| 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.
- PSA — closing date, governing law, lease-specific provisions
- Lease schedule / rent roll — tenant names, suites, dates, terms, rent, deposits
- Party details — legal names, entity types, addresses for Assignor and Assignee
- Effective date — typically the PSA closing date
- Security deposit total — aggregate amount transferred at closing
Quick Start
- Gather prerequisites above
- Draft document following the output structure below
- 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
