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Assignment of Lease
The complete legal transfer of an existing tenant's entire leasehold rights, obligations, and physical occupancy to a new incoming tenant.
An Assignment of Lease is the complete contractual transfer of an existing tenant's entire remaining leasehold estate, rights, and obligations to a new tenant (the assignee).
Unlike a sublease, the incoming tenant pays rent directly to the property manager and assumes full legal responsibility for ongoing lease covenants, subject to landlord consent provisions.
More in Leasing
See all Leasing terms →Base Rent
The fixed minimum monthly rent agreed upon in a lease agreement, excluding utilities, janitorial, or shared operating expense pass-throughs.
Read definition →Co-Tenancy Clause
A commercial lease clause granting rent reductions or termination rights if anchor tenants vacate or center occupancy falls below agreed levels.
Read definition →Continuous Operation Covenant
A commercial lease requirement obligating a retail tenant to keep its store open, fully stocked, and staffed during designated business hours.
Read definition →Escalation Clause
A commercial lease provision specifying annual rent increases tied to a fixed percentage, stepped rates, or the Consumer Price Index (CPI).
Read definition →