Assignment and Assumption of Equipment Lease

• Category: Leases - Equipment
• State: Multi-State
• Control #: US-0787BG
• Format: Word; Rich Text

Description Lease Assumption Agreement Template

This form is an agreement in which one party transfers its contractual rights and obligations to another party. Assignor assigns all of its right, title and interest in, under and to an equipment lease to assignee. Assignee assumes all of assignor's obligations under the equipment lease, and lessor consents to the assignment contemplated by the agreement

An Assignment and Assumption of Equipment Lease is an agreement between two parties that transfers a lease from one party (the assignor) to another party (the assignee). It is a legal document that allows a business to transfer the rights and obligations of a lease to a third party without the need to terminate the existing contract. This type of agreement is often used in situations where a business is selling its assets, such as when selling a business or transferring ownership of a leased asset. There are two types of Assignment and Assumption of Equipment Lease. The first type is the Traditional Assignment and Assumption, which is an agreement that transfers the entire lease from one party to another. The second type is the Partial Assignment and Assumption, which is an agreement that only transfers part of the lease from one party to another. In both cases, the assignor is responsible for releasing the assignee from any liability for the remainder of the lease. The assignee is responsible for assuming the obligations of the lease and any associated costs. It is important for both parties to understand their rights and obligations under the agreement and to ensure that all applicable laws and regulations are followed.