Equipment Lease Assignment (England and Wales)

This Equipment Lease Agreement is for use when a party leasing equipment desires to assign the equipment lease to another party. The parties should review the master Equipment Lease before entering into any assignment as the owner's consent may be necessary. This form is for use in England and Wales.

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This Assignment of Equipment Lease is for use when a party leasing equipment (the “assignor”) assigns the responsibilities and rights under that equipment lease to another party (the “assignee”). There are a variety of reasons why an equipment lease may be assigned including financial concerns or a change in business or personal circumstances. Many Equipment Leases contain a provision that the equipment owner must consent to any assignment; therefore, it is crucial that the master lease be reviewed before any assignment and the owner’s consent be obtained if necessary. An assignment of a lease should always be memorialized in writing. A written Assignment of Equipment Lease will prove invaluable if there are future misunderstandings or disagreements regarding the leased equipment.

This Assignment of Equipment Lease for use in England and Wales includes the following provisions:
  • Parties: Identifies the assignor/lessee (the person originally leasing the equipment), the assignee (the person to whom the lease is being assigned) and the owner of the leased equipment;
  • Equipment: Sets forth a detailed description of the equipment;
  • Assignment: Sets forth that all of assignee’s obligations under the equipment lease are assigned to the assignee;
  • Security Deposit: Sets forth the amount of security deposit assignee will pay to assignor and if the assignor transfers all rights in any previously paid security deposit to the assignee;
  • Assignor’s Representations: Assignor warrants that the master lease is in full force and effect and is assignable with the owner’s consent (if required);
  • Additional Terms and Conditions: Sets out additional terms and conditions which become a part of this equipment lease assignment;
  • Signatures: The assignor and assignee must sign this document;
  • Owner’s Consent: Sets forth if the owner’s consent is required and if so, the owner must sign giving consent to the equipment lease assignment.

Protect Yourself, Your Rights and Your Property with these professionally-prepared and easy to use forms.

This lawyer-prepared package includes:
  1. Instructions and Checklist
  2. General Information
  3. Assignment of Equipment Lease
Law Compliance: This form complies with the laws of England and Wales
This is the content of the form and is provided for your convenience. It is not necessarily what the actual form looks like and does not include the information, instructions and other materials that come with the form you would purchase. An actual sample can also be viewed by clicking on the "Sample Form" near the top left of this page.













Assignment of Equipment Lease
(England and Wales)









This Packet Includes:
1. Instructions and Checklist
2. General Information
3. Assignment of Equipment Lease





Instructions and Checklist
Assignment of Equipment Lease

   Both the Assignor (the original lessee) and the Assignee (the new lessee) should review the Assignment carefully before signing.

   Most Equipment Leases require that before a party may assign its rights in a lease, the consent of the owner of the equipment (the “Owner”) is required.  You should review your Master Equipment Lease Agreement (the original lease) to determine if the Owners consent is required.

   The Assignor should provide the Assignee with a copy of the Master Equipment Lease Agreement.
 
   The Assignor and Assignee must both sign the Assignment.  Generally each party will retain an original signed Assignment; therefore, at least two original copies of the Assignment should be executed (i.e. signed).  The Owner may also require a copy of the Assignment.

   You can erase the italicised statements in the Assignment; these are just instructions to help you complete it.

   Laws vary from time to time. These forms are not intended to be and are not a substitute for legal advice. These forms should only be a starting point for you and should not be used or signed before first consulting with a solicitor to ensure that it addresses your particular situation. A solicitor should be consulted before negotiating any document with another party.






General Information
Assignment of Equipment Lease

An assignment of equipment lease is a contract where a party who originally was leasing equipment (the “Assignor”) assigns his rights and responsibilities under that lease to another party (the “Assignee”), generally for the remainder of his/her lease term.   The Assignor may choose to use an assignment for a number of reasons including change of business circumstances, financial concerns or other changes in circumstances.

Depending on your original equipment lease, to perform an assignment you may also need the consent of the Owner (the owner of the equipment).  Review your original equipment lease to determine whether such consent is required.  If it is, contact the Owner.  The law generally does not require that the Owner consent to an assignment, so it is best to handle the situation diplomatically.

Laws change from time to time; therefore the Owner, the Assignor and the Assignee should all become familiar with the laws of present before entering into this type of arrangement.  In addition, before using this form you should always consult with your solicitor to ensure that it addresses your specific situation.







