Assignment And Assumption Agreement

The terms of your lease are important to protect your rights as a property owner. 1. Overview After signing a contract, a change in a party`s business climate or liquidity may require the assignment of this Agreement. If both original parties approve the amendment and sign documents conferring existing interests and obligations, a contract may be assigned and taken over by a third party. 1. Overview Occasionally, tenants want to leave a property before the end of their lease. Individuals can accept new jobs in new cities, and companies can leave the company or sell their business to third parties. In any case, tenants can transfer their rental interests to new parties by entering into an assignment of the lease. Three copies of the assignment and takeover agreement must be signed: two for the original parties and one for the assignee. Their copy of the signed assignment agreement should be kept at the same time as the original agreement. . . .