Lease Assignment

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This agreement made and entered into at _________, effective the _________ day of _________[month, year], by and between _________ a _________[state] corporation with principal offices located at _________, designated as "lessor," and _________ a _________[state] corporation with principal offices located at _________ designated as "lessee" respectively:

On the effective date of this document lessor has entered into a contract for the purchase of real estate known as _________ as shown on the original plat of the town, now City of _________, _________ County, _________, and is the assignee of leases on the premises, as amended, in favor of lessee; and

 

Lessee has at all times remained liable under the leases; and

The party desires further to amend the leases covering the premises on the terms and conditions to be stated;

Now, therefore, the parties, each in consideration of the promises of the others contained in this document, agree as follows:

 

1. The existing leases, as amended, covering the above described premises more commonly known as _________[address], are further amended to provide:

For value received, lessor grants to lessee:

(i). An irrevocable right and option to extend the leases for a term of years beginning on the expiration of the existing several leases and expiring at midnight on _________[date], on the same terms and conditions as are contained in the existing leases, as amended, as though the existing leases, as amended, were for a term initially terminating _________[date].

(ii). Assuming the exercise by lessee of the option set forth at subparagraph (i) above and the performance by lessee of the obligations incumbent on it under that subparagraph, an irrevocable right and option to extend the leases for a term of years beginning at midnight on _________[date], and expiring at midnight on _________[date], on the same terms and conditions as are contained in the existing leases, as amended, as though the existing leases, as amended, were for a term initially terminating _________[date].

(iii). Assuming the exercise by lessee of the option set forth at subparagraph (ii) above and the performance by lessee of the obligations incumbent on it under that subparagraph, an irrevocable right and option to extend the leases for a term of years beginning at midnight on _________[date], and expiring at midnight on _________[date], on the same terms and conditions as are contained in the existing leases, as amended, as though the existing leases, as amended, were for a term initially terminating _________[date].

 

2. Should lessee elect to exercise the option(s) respectively, lessee shall serve written notice on lessor prior to the expiration of the term of the leases as extended to that effect and, if not extended, the leases shall end. Notice shall be effective on mailing.

 

3. Lessor, as in the case of its predecessors, has refused the request of lessee to be released from liability under the leases as amended, and accordingly is requiring that the named person be fully responsible and liable for the provisions of the original leases, as amended and extended as the case may be. Accordingly, lessee agrees to be responsible.

 

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