Lease Assignments

Summary

This practice note discusses lease assignments, including the key provisions of an assignment and assumption of lease agreement, the operative document used in a lease assignment. Under most leases, a tenant has the right to transfer its interest in the lease to a third-party; however, such right may be subject to obtaining the landlord's consent. Typical lease provisions regarding the landlord's consent to a lease assignment and the circumstances under which the assignor and the assignee must execute a separate consent document are covered in this practice note.