Assignment of Lease Agreement by the Lessee

ASSIGNMENT OF LEASE AGREEMENT

KNOW ALL MEN BY THESE PRESENTS:

This Assignment of Lease Agreement (the "Agreement") is made and entered into this ________ day of ___________________________, 20______ at City/Municipality of ___________________________, Province of ___________________________, by and between:

________, of legal age, Filipino, and residing at ________, hereinafter referred to as the "Assignor"

- and -

________, of legal age, Filipino, and residing at ________, hereinafter referred to as the the "Assignee",

The Assignor and the Assignee shall be referred to collectively as the "Parties".

WITNESSETH THAT:

WHEREAS, the Assignor is the lessee of the property as described below. (the "Property")

WHEREAS, the Assignor is no longer interested in continuing the lease and would like to assign, transfer, or relinquish the Assignor's rights under the contract of lease in favor of the Assignee. A copy of the contract of lease dated ________, with a weekly rent of ₱________ (________) is hereto attached. (the "Lease contract" or "Lease")

NOW THEREFORE, in consideration of the promises and mutual covenants set forth in this Agreement, and other good and valuable consideration, the sufficiency of which is hereby acknowledged, the Parties agree as follows:

I. SUBJECT OF THE LEASE

The Assignor shall assign the Lease of the Property to the Assignee which is referred to in the Lease contract attached herewith and is specifically described as follows:

________

The Property is located at the following address:

________

II. TERM

The Assignor agrees that the Assignee shall hold the Property for the unexpired term of the Lease contract beginning on ________, and ending on ________ (the "Term"). The renewal of the Lease contract shall be made between the lessor and the Assignee, provided that any and all obligations by the Assignee to the Assignor under this agreement have already been satisfied.

III. OBLIGATIONS OF THE PARTIES

The Parties agree that they are bound by the following terms and conditions:

A. The Assignor shall relinquish the Assignor's rights over the Property in favor of the Assignee for the duration of the term as stated elsewhere in this Agreement.

B. The Rights that the Assignor assigns in favor of the Assignee shall include the right to enjoy and use the Property subject to the terms and conditions of the Lease contract.

C. The Assignor warrants that the Assignor has already obtained the consent of the lessor of the Property in allowing the Assignee to be the new lessee of the Property.

D. The Assignee shall pay a security deposit amounting to ₱________ (________) to the lessor.

E. The Assignee agrees to be bound by all the terms and conditions as provided in the Lease contract excluding the following obligations:

________

IV. CONSIDERATION

In consideration of the assignment of the Lease in favor of the Assignee, the Parties agree that:

A. The Assignee shall pay a fixed amount of ₱________ (________) as a fee for the assignment of the Lease (the "Consideration").

B. The above-stated amount shall be due and demandable immediately upon signing this agreement.

C. All Philippine taxes relating to this Agreement shall be borne by the Assignor.

D. The Assignee shall pay through the following acceptable methods of payment:

________

V. INDEMNITY AND LIMITATION OF LIABILITY

The Assignee agrees to hold the Assignor harmless from any damage or injuries resulting from the Assignee's acts or negligence. In no event will the Assignor's liability exceed the total amount paid by the Assignee to the Assignor for the Lease for any cause of action or future claim. The Assignor shall not be liable for any special, indirect, consequential, or punitive damages, including but not limited to lost profits and/or business, misunderstanding with the lessor, or acts arising out of or relating to this Agreement in any way subject to any warranties made under this Agreement.

VI. EVENT OF DEFAULT

The Assignee will be in default for the following ("Event of Default"):

A. Failure to make timely payments for any amount due under this Agreement;

B. Failure to perform one or more of the Assignee's obligations under this Agreement and said failure cannot be rectified;

C. Failure to rectify a breach or violation of the Assignee's obligations under this Agreement within Seven (7) Days after receipt of notice from the Assignor requiring that said breach or violation be rectified;

D. If a suit for insolvency, whether voluntary or involuntary, is filed against the Assignee;

E. If the Assignee is a business, and if the Assignee's business ceases or closes or fails to operate in the normal course of business for any reason.

