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You (or your company) are a tenant of commercial or retail premises. A proposed assignment requires the consent of your landlord. If you assign your lease, you transfer your rights under the lease to a new tenant. An assignment must deal with the whole of your premises.
Even so, it is helpful to understand the law behind assignment provisions and to be aware of the most common legal issues landlords sometimes face despite those protective provisions.
The law of most states does not distinguish between usufruct leases, which confer mere use rights (usually shorter term leases) from estate-for years leases, which grant an interest in land (, a 99-year ground lease).
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If you're renting, there are many reasons why you might need to leave the property before the end of the lease.
You need to make sure that the landlord has given his or her consent for the Lease Assignment to go into effect.
The terms of assignment, consent of the lessor, and acceptance by the assignee are covered in this Lease Assignment, including the length of the assignment, consent of the person taking over the lease, and acceptance by you, the current lease holder.
Some leases contain provisions which require the landlord’s consent for a transfer of all or a majority of shares in the tenant company, as if the transfer was an assignment of the lease.
If your lease does not contain these provisions, the consent of the landlord will not be required.
The rights and interest of the tenant under the estate-for-years lease “run with the land,” which means that those rights are tied to the property and not to the owner.
Whenever an assignment occurs, those rights transfer from the first tenant to the second (though, as noted above, the original tenant usually remains fully liable for future rent).