This form is used when each of the parties to this Partition and Assignment have determined that it is in (his/her/its) best interest that (he/she/it) own the entire leasehold estate in a portion of the Lands subject to the Lease, rather than an undivided interest in all of the Lands subject to the Lease.
Massachusetts Partition and Assignment of Leasehold Estate
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US-OG-270
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How to fill out Partition And Assignment Of Leasehold Estate?
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FAQ
An assignment is the transfer of one party's entire interest in and obligations under a lease to another party. The new tenant takes on the lease responsibilities, including rent and property maintenance, and the original tenant is released from most (if not all) of its duties.
If the lease is not registered then a Deed of Assignment will be used. Deeds of Guarantee can also be required to ensure the Assignee can meet their obligations under the lease. An underletting is where a Tenant grants a lease out of their own lease (called an 'underlease').
Sub-letting involves a tenant leasing out all or part of their premises to a third party. Under a sub-letting agreement, the rights and obligations created under the initial lease remain in force. An assignment involves transferring the lease from one party to another.
If the lease is not registered then a Deed of Assignment will be used. Deeds of Guarantee can also be required to ensure the Assignee can meet their obligations under the lease. An underletting is where a Tenant grants a lease out of their own lease (called an 'underlease').
The person seeking partition is called the ?plaintiff? or ?petitioner.? You, the plaintiff, must file a complaint, or "petition,? for partition with the court. You must use the court-provided form for partition cases available on the court's website.
Once the landlord's consent has been obtained, the tenant and assignee can enter into a deed of assignment to transfer the lease to the assignee. If the lease is registered at the Land Registry the assignee will then need to register the assignment at the Land Registry.
Owners can agree to a market sale and division of proceeds outside of court. However, if the owners cannot agree, one individual can file a petition for a partition of land which will result in the forced sale of the property. The court can also order one party to buy out the other's interest.
This clause prohibits the tenant from assigning or subletting all or any portion of its space without the consent of the landlord, which can be withheld by the landlord for any or no reason.