assignment of lease

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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 transfers the assignor’s whole estate to the assignee, unlike a sub-lease (see head lease).

Subjects: Accounting.

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