An assignment of commercial lease form is used by the original tenant of a commercial lease agreement to assign his or her right and responsibilities under that lease to another person.
A lessee may assign the lease for various reasons like he may have to move to another city temporarily or companies may go out of business or have to sell their business. By using a commercial lease for, the original lessee can assign his interests and obligations to another lessee.
Thereby an assignment means the transfer of one party’s interest in and obligations under a lease to another party, where the new lessee takes on the lease responsibilities, while the original lessee is released from most of its duties.
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Sample Assignment of Commercial Lease Form
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