DISCLAIMER:

FindLegalForms, Inc. (“FLF”) is not a law firm and does not provide legal advice.  The use of these materials is not a substitute for legal advice. Only a solicitor can provide legal advice.  A solicitor should be consulted for all serious legal matters.  No Solicitor-Client relationship is created by use of these materials.  

THESE MATERIALS ARE PROVIDED “AS-IS.  FLF DOES NOT GIVE ANY EXPRESS OR IMPLIED WARRANTIES OF MERCHANTABILITY, SUITABILITY OR COMPLETENESS FOR ANY OF THE MATERIALS FOR YOUR PARTICULAR NEEDS.  THE MATERIALS ARE USED AT YOUR OWN RISK.  IN NO EVENT WILL:  I) FLF, ITS AGENTS, PARTNERS, OR AFFILIATES; OR II) THE PROVIDERS, AUTHORS OR PUBLISHERS OF ITS MATERIALS, BE RESPONSIBLE OR LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL, SPECIAL, EXEMPLARY, OR CONSEQUENTIAL DAMAGES (INCLUDING, BUT NOT LIMITED TO, PROCUREMENT OF SUBSTITUTE GOODS OR SERVICES; LOSS OF USE, DATE OR PROFITS; OR BUSINESS INTERRUPTION) HOWEVER USED AND ON ANY THEORY OF LIABILITY, WHETHER IN CONTRACT, STRICT LIABILITY, OR TORT (INCLUDING NEGLIGENCE OR OTHERWISE) ARISING IN ANY WAY OUT OF THE USE OF THESE MATERIALS.






Assignment of Equipment Lease


This Assignment of Equipment Lease (the “Assignment”) is made and entered on _____________________________________________, ___________, by and between _________________________________________________________ (“Assignor”) and __________________________________________________ (“Assignee”) (collectively referred to as the “Parties”).  Assignor is the “Lessee[change this label to match that in the original document] in an equipment lease agreement dated _________________ between the Assignor and ___________________________ (“Owner”) for a term ending on ______________, 20___  (the “Master Lease”) for the following equipment: __________________________________________________________________________________________________________________________________________  (the “Equipment”).  

The Parties agree as follows:
1.  ASSIGNMENT: Assignor hereby assigns to Assignee all of his/her interests, rights and obligations in the Equipment and the Master Lease, except as described in Section 3 below.  
2. ASSUMPTION OF OBLIGATIONS:  Assignee acknowledges the receipt of a copy of the Master Lease.  Assignee hereby assumes all of Assignors interests, rights and obligations in the Equipment and the Master Lease arising or accruing on or after the date of this Assignment.  Assignee agrees to comply with all the terms, make all payments, and perform all conditions and covenants in the Master Lease as if Assignee were the original Lessee therein.  

3.  SECURITY DEPOSIT: (mark applicable provision)

  Prior to taking possession of the Equipment, Assignee shall deposit with Owner, in trust, a security deposit of £__________ as security for the performance by Assignee of the terms under this Assignment and for any damages caused by Assignee or Assignees agents to the Equipment during the term of the lease.  

  Assignor assigns and transfer all rights and interests in the Security Deposit, as described in ____ Section of the Master Lease, to Assignee.

  There is no Security Deposit.

  Other: _____________________________________________________________________
_____________________________________________________________________

4.  INDEMNIFICATION:  Assignee will indemnify, protect and hold Assignor harmless from and against any and all loss, cost, or damage in any way related to Assignees breach or default of the obligations or covenants in the Master Lease or this Assignment.  Assignor will indemnify, protect and hold Assignee harmless from and against any and all loss, cost, or damage in any way related to Assignors breach or default of the obligations or covenants in the Master Lease or this Assignment.
5.  ASSIGNORS REPRESENTATIONS:  Assignor warrants that the Master Lease is in full force and effect and fully assignable or may be assigned with Owners consent.  If Owners consent is required, Assignor will obtain such consent.  Assignor further warrants that the contract rights transferred in this Assignment are free of lien, encumbrance or adverse claim.

6. BINDING EFFECT: The covenants and conditions contained in the Assignment shall apply to and bind the Parties and their heirs, legal representatives, successors and permitted assigns.

7. GOVERNING LAW: This Assignment shall be governed by and construed in accordance with the laws of England & Wales.

8. NOTICE: Any notice required or otherwise given pursuant to this Assignment shall be in writing and mailed certified return receipt requested, postage prepaid, or delivered by overnight delivery service to:

Assignor:                  Assignee:

________________________________   ______________________________
________________________________   ______________________________
________________________________   ______________________________

Either party may change such addresses from time to time by providing notice as set forth above.

