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A Commercial Lease Assignment Agreement is essential when a commercial tenant wishes to transfer their leasehold interest to another party in India. This document is commonly used when businesses need to exit a lease early, during corporate restructuring, or when a business is sold. The agreement must comply with Indian property law, particularly the Transfer of Property Act, 1882, and relevant state-specific regulations. It requires mandatory registration when the lease period exceeds one year and must be properly stamped according to state stamp duty laws. The document comprehensively covers the transfer of rights and obligations, outstanding liabilities, security deposit arrangements, and specific conditions imposed by the landlord. It's crucial to protect the interests of all parties involved and ensure a smooth transition of the leasehold interest while maintaining compliance with local commercial property regulations.

1. Parties: Identifies and defines the Landlord, Assignor (existing tenant), and Assignee (new tenant) with full legal names and addresses

2. Background: Recitals explaining the existing lease arrangement, reason for assignment, and confirmation of landlord's consent

3. Definitions: Defines key terms used throughout the agreement including Property, Lease, Assignment Date, etc.

4. Assignment: Core clause transferring all rights, title, and interest in the lease from Assignor to Assignee

5. Consideration: Details of any payment made by the Assignee to the Assignor for the assignment

6. Effective Date: Specifies when the assignment takes effect and any conditions precedent

7. Assignor's Covenants: Warranties and representations by the Assignor regarding the lease status, payments, and property condition

8. Assignee's Covenants: Commitments by the Assignee to comply with lease terms and perform tenant obligations

9. Landlord's Consent: Confirmation of the Landlord's approval and any conditions attached to it

10. Security Deposit: Arrangements for transfer or replacement of security deposit

11. Handover: Process and timeline for physical possession transfer and utility transfers

12. Costs and Stamp Duty: Allocation of registration fees, stamp duty, and legal costs

13. Notices: Process and addresses for serving formal notices under the agreement

14. Governing Law: Confirms Indian law governance and jurisdiction

15. Execution: Signature blocks for all parties