The Lease Release is a crucial document used in Hong Kong real estate transactions when parties wish to formally terminate their lease agreement before its scheduled expiration date. It serves as a legally binding instrument under Hong Kong law, particularly complying with the Conveyancing and Property Ordinance and the Landlord and Tenant (Consolidation) Ordinance. This document is typically employed when both parties mutually agree to end their lease relationship early, requiring careful consideration of outstanding obligations, security deposit returns, and premises handover conditions. The release should address all aspects of the termination, including financial settlements, property condition requirements, and the specific timing of the release's effectiveness. It's essential in providing legal certainty and preventing future disputes by clearly documenting the parties' agreement to terminate their lease obligations.
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1. Parties: Identification of the landlord and tenant, including their full legal names and addresses
2. Background: Recitals describing the original lease, its key terms, and the parties' intention to terminate and release
3. Definitions: Definitions of key terms used in the release, including 'Lease', 'Premises', 'Release Date', and 'Outstanding Obligations'
4. Release and Discharge: Core provision documenting mutual release from lease obligations and specific terms of discharge
5. Termination Date: Specification of the exact date when the lease terminates and the release takes effect
6. Settlement of Accounts: Details of final settlement including rent, utilities, management fees, and security deposit return
7. Return of Premises: Conditions for returning the premises, including state of repair and removal of tenant's belongings
8. Confirmation and Warranties: Mutual confirmations that parties have complied with lease obligations up to termination
9. Governing Law: Specification that Hong Kong law governs the release
10. Execution: Formal execution block for signing by all parties
1. Dispute Resolution: Include when there are existing disputes that need to be settled as part of the release
2. Partial Release: Include when only certain obligations or parts of the lease are being released
3. Confidentiality: Include when parties wish to keep the terms of the release confidential
4. Third Party Rights: Include when there are guarantors or other third parties involved in the lease
5. Surviving Obligations: Include when certain obligations are intended to survive the release
6. Tax Provisions: Include when there are specific tax implications that need to be addressed
1. Schedule 1 - Original Lease Details: Copy or details of the original lease agreement including date, parties, and key terms
2. Schedule 2 - Premises Details: Description and/or floor plan of the premises being released
3. Schedule 3 - Settlement Statement: Detailed breakdown of all financial settlements including outstanding amounts and security deposit
4. Schedule 4 - Condition Report: Report on the current condition of the premises and any agreed repairs or restoration work
5. Schedule 5 - Handover Protocol: Specific procedures and timeline for returning keys, access cards, and other property
Relevant legal definitions
Agreement
Business Day
Completion Date
Effective Date
Handover Date
Landlord
Lease
Original Lease
Outstanding Amounts
Parties
Premises
Release
Release Date
Rent
Security Deposit
Settlement Sum
Tenant
Term
Termination Date
Handover Protocol
Property
Outstanding Obligations
Permitted Use
Building
Guarantor
Management Fees
Utilities
Working Hours
Surviving Provisions
Relevant Authority
Business Day
Completion Date
Effective Date
Handover Date
Landlord
Lease
Original Lease
Outstanding Amounts
Parties
Premises
Release
Release Date
Rent
Security Deposit
Settlement Sum
Tenant
Term
Termination Date
Handover Protocol
Property
Outstanding Obligations
Permitted Use
Building
Guarantor
Management Fees
Utilities
Working Hours
Surviving Provisions
Relevant Authority
Clauses
Interpretation
Release and Discharge
Mutual Release
Settlement
Property Handover
Security Deposit
Outstanding Payments
Representations and Warranties
Confirmations
Confidentiality
Further Assurance
Costs
Notices
Severability
Entire Agreement
Amendments
Assignment
Third Party Rights
Governing Law
Jurisdiction
Waiver
Force Majeure
Dispute Resolution
Indemnification
Surviving Obligations
Release and Discharge
Mutual Release
Settlement
Property Handover
Security Deposit
Outstanding Payments
Representations and Warranties
Confirmations
Confidentiality
Further Assurance
Costs
Notices
Severability
Entire Agreement
Amendments
Assignment
Third Party Rights
Governing Law
Jurisdiction
Waiver
Force Majeure
Dispute Resolution
Indemnification
Surviving Obligations
Relevant Industries
Real Estate
Commercial Property
Retail
Industrial
Residential Property
Hospitality
Office Space
Manufacturing
Warehousing
Education
Healthcare
Relevant Teams
Legal
Real Estate
Facilities Management
Operations
Property Management
Asset Management
Contract Administration
Finance
Corporate Services
Relevant Roles
Property Manager
Legal Counsel
Real Estate Manager
Facilities Manager
Asset Manager
Operations Director
Leasing Manager
Property Administrator
Contracts Manager
Company Secretary
Real Estate Director
Legal Director
Chief Operating Officer
Building Manager
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