An assignment and assumption of lease agreement used in connection with a corporate transaction for the assignment of a tenant's leasehold interest to a third party and the assumption by the third party of the tenant's lease obligations. This Standard Document is typically used in connection with an asset purchase agreement. This Standard Document has integrated notes with important explanations and drafting and negotiating tips. While lease assignments are generally governed by state law, this jurisdictionally-neutral template is useful and relevant in every state.