assignment-and-assumption-of-leases

name	assignment-and-assumption-of-leases
title	Assignment and Assumption of Leases
description	Drafts an Assignment and Assumption of Leases transferring tenant leases from seller (Assignor) to buyer (Assignee) as a closing document to a commercial property PSA. Trigger when closing a commercial property sale with existing tenant leases or when a user needs lease assignment/assumption language for a real estate transaction.
author	CaseMark
author_url	https://github.com/CaseMark/skills/tree/main/skills/legal/assignment-and-assumption-of-leases
license	Apache-2.0
version	0.1.0
execution_mode	open
jurisdiction	us
practice	real-estate
language	en
tags	["agreement","drafting","transactional"]

Assignment and Assumption of Leases

Drafts a closing-ready agreement transferring all landlord rights and obligations under existing tenant leases from Assignor (seller) to Assignee (buyer) in a commercial property sale.

Prerequisites

Collect before drafting. Use [INSERT] placeholders for missing items and prepend a required-information checklist.

1. PSA — closing date, governing law, lease-specific provisions
2. Lease schedule / rent roll — tenant names, suites, dates, terms, rent, deposits
3. Party details — legal names, entity types, addresses for Assignor and Assignee
4. Effective date — typically the PSA closing date
5. Security deposit total — aggregate amount transferred at closing

Quick Start

1. Gather prerequisites above
2. Draft document following the output structure below
3. Run through the pitfalls checklist before finalizing

Output Structure

Header

• Title: ASSIGNMENT AND ASSUMPTION OF LEASES
• Dated: as of [Month Day, Year]
• Full legal entity names, types, and addresses

Recitals (3–4 lettered paragraphs)

Recital	Content
A	PSA reference — date, property address/legal description
B	Assignor is landlord under leases on Exhibit A
C	Intent to assign/assume all landlord rights per PSA
D (if needed)	Material facts: estoppels, modifications, known disputes

Operative Provisions

1. Assignment — Transfer all of Assignor's right, title, and interest in the Leases, including:

• Accrued and future rents
• Security deposits, letters of credit, guaranties
• TI allowances, options, renewal/expansion rights

2. Assumption — Assignee assumes all landlord obligations arising on or after Effective Date, including honoring deposits, TI obligations, and surviving tenant rights.

3. Indemnification

Party	Scope