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Lease Termination And Release Agreement
"I need a Lease Termination and Release Agreement for a commercial office space in Ontario, where the tenant is terminating early by mutual agreement on March 1, 2025, with a structured payment plan for the remaining lease obligations."
1. Parties: Identification of the landlord and tenant, including full legal names and addresses
2. Background: Recitals describing the existing lease agreement, its key terms, and the parties' desire to terminate it
3. Definitions: Definitions of key terms used throughout the agreement
4. Termination Date: Specification of the exact date and time when the lease will terminate
5. Surrender of Premises: Terms regarding the tenant's obligation to vacate and return possession of the premises
6. Final Inspection: Requirements for inspection of the premises and documentation of its condition
7. Mutual Release: Terms of the mutual release from future obligations under the lease
8. Settlement of Accounts: Details of final rent payments, utilities, and other financial obligations
9. Return of Security Deposit: Terms for the return of any security deposit, including timing and conditions
10. Confidentiality: Requirements for maintaining confidentiality about the terms of the termination
11. Governing Law: Specification of the applicable law and jurisdiction
12. Entire Agreement: Statement that this document represents the complete agreement between parties
13. Execution: Signature blocks and execution requirements
1. Outstanding Repairs: Used when there are specific repair obligations that need to be addressed before termination
2. Personal Property: Include when there are specific arrangements needed for removal or transfer of fixtures or equipment
3. Payment Plan: Required when parties agree to a structured payment plan for any outstanding amounts
4. Holdover Provisions: Include when there's a possibility of delayed vacancy and need to specify consequences
5. Insurance: Used when specific insurance requirements continue past the termination date
6. References: Include when parties agree to provisions about future tenancy references
7. Non-Disparagement: Used in situations where parties want to prevent negative statements about each other
8. Survival Clause: Include when certain obligations need to survive the termination
1. Schedule A - Property Inspection Report: Detailed report of the property's condition at termination
2. Schedule B - Settlement Statement: Detailed breakdown of all financial settlements, including security deposit calculations
3. Schedule C - Original Lease Agreement: Copy of the original lease being terminated for reference
4. Schedule D - Photographic Evidence: Photos documenting the condition of the premises at termination
5. Schedule E - Outstanding Payments Schedule: List of any outstanding payments and their due dates
6. Appendix 1 - Move-Out Checklist: Checklist of tenant's responsibilities for vacating the premises
Authors
Original Lease
Premises
Termination Date
Effective Date
Landlord
Tenant
Security Deposit
Rent
Outstanding Obligations
Release
Claims
Surrender
Property
Parties
Business Day
Applicable Law
Final Inspection
Settlement Amount
Personal Property
Common Areas
Utilities
Damage
Normal Wear and Tear
Outstanding Charges
Confidential Information
Representatives
Governing Law
Notice
Force Majeure
Definitions
Termination
Surrender of Premises
Release and Discharge
Financial Settlement
Security Deposit
Property Inspection
Confidentiality
Indemnification
Representations and Warranties
Notice
Assignment
Severability
Entire Agreement
Amendment
Governing Law
Dispute Resolution
Force Majeure
Survival
Waiver
Counterparts
Further Assurances
Time of Essence
Authority
Binding Effect
Real Estate
Commercial Property Management
Residential Property Management
Retail
Office Space Management
Industrial Property
Hospitality
Healthcare Facilities
Educational Institutions
Mixed-Use Development
Legal
Real Estate
Property Management
Operations
Facilities
Risk Management
Compliance
Asset Management
Tenant Relations
Contract Administration
Property Manager
Real Estate Manager
Leasing Agent
Legal Counsel
Facilities Manager
Asset Manager
Property Administrator
Real Estate Director
Compliance Officer
Operations Manager
Tenant Relations Manager
Real Estate Portfolio Manager
Contract Administrator
Risk Manager
Building Manager
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