Commercial Lease Assignment (Canada - Ontario)

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This Assignment of Commercial Lease is designed for use in the province of Ontario, Canada. This legal form is available for immediate download.

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A commercial lease agreement involves the lease of a property for business purposes such as a store or office. An Assignment of a Commercial Lease is an agreement whereby the original tenant to a lease assigns his rights and responsibilities under that lease to another person. The original tenant may choose to use an assignment for a number of reasons including financial concerns or other changes in circumstances. This form is for use with commercial leases and contains an optional landlord consent clause.

Among others, this form includes the following provisions:
  • Assignment
  • Assumption of Rights and Obligations
  • Assignor’s Representations
  • Indemnification
  • Additional Terms and Conditions
This lawyer-prepared packet contains:
  • Instructions and Checklist
  • General Information
  • Assignment of Commercial Lease for the province of Ontario, Canada
Law Compliance: This form complies with the laws of the province of Ontario, Canada
This is the content of the form and is provided for your convenience. It is not necessarily what the actual form looks like and does not include the information, instructions and other materials that come with the form you would purchase. An actual sample can also be viewed by clicking on the "Sample Form" near the top left of this page.
 
 
Assignment of Commercial Lease
(Canada / Ontario)

 

 
This Assignment of Lease (the “Assignment”) is made and entered on _____________________________________________, 20______ (the “Effective Date”), by and between _________________________________________ (“Assignor”) and _______________________________________ (“Assignee”) (collectively referred to as the “Parties”).  Assignor is the original “Tenant” in the ______________________agreement dated _________________ between the Assignor and ___________________________ (“Landlord”) for a term ending on ______________, 20___, for the premises located at __________________
_____________________________________(the “Master Lease”), attached hereto as Exhibit A.  
 
The Parties agree as follows:
1.  ASSIGNMENT: For value received, the sufficiency of which is hereby acknowledged Assignor hereby assigns to Assignee all of his/her interests, rights and title held by Assignor in and to the Master Lease from the Effective Date until the present term expires.  
2. ASSUMPTION OF RIGHTS AND OBLIGATIONS:  Assignee hereby (i) assumes all of Assignors right, title and interest to the Master Lease and (ii) agrees to comply with all the terms, make all payments, and perform all conditions and covenants in the Master Lease due or required after the Effective Date as if Assignee were the original tenant therein.
 
3.  INDEMNIFICATION:  Assignee will indemnify, protect and hold Assignor harmless from and against any and all loss, cost, or damage in any way related to Assignees breach or default of the obligations or covenants in the Master Lease or this Assignment.  
4.  ASSIGNORS REPRESENTATIONS:  Assignor warrants that the Master Lease is in full force and effect and fully assignable or may be assigned with consent of Landlord (such consent to be obtained by Assignor before executing this Assignment).  Assignor warrants that he has performed all duties and obligations and made all payments required under the Master Lease.  Assignor further warrants that the contract rights transferred in this Assignment are free of lien, encumbrance or adverse claim.
 
5. BINDING EFFECT:  The covenants and conditions contained in the Assignment shall apply to and bind the Parties and their heirs, legal representatives, successors and permitted assigns.
 
6. GOVERNING LAW: This Assignment shall be governed by and construed in accordance with the laws of the province of Ontario, Canada.
 
7. NOTICE: Any notice required or otherwise given pursuant to this Assignment shall be in writing and mailed certified return receipt requested, postage prepaid, or delivered by overnight delivery service to:
 
Assignor:                           Assignee:
________________________________      ______________________________
________________________________      ______________________________
________________________________      ______________________________
 
Either party may change such addresses from time to time by providing notice as set forth above.
 
8. WAIVER: The failure of either party to enforce any provisions of this Assignment shall not be deemed a waiver or limitation of that party's right to subsequently enforce and compel strict compliance with every provision of this Assignment.
 
9. ADDITIONAL TERMS & CONDITIONS: (Specify “none” if there are no additional provisions) ________________________________________________________________________________________________________________________________________________________________________________________________________________________
 
IN WITNESS WHEREOF, the Parties have caused this Assignment to be executed the day and year first above written.
 
ASSIGNOR:                  ASSIGNEE:
 
__________________________________      _______________________________
___________________________________      _______________________________
(Name)                              (Name)
___________________________________      _______________________________
(Position, if applicable)                  (Position, if applicable)
 
 
LANDLORDS CONSENT
 
If Landlords consent is not required, Assignor shall initial here [____].
 
The undersigned, Landlord in the Master Lease, hereby consents to the foregoing Assignment.
 
                              LANDLORD
                              __________________________________
                              (Name)
                              __________________________________
                              (Position, if applicable)
EXHIBIT A
 
MASTER LEASE
 
Number of Pages7
DimensionsDesigned for Letter Size (8.5" x 11")
EditableYes (.doc, .wpd and .rtf)
UsageUnlimited number of prints
Product number#34007
This is the content of the form and is provided for your convenience. It is not necessarily what the actual form looks like and does not include the information, instructions and other materials that come with the form you would purchase. An actual sample can also be viewed by clicking on the "Sample Form" near the top left of this page.
 
