Right of assignment
Assignment means in principle that a business tenant hands over his lease to a third party – with the landlord's consent. For example, when a business tenant wants to sell his business to another, where the lease is included in the sale.
The tenant assigns his rights and obligations in relation to the landlord,to a new tenant who enters the lease.
In its purest form, the assignment entails that the new tenant joins the (continuing) lease under the same terms.
Whether or not you as a tenant has the right of assignment can be complicated to figure out, since the rules of Professional Rent Act has been substantially amended several times.
If you have any questions, please do not hesitate to contact us.