Kentucky Stipulation of Leasehold Ownership to Clarify Previous Assignment
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FAQ
Continuing Obligations: Most assignment clauses also require that the old tenant remain liable to the landlord in the event that the sublessor or assignee default for any reason.
An assignment clause is defined as a contract clause that determines whether the transfer of rights or obligations for all or part of a leased space can be re-assigned from the original lessee to a third party, and under what conditions such an action could take place.
Assignment Clause Example Assignment: A party must not assign, novate or otherwise deal with the whole or any part of its rights or obligations under this Agreement without the prior written consent of the other Party (such consent is not to be unreasonably withheld).
Assignment clauses are legally binding provisions in contracts that give a party the chance to engage in a transfer of ownership or assign their contractual obligations and rights to a different contracting party. In other words, an assignment clause can reassign contracts to another party.
Lease assignment is an effective way for tenants to get out of a commercial lease early. However, this can be a slow process and you will incur costs. Contacting a solicitor at an early juncture is advisable so that you are appropriately advised at the outset of any key considerations and potential pitfalls.
Assignment clauses are an important part of commercial leasing. They provide successful tenants an opportunity to sell their businesses and provide failing businesses the possibility of finding replacement tenants in order to avoid breaching their leases.
Because the original tenant remains in privity of contract with the landlord, the original tenant remains liable for all the covenants in the lease?even after a successful assignment.
When making a request for consent to assign a lease, the Tenant should include all relevant information about the proposed assignee, to enable the Landlord to make a decision. Relevant information is likely to include company details, audited accounts and references.
