assignment of lease
- The transfer of a lease by the tenant (assignor) to some other person (assignee). Leases are freely transferable at common law although it is common practice to restrict assignment by conditions (covenants) in the lease. An assignment that takes place in breach of such a covenant is valid but it may entitle the landlord to put an end to the lease and re-enter the premises. An assignment of a legal lease must be by deed. An assignment puts the assignee into the shoes of the assignor, so that there is 'privity of estate' between the landlord and the new tenant. This is important with regard to the enforceability of covenants in the lease (see covenant). An assignment transfers the assignor's whole estate to the assignee, unlike a sub-lease (see head lease).
Big dictionary of business and management. 2014.
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assignment of lease — see assignment Merriam Webster’s Dictionary of Law. Merriam Webster. 1996 … Law dictionary
assignment of lease — The transfer of a lease by the tenant (assignor) to some other person (assignee). Leases are freely transferable at common law although it is common practice to restrict assignment by conditions ( covenants) in the lease. An assignment that takes … Accounting dictionary
assignment of lease — Such occurs where lessee transfers entire unexpired remainder of term created by lease as distinguished from sublease which transfers only part of remainder. Dayenian v. American Nat. Bank and Trust Co. of Chicago, 91 Ill.App.3d 622, 47 Ill.Dec.… … Black's law dictionary
assignment of lease — A transaction whereby a lessee transfers his entire interest in the demised premises or a part thereof for the unexpired term of the original lease. 32 Am J1st L & T § 313. A lease by the lessee of the whole of his unexpired term. Bedford v… … Ballentine's law dictionary
assignment of lease and rentals — A document used in real estate loans when the mortgaged property is leased to third party tenants. If the borrower defaults, the assignment of lease and rentals gives the lender the right to receive rents from the tenants and to transfer the… … Financial and business terms
assignment — as·sign·ment n 1: the act of assigning 2 a: a position, post, or office to which one is assigned b: a task assigned 3: a present transfer of property or rights absolute assignment: an assignment in which the transfer is complete and leaves the… … Law dictionary
lease — 1 / lēs/ n [Anglo French les, from lesser to grant by lease, from Old French laisser to let go, from Latin laxare to loosen, from laxus slack] 1 a: a contract by which an owner of property conveys exclusive possession, control, use, or enjoyment… … Law dictionary
assignment — 1) The act of transferring, or a document (a deed of assignment) transferring, property to some other person. Examples of assignment include the transfer of rights under a contract or benefits under a trust to another person. See also: assignment … Accounting dictionary
assignment — The act of transferring, or a document (a deed of assignment) transferring, property to some other person. Examples of assignment include the transfer of rights under a contract or benefits under a trust to another person. See also assignment of… … Big dictionary of business and management
lease assignment — When a tenant assigns a lease he usually needs to obtain the landlord s prior written consent or licence to so. The landlord is likely to ask for references, accounts and so forth, to establish whether the assignee will be a good and creditworthy … Law dictionary