9. WAIVER: The failure of either party to enforce any provisions of this Assignment shall not be deemed a waiver or limitation of that party's right to subsequently enforce and compel strict compliance with every provision of this Assignment.

10. ADDITIONAL TERMS & CONDITIONS (Specify “none” if there are no additional provisions)
___________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________



IN WITNESS WHEREOF, the Parties have caused this Assignment to be executed the day and year first above written.

ASSIGNOR:

___________________________________________________

___________________________________
(Name)
___________________________________
(Position, if applicable)



ASSIGNEE:

____________________________________________________

___________________________________
(Name)
___________________________________
(Position, if applicable)





OWNERS CONSENT

If Owners consent is not required, Assignor shall initial here [____].

The undersigned, Owner in the Master Lease, hereby consents to the foregoing Assignment.

OWNER:

____________________________________________________
___________________________________
(Name)

Date: _____________________________
Number of Pages7
DimensionsDesigned for Letter Size (8.5" x 11")
EditableYes (.doc, .wpd and .rtf)
UsageUnlimited number of prints
Product number#43408
This is the content of the form and is provided for your convenience. It is not necessarily what the actual form looks like and does not include the information, instructions and other materials that come with the form you would purchase. An actual sample can also be viewed by clicking on the "Sample Form" near the top left of this page.













Assignment of Equipment Lease
(England and Wales)









This Packet Includes:
1. Instructions and Checklist
2. General Information
3. Assignment of Equipment Lease





Instructions and Checklist
Assignment of Equipment Lease

   Both the Assignor (the original lessee) and the Assignee (the new lessee) should review the Assignment carefully before signing.

   Most Equipment Leases require that before a party may assign its rights in a lease, the consent of the owner of the equipment (the “Owner”) is required.  You should review your Master Equipment Lease Agreement (the original lease) to determine if the Owners consent is required.

   The Assignor should provide the Assignee with a copy of the Master Equipment Lease Agreement.
 
   The Assignor and Assignee must both sign the Assignment.  Generally each party will retain an original signed Assignment; therefore, at least two original copies of the Assignment should be executed (i.e. signed).  The Owner may also require a copy of the Assignment.

   You can erase the italicised statements in the Assignment; these are just instructions to help you complete it.

   Laws vary from time to time. These forms are not intended to be and are not a substitute for legal advice. These forms should only be a starting point for you and should not be used or signed before first consulting with a solicitor to ensure that it addresses your particular situation. A solicitor should be consulted before negotiating any document with another party.






General Information
Assignment of Equipment Lease

An assignment of equipment lease is a contract where a party who originally was leasing equipment (the “Assignor”) assigns his rights and responsibilities under that lease to another party (the “Assignee”), generally for the remainder of his/her lease term.   The Assignor may choose to use an assignment for a number of reasons including change of business circumstances, financial concerns or other changes in circumstances.

Depending on your original equipment lease, to perform an assignment you may also need the consent of the Owner (the owner of the equipment).  Review your original equipment lease to determine whether such consent is required.  If it is, contact the Owner.  The law generally does not require that the Owner consent to an assignment, so it is best to handle the situation diplomatically.

Laws change from time to time; therefore the Owner, the Assignor and the Assignee should all become familiar with the laws of present before entering into this type of arrangement.  In addition, before using this form you should always consult with your solicitor to ensure that it addresses your specific situation.







DISCLAIMER:

FindLegalForms, Inc. (“FLF”) is not a law firm and does not provide legal advice.  The use of these materials is not a substitute for legal advice. Only a solicitor can provide legal advice.  A solicitor should be consulted for all serious legal matters.  No Solicitor-Client relationship is created by use of these materials.  

THESE MATERIALS ARE PROVIDED “AS-IS.  FLF DOES NOT GIVE ANY EXPRESS OR IMPLIED WARRANTIES OF MERCHANTABILITY, SUITABILITY OR COMPLETENESS FOR ANY OF THE MATERIALS FOR YOUR PARTICULAR NEEDS.  THE MATERIALS ARE USED AT YOUR OWN RISK.  IN NO EVENT WILL:  I) FLF, ITS AGENTS, PARTNERS, OR AFFILIATES; OR II) THE PROVIDERS, AUTHORS OR PUBLISHERS OF ITS MATERIALS, BE RESPONSIBLE OR LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL, SPECIAL, EXEMPLARY, OR CONSEQUENTIAL DAMAGES (INCLUDING, BUT NOT LIMITED TO, PROCUREMENT OF SUBSTITUTE GOODS OR SERVICES; LOSS OF USE, DATE OR PROFITS; OR BUSINESS INTERRUPTION) HOWEVER USED AND ON ANY THEORY OF LIABILITY, WHETHER IN CONTRACT, STRICT LIABILITY, OR TORT (INCLUDING NEGLIGENCE OR OTHERWISE) ARISING IN ANY WAY OUT OF THE USE OF THESE MATERIALS.






