Assignment and Assumption of Lease Agreement
(Commercial Lease) (OH)

Summary

This assignment and assumption of lease agreement template transfers a tenant’s interest under a commercial lease of Ohio real property to a third party. This template includes practical guidance, drafting notes, alternate clauses, and optional clauses. This template assumes that the tenant is assigning all of its rights and obligations under a commercial lease for the remainder of the lease term. If the tenant / assignor desires to transfer less than all of its interest under the lease, a sublease as opposed to an assignment should be used. For a template, see Sublease Agreement. Prior to assigning its lease, assignor should review the lease to determine if landlord consent is required. This template includes an optional consent of landlord and a release of tenant by landlord from further liability under the lease. Ohio does not impose real property transfer tax on leases (including an assignment thereof) unless the lease is for a term of years renewable forever. See Ohio Rev. Code Ann. § 319.54 (G)(3)(i). See Real Property Transfer Taxes (OH) for further information on real property transfer taxes in Ohio. For further information on assignment and assumption of lease agreements, see Lease Assignments.