A Lease Assumption Agreement is a contract between two parties that allows one party to take on the obligations of another party’s lease. This can occur when a tenant takes responsibility for a property that was previously leased by another tenant, or when one business takes on the rental agreement of another business that is vacating the premises. The agreement often includes financial obligations as well as other conditions such as repairs, maintenance and insurance. All parties involved must agree to the terms of the agreement in order for it to be legally binding. Ultimately, a Lease Assumption Agreement serves to ensure that the rights, responsibilities and obligations are equally respected.