An assignment of a lease is a transfer by the assignee of the assignor’s entire interest in the lease to a third person. An express promise by the assignee is generally necessary to make the assignee liable for the obligations of the lease to the original lessor. When a lease is assigned, the original lessee will generally remain liable for the obligations of the lease. This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
Assignment of Personal Property Lease with Acceptance and Assumption of Obligations of Lessee and Consent of Lessor Assignment made (date), by (Name of Assignor), of (street address, city, state, zip code), hereinafter called Assignor, to (Name of Assignee), of (street address, city, state, zip code), hereinafter called Assignee. For and in consideration of $__________ and other good and valuable consideration, the receipt of which is acknowledged, Assignor assigns to Assignee all of Assignor's interest in a/an (e.g., Equipment) Lease dated (date), made between Assignor, as Lessee, and (Name of Lessor), as Lessor, of (street address, city, state, zip code), and to the security deposit made by Assignor as Lessee under the Lease, subject to all the terms, conditions, covenants, and agreements contained in such Lease. A true copy of such (e.g., Equipment) Lease is attached to this Assignment as Exhibit A and made a part hereof.
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