What does an assignment of lease allow a tenant to do?

An assignment of lease allows a tenant to transfer their rights and obligations under the lease to another party. This means that the new tenant takes on all responsibilities, such as paying rent and adhering to the terms outlined in the original lease. The original tenant may or may not remain liable for obligations that are not discharged in the assignment.

This process is essential in the leasing context, especially when the original tenant can no longer occupy the leased space but wants to ensure that the lease terms are honored. By assigning the lease, they can avoid vacating the property while still ensuring that the obligations are met through the new tenant.

The other options, such as renegotiating rental rates, extending the lease duration, or terminating the lease early without penalties, do not pertain to the concept of assignment; these actions typically require separate agreements or negotiations with the landlord or property owner.