Puerto Rico Agreement by Lessor to Assign Lease Agreement

• Category: Leases - Assignments
• State: Multi-State
• Control #: US-02408BG
• Format: Word; PDF; Rich Text

Description

An assignment is a transfer of rights that a party has under a contract to another person, called an assignee. The assigning party is called the assignor. An assignee of a contract may generally sue directly on the contract rather than suing in the name of the assignor. A valid assignment takes effect the moment it is made regardless of whether notice of the assignment is given to the other party to the contract. If the obligor is notified that there has been an assignment and that any money due must be paid to the assignee, the obligor's obligation can only be discharged by making payment to the assignee. In other words, payment to the assignor would not satisfy the contract after notice. If the obligor does not know of the assignment and makes payments to the assignor who does not turn the money over to the assignee, the assignee cannot sue the obligor, but does have a remedy against the assignor.

Puerto Rico Agreement by Lessor to Assign Lease Agreement, also known as a Lease Assignment Agreement in Puerto Rico, is a legal document that allows a lessor (landlord) to transfer their rights and responsibilities as stated in a lease agreement to another party, known as the assignee or subtenant. This type of agreement is commonly used when the lessor wants to pass on their lease obligations to someone else. The Puerto Rico Agreement by Lessor to Assign Lease Agreement typically contains various key provisions and terms that ensure a smooth transfer of lease rights. These may include: 1. Parties involved: The agreement identifies the lessor, the original lessee (tenant), and the assignee (subtenant). It includes their legal names and addresses for clarity and record-keeping purposes. 2. Lease details: The agreement outlines the specifics of the original lease, including the lease term, rent amount, payment due dates, and any other relevant terms and conditions. 3. Assignment terms: This section details the lessor's intent to assign the lease to the assignee and the assignee's acceptance of the assignment. It clarifies the rights and obligations that will be transferred, ensuring both parties understand their respective roles. 4. Consent from the original lessee: In some cases, the original lessee's consent may be required before assigning the lease. The agreement can include a provision stating that the lessee has provided written consent to the assignment. 5. Release of the lessor's obligations: The agreement should specify that upon the effective date of the assignment, the lessor relinquishes all their responsibilities and obligations under the original lease, which are transferred to the assignee. 6. Indemnification: To protect all parties involved, the agreement stipulates that the assignee will indemnify and hold harmless the lessor from any claims, damages, or liabilities arising from the assignment or the assignee's use of the leased premises. 7. Governing law and jurisdiction: Since this is a Puerto Rico Agreement, it should state that it is governed by Puerto Rico law, and any disputes or legal actions will be resolved within the courts of Puerto Rico. A Puerto Rico Agreement by Lessor to Assign Lease Agreement serves as an essential legal document that clearly defines the rights and responsibilities of all parties involved in the lease transfer process. It helps protect the lessor from potential liabilities and provides the assignee with a clear understanding of their obligations as the new tenant.