Lease Assignment to Another
This agreement is made on _________[date], between _________, of _________[address], _________[city], _________ County, _________[state], referred to as “prospective assignor,” and _________, of _________[address], _________[city], _________ County, _________[state], referred to as “prospective assignee.”
The parties declare:
A. Prospective assignor has entered into a lease agreement, as lessor, with _________[lessee], of _________[address], _________[city], _________ County, _________[state], referred to as “lessee.” A copy of the lease agreement, containing a description of the premises, is attached to this agreement as Exhibit _________.
B. Prospective assignor desires to assign the lease agreement to prospective assignee, who will assume all liabilities and duties as well as all rights of prospective assignor pertaining to the collection of all rents to become due under the lease agreement after the effective date of the assignment.
In consideration of the mutual covenants contained in this agreement, the parties agree as follows:
1. Prospective assignor will transfer and assign to prospective assignee all right to the collection of all rents required under the lease agreement provisions in the lease dated _________ on the premises described as follows: _________[set forth description contained in lease].
2. The assignment shall become effective on _________[date], and shall apply to all rents due thereafter until expiration of the lease agreement term on _________[date].
In witness, each party to this agreement has caused it to be executed at _________[place of execution] on the date indicated below.