse interests of third parties;
Assignor possesses the requisite legal authority to assign its interest in the Lease as provided herein.
There are no sums due and owing by Assignor under the Lease as of the effective date hereof, and there exists no condition of default thereunder.
4. Indemnification. Assignor agrees to indemnify, defend and hold harmless Global Casinos and Assignee from any and all claims, demands and debts due under the Lease prior to the Effective Date and Global Casinos and Assignee agree to indemnify, defend and hold harmless Assignor from any and all claims, demands and debts which may become due under the Lease on or after the Effective Date
5. Expenses. The parties hereto will bear their separate expenses in connection with this Agreement and its performance.
6. Entire Agreement. This Agreement embodies the entire understanding of the parties hereto and there are no other agreements or understandings written or oral in effect between the parties relating to the subject matter hereof unless expressly referred to by reference herein. This Agreement may be amended or modified only by an instrument of equal formality signed by the parties or their duly authorized agents.
7. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Colorado and each of the parties hereto submits to the non-exclusive jurisdiction of the courts of the State of Colorado in connection with any disputes arising out of this Agreement.
8. Successors and Assigns. This Agreement and the provisions hereof shall be binding upon and shall inure to the benefit of the successors and assigns of the parties.
9. Attorneys’ Fees. In the event of a dispute arising under this Agreement, the prevailing party shall be entitled to recover all reasonable attorneys’ fees.
10. Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument. Facsimile signatures shall be deemed the same as originals.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the date first above written.
Doc Holliday Casino, LLC
Global Casinos, Inc.
/s/ Fedele V. Scutti
/s/ Clifford L. Neuman
Fedele V. Scutti, its Manager
Clifford L. Neuman, its President
Doc Holliday Casino II, LLC
By: Global Casinos, Inc., its
/s/ Clifford L. Neuman
Clifford L. Neuman, its President
Security Exchange Commission - Edgar Database, EX-10.06 7 assgleasecasino.htm ASSIGNMENT & ASSUMPTION OF LEASE BY DOC HOLLIDAY II, Viewed October 5, 2021, https://www.sec.gov/Archives/edgar/data/727346/000101103408000046/assgleasecasino.htm.
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Meet some of our Lease Assignment Agreement Lawyers
Ralph graduated from University of Florida with his JD as well as an LLM in Comparative Law. He has a Master's in Law from Warsaw University , Poland (summa cum laude) and holds a diploma in English and European Law from Cambridge Board of Continuous Education. Ralph concentrates on business entity formation, both for profit and non profit and was trained in legal drafting. In his practice he primarily assists small to medium sized startups and writes tailor made contracts as he runs one of Florida disability non profits at the same time. T l Licensed. in Florida Massachusetts and Washington DC this attorney speaks Polish.
Mexican Lawyer specialized in Corporate, Fintech and Financial Law
As a veteran software engineer from international blue chip corporations, I focus on legal aspects for regulated and technical businesses. My legal experience includes civil litigation, intellectual property guidance, and market competition, at both private practice as well as Federal and State institutions.
Attorney licensed to practice in both California and New York, Josiah is focused on helping people understand what's in their contracts, and do business with confidence.
I am an experienced in house counsel and have worked in the pharmaceutical, consumer goods and restaurant industry. I have experience with a variety of agreements, below is a non-exhaustive list of types of agreements I can help with: Supply Agreements Distribution Agreements Manufacture Agreements Service Agreements Employment Agreements Consulting Agreements Commercial and residential lease agreements Non-compete Agreements Confidentiality and Non-Disclosure Agreements Demand Letters Termination notice Notice of breach of contract My experience as in house counsel has exposed me to a wide variety of commercial matters for which I can provide consulting and assistance on. I have advised US, Canadian and International entities on cross-functional matters and have guided them when they are in different countries and jurisdictions as their counterparties. I can provide assistance early on in a business discussion to help guide you and make sure you ask the right questions even before the commercial agreement needs to be negotiated, but if you are ready to put a contract in place I can most definitely help with that too.
Jeff Colerick has been practicing law for over 30 years and has devoted his professional career to providing clients with intelligent representation and personal care. His experience as a lawyer involving complex matters has resulted in a long history of success. Jeff has built a practice based on a deep understanding of real estate assets and corporate activities. He combines his industry knowledge with a practical and collaborative approach to problem solving. Jeff’s client relationships are strong because they are built on mutual respect. Jeff talks the language of real estate and understands that it is a vehicle to deliver your business strategy. Jeff provides practical, responsive, and strategic advice related to real estate acquisition, construction, leasing, and sale of a wide range of real property types, including office, retail, medical, industrial, industrial flex-space, mixed-use condominium, multifamily and hospitality. As leader of the Goodspeed Merrill real estate practice group, Jeff represents clients with commercial and residential transactions, purchases and sales, land acquisition and development, real estate investment and financing, financing liens and security interests, and commercial leasing and lease maintenance, including lease enforcement support and advice. The firm represents clients in matters concerning construction, lending, developers, contractors and subcontractors, cell site leasing, property and boundary disputes, common interest community law, and residential condominiums and planned communities.
Over 30 years of experience practicing commercial real estate and complex business litigation law.