 
Assignment of Commercial Lease
(Canada / Ontario)

 

 
This Assignment of Lease (the “Assignment”) is made and entered on _____________________________________________, 20______ (the “Effective Date”), by and between _________________________________________ (“Assignor”) and _______________________________________ (“Assignee”) (collectively referred to as the “Parties”).  Assignor is the original “Tenant” in the ______________________agreement dated _________________ between the Assignor and ___________________________ (“Landlord”) for a term ending on ______________, 20___, for the premises located at __________________
_____________________________________(the “Master Lease”), attached hereto as Exhibit A.  
 
The Parties agree as follows:
1.  ASSIGNMENT: For value received, the sufficiency of which is hereby acknowledged Assignor hereby assigns to Assignee all of his/her interests, rights and title held by Assignor in and to the Master Lease from the Effective Date until the present term expires.  
2. ASSUMPTION OF RIGHTS AND OBLIGATIONS:  Assignee hereby (i) assumes all of Assignors right, title and interest to the Master Lease and (ii) agrees to comply with all the terms, make all payments, and perform all conditions and covenants in the Master Lease due or required after the Effective Date as if Assignee were the original tenant therein.
 
3.  INDEMNIFICATION:  Assignee will indemnify, protect and hold Assignor harmless from and against any and all loss, cost, or damage in any way related to Assignees breach or default of the obligations or covenants in the Master Lease or this Assignment.  
4.  ASSIGNORS REPRESENTATIONS:  Assignor warrants that the Master Lease is in full force and effect and fully assignable or may be assigned with consent of Landlord (such consent to be obtained by Assignor before executing this Assignment).  Assignor warrants that he has performed all duties and obligations and made all payments required under the Master Lease.  Assignor further warrants that the contract rights transferred in this Assignment are free of lien, encumbrance or adverse claim.
 
5. BINDING EFFECT:  The covenants and conditions contained in the Assignment shall apply to and bind the Parties and their heirs, legal representatives, successors and permitted assigns.
 
6. GOVERNING LAW: This Assignment shall be governed by and construed in accordance with the laws of the province of Ontario, Canada.
 
7. NOTICE: Any notice required or otherwise given pursuant to this Assignment shall be in writing and mailed certified return receipt requested, postage prepaid, or delivered by overnight delivery service to:
 
Assignor:                           Assignee:
________________________________      ______________________________
________________________________      ______________________________
________________________________      ______________________________
 
Either party may change such addresses from time to time by providing notice as set forth above.
 
8. WAIVER: The failure of either party to enforce any provisions of this Assignment shall not be deemed a waiver or limitation of that party's right to subsequently enforce and compel strict compliance with every provision of this Assignment.
 
9. ADDITIONAL TERMS & CONDITIONS: (Specify “none” if there are no additional provisions) ________________________________________________________________________________________________________________________________________________________________________________________________________________________
 
IN WITNESS WHEREOF, the Parties have caused this Assignment to be executed the day and year first above written.
 
ASSIGNOR:                  ASSIGNEE:
 
__________________________________      _______________________________
___________________________________      _______________________________
(Name)                              (Name)
___________________________________      _______________________________
(Position, if applicable)                  (Position, if applicable)
 
 
LANDLORDS CONSENT
 
If Landlords consent is not required, Assignor shall initial here [____].
 
The undersigned, Landlord in the Master Lease, hereby consents to the foregoing Assignment.
 
                              LANDLORD
                              __________________________________
                              (Name)
                              __________________________________
                              (Position, if applicable)
EXHIBIT A
 
MASTER LEASE
 

Customer Reviews

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Reviews: 3


,

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I DOWNLOADED YOUR LEASE ASSIGNMENT FORM IT WAS FAIRLY STRAIGHT FORWARD . I WAS SELLING MY SHOP AND WASNT PREPARED TO PAY THE EXORBITANT FEES QUOTED BY SOLICITORS . THE ASSIGNMENT WAS STRAIGHT FORWARD AND AS LONG AS YOU COMMUNICATE WITH THE ASSIGN AND THE LANDLORD THERE SHOULDNT BE ANY PROBLEMS I SAVED ABOUT £1000 IN FEES AND MY BUYER £1500 TO £2000


,

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A fantastic service! Very easy instructions and very straightforward forms which will serve their purpose perfectly well and will certainly save on hundreds of pounds on solicitors' fees. Highly recommended.


Delmar,

NY

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My landlord was willing to assign my lease to the new owner, but didn't come up with a form in a timely manner, so I downloaded this form which all three of us signed. She is a lawyer and this form met her standards fine. It made it so easy for me to assign my lease without having to hire a lawyer and pay a large fee.


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