Assignment of Equipment Lease


This Assignment of Equipment Lease (the “Assignment”) is made and entered on _____________________________________________, ___________, by and between _________________________________________________________ (“Assignor”) and __________________________________________________ (“Assignee”) (collectively referred to as the “Parties”).  Assignor is the “Lessee[change this label to match that in the original document] in an equipment lease agreement dated _________________ between the Assignor and ___________________________ (“Owner”) for a term ending on ______________, 20___  (the “Master Lease”) for the following equipment: __________________________________________________________________________________________________________________________________________  (the “Equipment”).  

The Parties agree as follows:
1.  ASSIGNMENT: Assignor hereby assigns to Assignee all of his/her interests, rights and obligations in the Equipment and the Master Lease, except as described in Section 3 below.  
2. ASSUMPTION OF OBLIGATIONS:  Assignee acknowledges the receipt of a copy of the Master Lease.  Assignee hereby assumes all of Assignors interests, rights and obligations in the Equipment and the Master Lease arising or accruing on or after the date of this Assignment.  Assignee agrees to comply with all the terms, make all payments, and perform all conditions and covenants in the Master Lease as if Assignee were the original Lessee therein.  

3.  SECURITY DEPOSIT: (mark applicable provision)

  Prior to taking possession of the Equipment, Assignee shall deposit with Owner, in trust, a security deposit of £__________ as security for the performance by Assignee of the terms under this Assignment and for any damages caused by Assignee or Assignees agents to the Equipment during the term of the lease.  

  Assignor assigns and transfer all rights and interests in the Security Deposit, as described in ____ Section of the Master Lease, to Assignee.

  There is no Security Deposit.

  Other: _____________________________________________________________________
_____________________________________________________________________

4.  INDEMNIFICATION:  Assignee will indemnify, protect and hold Assignor harmless from and against any and all loss, cost, or damage in any way related to Assignees breach or default of the obligations or covenants in the Master Lease or this Assignment.  Assignor will indemnify, protect and hold Assignee harmless from and against any and all loss, cost, or damage in any way related to Assignors breach or default of the obligations or covenants in the Master Lease or this Assignment.
5.  ASSIGNORS REPRESENTATIONS:  Assignor warrants that the Master Lease is in full force and effect and fully assignable or may be assigned with Owners consent.  If Owners consent is required, Assignor will obtain such consent.  Assignor further warrants that the contract rights transferred in this Assignment are free of lien, encumbrance or adverse claim.

6. BINDING EFFECT: The covenants and conditions contained in the Assignment shall apply to and bind the Parties and their heirs, legal representatives, successors and permitted assigns.

7. GOVERNING LAW: This Assignment shall be governed by and construed in accordance with the laws of England & Wales.

8. NOTICE: Any notice required or otherwise given pursuant to this Assignment shall be in writing and mailed certified return receipt requested, postage prepaid, or delivered by overnight delivery service to:

Assignor:                  Assignee:

________________________________   ______________________________
________________________________   ______________________________
________________________________   ______________________________

Either party may change such addresses from time to time by providing notice as set forth above.

9. WAIVER: The failure of either party to enforce any provisions of this Assignment shall not be deemed a waiver or limitation of that party's right to subsequently enforce and compel strict compliance with every provision of this Assignment.

10. ADDITIONAL TERMS & CONDITIONS (Specify “none” if there are no additional provisions)
___________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________



IN WITNESS WHEREOF, the Parties have caused this Assignment to be executed the day and year first above written.

ASSIGNOR:

___________________________________________________

___________________________________
(Name)
___________________________________
(Position, if applicable)



ASSIGNEE:

____________________________________________________

___________________________________
(Name)
___________________________________
(Position, if applicable)





OWNERS CONSENT

If Owners consent is not required, Assignor shall initial here [____].

The undersigned, Owner in the Master Lease, hereby consents to the foregoing Assignment.

OWNER:

____________________________________________________
___________________________________
(Name)

Date: _____________________________

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