Assignment and Assumption Agreement
Assignment and Assumption Agreement
This Assignment and Assumption Agreement (the “Agreement”) is made and entered into as of the 6th day of September 2050, by and between Jane Smith, residing at 123 Maple Street, Springfield, IL 62701, and John Doe, residing at 456 Oak Avenue, Springfield, IL 62702.
I. Parties Involved
Original Tenant:
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Name: Jane Smith
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Address: 123 Maple Street, Springfield, IL 62701
New Tenant:
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Name: John Doe
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Address: 456 Oak Avenue, Springfield, IL 62702
Landlord:
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Name: [Your Name]
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Address: [Your Company Address]
II. Description of Lease
Original Lease Details:
|
Item |
Description |
|---|---|
|
Lease Start Date |
January 1, 2020 |
|
Lease End Date |
December 31, 2025 |
|
Monthly Rent |
$1,200 |
|
Property Address |
101 Pine Lane, Springfield, IL 62704 |
|
Lease Agreement |
Lease Agreement dated December 20, 2019 |
III. Assignment Terms
Effective Date of Assignment:
The assignment of the lease shall become effective on the 1st day of October 2050.
Rights and Obligations:
Jane Smith hereby transfers and assigns all rights, title, and interest in the lease to John Doe, who agrees to assume all obligations under the lease agreement from the effective date.
Consent:
This assignment is subject to the landlord's written consent. The landlord has been notified and has provided consent as per the attached document.
Release of Original Tenant:
Jane Smith shall be released from all further obligations under the lease as of the effective date of this assignment.
IV. Representations and Warranties
Original Tenant's Representations:
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The lease is in full force and effect.
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No defaults or breaches exist under the lease.
New Tenant's Representations:
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The new tenant has reviewed the lease and agrees to assume all obligations.
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The new tenant has the financial capability to fulfill the lease obligations.
V. Governing Law
This Agreement shall be governed by and construed in accordance with the laws of the State of Illinois.
VI. Signatures
Original Tenant:
Name: Jane Smith
Date: October 1, 2050
New Tenant:
Name: John Doe
Date: October 1, 2050
Landlord:
Name: [Your Name]
Date: October 1, 2050
VII. Contact Information
Landlord Contact Information:
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Name: [Your Name]
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Email: [Your Email]
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Phone: [Your Company Number]
Original Tenant Contact Information:
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Name: Jane Smith
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Email: jane@email.com
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Phone: 222 555 7777
New Tenant Contact Information:
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Name: John Doe
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Email: john@email.com
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Phone: 222 555 7777
VIII. Miscellaneous
Entire Agreement:
This Agreement constitutes the entire understanding between the parties and supersedes all prior agreements and understandings.
Amendments:
No amendment or modification of this Agreement shall be valid unless made in writing and signed by all parties.
Severability:
If any provision of this Agreement is found to be invalid or unenforceable, the remaining provisions shall continue in full force and effect.
This document is executed in multiple copies, with each party receiving a copy for their records.
