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1. Parties: Identification of all parties to the termination agreement, including the original buyer(s) and seller(s), with their full legal names and addresses
2. Background: References to the original Purchase and Sale Agreement, including its date, subject property details, and any relevant amendments or modifications
3. Definitions: Key terms used in the termination agreement, including references to the Original Agreement, Property, Deposit, and Effective Date of termination
4. Termination: Clear statement of the mutual agreement to terminate the Purchase and Sale Agreement and the effective date of termination
5. Deposit Disposition: Details regarding the return or forfeiture of any deposits paid under the original agreement
6. Mutual Release: Statement that both parties release each other from all obligations, claims, and liabilities under the original agreement
7. Return of Documents: Requirements for the return or destruction of any documents, reports, or materials exchanged during the transaction
8. Costs: Allocation of any costs or expenses related to the termination
9. Governing Law: Specification that the agreement is governed by Canadian law and the applicable province
10. Execution: Signature blocks for all parties and witnesses
1. Survival Provisions: Identifies any provisions from the original agreement that will survive the termination, such as confidentiality obligations. Include when the original agreement contains surviving obligations
2. Partial Termination: Used when only specific portions of the original agreement are being terminated while others remain in effect
3. Compensation: Details of any compensation paid by one party to another as part of the termination. Include when there is a negotiated settlement
4. Third Party Rights: Addresses the rights of any third parties affected by the termination. Include when there are assignments, guarantors, or other third-party interests
5. Confidentiality: Provisions regarding the confidentiality of the termination and its terms. Include when dealing with sensitive commercial transactions
6. Dispute Resolution: Procedures for resolving any disputes arising from the termination. Include when parties want to specify alternative dispute resolution methods
1. Schedule A - Original Agreement: Copy or summary of the original Purchase and Sale Agreement being terminated
2. Schedule B - Property Description: Legal description and details of the property that was the subject of the original agreement
3. Schedule C - Deposit Reconciliation: Detailed accounting of all deposits paid and their disposition
4. Schedule D - Costs Breakdown: Itemized list of any costs or expenses to be paid or shared by the parties
5. Appendix 1 - Supporting Documents: Any relevant supporting documents such as bank statements, correspondence, or third-party confirmations
Original Agreement
Property
Vendor
Purchaser
Parties
Effective Date
Termination Date
Deposit
Purchase Price
Closing Date
Termination Payment
Release
Mutual Release
Surviving Provisions
Real Estate Agent
Costs
Claims
Liabilities
Obligations
Business Day
Confidential Information
Documentation
Property Title
Encumbrances
Due Diligence Materials
Governing Law
Original Closing Date
Representatives
Recitals
Definitions
Termination
Effective Date
Mutual Release
Deposit Return
Financial Settlement
Confidentiality
Return of Documents
Representations and Warranties
Survival
Costs and Expenses
Governing Law
Dispute Resolution
Notices
Third Party Rights
Entire Agreement
Severability
Amendment
Counterparts
Further Assurance
Authority
Assignment
Real Estate
Commercial Property
Residential Property
Construction
Property Development
Property Investment
Banking and Finance
Legal Services
Property Management
Corporate Real Estate
Legal
Real Estate
Compliance
Property Management
Contract Administration
Investment
Risk Management
Corporate Development
Operations
Transaction Processing
Real Estate Agent
Real Estate Broker
Property Manager
Real Estate Lawyer
Corporate Lawyer
Legal Counsel
Contract Manager
Real Estate Development Manager
Property Developer
Investment Manager
Real Estate Investment Analyst
Transaction Coordinator
Escrow Officer
Title Officer
Compliance Officer
Real Estate Portfolio Manager
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