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IX. FORCE MAJEURE

Neither party shall be liable to the other for failure to perform due to causes beyond its reasonable control including, but not limited to, acts of God, acts of civil authorities, acts of military authorities, riots, embargoes, acts of nature, and natural disasters, and other acts which may be due to unforeseen events or though foreseen could not be reasonably avoided.

X. TRANSFER OF RIGHTS

This Agreement shall be binding on the successors of either Party.

This Agreement may be assigned by the Assignee in favor of a third party without the approval of the Assignor, provided that the consideration or fees have been fully paid. Provided further that in any case, the assignment of the Lease to a third party shall be subject to the approval of the lessor.

XI. SUPPORTING DOCUMENTS AND ADDITIONAL ACTS

The Parties agree to execute such other documents as are reasonable and necessary for the proper implementation of this Agreement.

XII. APPLICABLE LAW

This Agreement shall be governed by and construed in accordance with the laws of the Republic of the Philippines.

XIII. WAIVER

Failure of either party to insist, in one or more instances, the strict performance of any of the terms of this Agreement, or to exercise any portion herein contained, shall thereafter not be construed as abandonment, cancellation, or waiver of such term. No waiver shall be deemed to have been made unless expressed in writing and signed by the Party against whom the waiver is to be effective. No waiver of any term or provision of this Agreement shall constitute a waiver of any other term or provision or of the same provision on a future date.

XIV. COUNTERPARTS

This Agreement may be executed in counterparts, all of which constitute a single agreement. If the dates set forth at the signatures of this document are different, the Agreement shall be considered effective as of the date that both Parties signed the Agreement.

XV. SEVERABILITY

The invalidity of any portion of this Agreement will not and shall not be deemed to affect the validity of any other provision. In the event that any provision of this Agreement is held to be invalid, the Parties agree that the remaining provisions shall be deemed to be in full force and effect as if they had been executed subsequent to the expungement of the invalid provision.

XVI. CUMULATIVE RIGHTS

The rights of the Parties under this Agreement and the law are cumulative and shall not be construed as exclusive unless otherwise required by law.

XVII. HEADINGS

Headings are for convenience only and do not affect the interpretation of this Agreement.

XVIII. VENUE OF ACTION

All actions arising out of or by virtue of this Agreement shall only be filed in the proper courts of the place where the Property is located to the exclusion of all other courts.

XIX. ENTIRETY OF AGREEMENT

This Agreement represents the entire agreement between the Assignor and the Assignee and supersedes all prior negotiations, representations, and agreements, either oral or written.

XX. AMENDMENTS AND MODIFICATIONS

This Agreement may be amended only by a written instrument signed and agreed upon by both Parties.

IN WITNESS WHEREOF, the Parties have hereunto affixed their signatures on the date and place first stated above.

________
Assignor

________
Assignee

Signed in the presence of:

____________________

ACKNOWLEDGEMENT

REPUBLIC OF THE PHILIPPINES )
PROVINCE OF ________________________ )
CITY OR MUNICIPALITY OF ________________________ )S.S.

BEFORE ME, a Notary Public, for and in the CITY OR MUNICIPALITY OF ________________________, ________________________, this _______ day of ________________________, 20______, personally appeared the following persons:

1. ________, with the following competent proof of identification: Driver's License with number ________ which expires on ________;.

2. ________, with the following competent proof of identification: Driver's License with number ________ which expires on ________.

all known to me and to me known to be the same persons who executed the foregoing Assignment of Lease Agreement constituting of _________ pages, including this page where the Acknowledgement is written, and they acknowledged to me that the same is their free and voluntary act and deed.

WITNESS MY HAND AND SEAL on the day and place first written above.

Doc No. ________;
Page No. ________;
Book No. ________;
Series of ________.