This form is used when each of the parties to this Partition and Assignment have determined that it is in (his/her/its) best interest that (he/she/it) own the entire leasehold estate in a portion of the Lands subject to the Lease, rather than an undivided interest in all of the Lands subject to the Lease.
Wayne Michigan Partition and Assignment of Leasehold Estate
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State:
Multi-State
County:
Wayne
Control #:
US-OG-270
Format:
Word;
Rich Text
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FAQ
An assignment is when the tenant transfers their lease interest to a new tenant using a Lease Assignment. The assignee takes the assignor's place in the landlord-tenant relationship, although the assignor may remain liable for damages, missed rent payments, and other lease violations.
An assignment ensures the complete transfer of the rights to the property from one tenant to another. The assignor is no longer responsible for rent or utilities and other costs that they might have had under the lease. Here, the assignee becomes the tenant and takes over all responsibilities such as rent.
A sublease can be for less than all of the leased premises, while an assignment that transfers the entire lease must be for all of the premises. A sublease is a more involved transaction, as it requires a full sublease document between the commercial tenant as sublessor and the sublessee.
Every commercial lease contains an assignment provision that lays out the landlord's and the tenant's rights and obligations in the event that the tenant seeks to assign the lease.
A sublease can be for less than all of the leased premises, while an assignment that transfers the entire lease must be for all of the premises. A sublease is a more involved transaction, as it requires a full sublease document between the commercial tenant as sublessor and the sublessee.
A short form assignment and assumption of lease for use where a tenant assigns its leasehold interest to a third party and the third party assumes the tenant's lease obligations. This Standard Document has integrated notes with important explanations and drafting and negotiating tips.
An assignment ensures the complete transfer of the rights to the property from one tenant to another. The assignor is no longer responsible for rent or utilities and other costs that they might have had under the lease. Here, the assignee becomes the tenant and takes over all responsibilities such as rent.
An assignment is the transfer of the a party's entire interest in a lease. When a tenant assigns its lease, the assignee takes over the tenant's obligations under the lease and deals directly with the landlord.