Transfer of lease - LSE 40

Transfer of lease is the same as an assignment of lease.

Sample

"1. TRANSFER

1.1 The old tenant transfers the Lease to the new tenant with all options. The new tenant will hold the Lease from the transfer date.

1.2 If the old tenant is not the tenant named in the lease, the old tenant promises that it has become the tenant by previous valid transfers of the lease.

2. VALIDITY OF LEASE

The old tenant promises that on the transfer date the lease and the options are valid and no changes have been made to them.

3. NEW TENANT ACCEPTS OBLIGATIONS

The new tenant must pay the rent and do everything else required by the lease for the remainder of the lease and during any period it stays in possession after it ends.

4. INDEMNITY BY NEW TENANT

The new tenant indemnifies the old tenant so that the old tenant will not be responsible for breaches of the lease by the new tenant.

5. OLD TENANT STILL LIABLE

This transfer does not end the obligations of the old tenant under the lease. Unless the lease provides otherwise, those obligations continue until the end of the lease, but do not continue into any period of overholding after this lease ends, nor into any renewed term.

6. OLD TENANT'S GUARANTOR STILL LIABLE

This transfer does not end the obligations of the old tenant's guarantor under any guarantee or indemnity. Unless the guarantee or indemnity provides otherwise, those obligations continue until the end of the lease, but do not continue into any period of overholding after the lease ends, nor unto any renewed term."