VIEWS: 50 PAGES: 5 CATEGORY: Legal Forms POSTED ON: 5/19/2010
Illinois landlords, assign your tenant's lease to a new owner of the property with this easy-to-use Assignment of Lease by Landlord form. - The Assignment is between the current landlord, the purchaser of the property (new landlord) and the tenant. - The current landlord assigns the lease to the new landlord, and the tenant covenants to pay rent to the new owner and continue to perform the tenant's obligations under the lease. - The current landlord and the purchaser agree to indemnify each other against any claims or actions arising out of any breach of the terms of the assignment. - This form can be used for either commercial or residential rental properties. The Illinois Assignment of Lease by Landlord form is downloadable and fully editable.
ASSIGNMENT OF LEASE THIS ASSIGNMENT OF LEASE dated the ______ day of ____________, ______. BETWEEN: [NAME OF ASSIGNOR] [address of assignor] (hereinafter called the “Assignor”) - and - [NAME OF ASSIGNEE] [address of assignee] (hereinafter called the “Assignee”) - and - [NAME OF TENANT] [address of tenant] (hereinafter called the “Tenant”) RECITALS: WHEREAS by a Lease dated the _____ day of _______________, ________, the Assignor, as Landlord, did lease unto the Tenant the premises located at ____________________________________ [insert address of premises], [City], Illinois for a term of ____ (___) years commencing on _________________ [insert start date of lease] (the “Lease”); AND WHEREAS the Assignee has purchased the Lands from the Assignor and by these presents does hereby assume the rights and obligations of the Assignor as Landlord under the Lease. NOW THEREFORE THIS ASSIGNMENT WITNESSES that in consideration of the mutual covenants and agreements herein contained, the parties hereby warrant, represent, covenant and agree as follows: -2- 1. In consideration of payment by the Assignee to the Assignor of the sum of ONE DOLLAR ($1.00) and other good and valuable consideration (receipt of sufficiency of which is hereby acknowledged by the Assignor), the Assignor does hereby grant and assign to the Assignee as and from the _____ day of _________, ________ (hereinafter called the “Effective Date”), the Assignor's leasehold interest in the Premises, the Lease, the unexpired residue of the term of the Lease, and all the benefits and advantages to be derived therefrom, to have and to hold for the remainder of the Lease term, subject to the observance and performance of the Assignor's obligations (hereinafter called the “Obligations”) reserved and contained in the Lease. 2. The Assignor warrants and represents to the Assignee that: (a) the Lease is in full force and effect and unmodified; (b) all rent and additional rent reserved by the Lease has been duly and punctually paid up to and including the day preceding the Effective Date; (c) all obligations to be observed and performed by the Assignor have been duly and punctually observed and performed by the Assignor up to and including the day preceding the Effective Date; (d) the Assignor's interest in the Premises, the Lease and the unexpired residue of the Lease term are free and clear of all liens, charges, encumbrances and judgments of whatsoever nature
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