The Lease Surrender Agreement is a crucial document used when both landlord and tenant wish to terminate their lease arrangement before its natural expiry. This document, governed by Malaysian law including the National Land Code 1965 and Contracts Act 1950, provides a formal framework for early lease termination. It typically becomes necessary during business relocations, downsizing operations, or when both parties agree to end their landlord-tenant relationship prematurely. The agreement covers essential aspects such as the surrender date, property handover conditions, settlement of outstanding payments, and mutual releases from future obligations. It requires careful consideration of Malaysian property laws and may need to be stamped under the Stamp Act 1949 to be legally enforceable.
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1. Parties: Identification of the landlord and tenant, including full legal names and addresses
2. Background: Recitals explaining the existing lease arrangement and the parties' intention to surrender it
3. Definitions: Definitions of key terms used throughout the agreement
4. Agreement to Surrender: The core agreement where the tenant agrees to surrender and the landlord agrees to accept the surrender of the lease
5. Surrender Date: Specification of the date when the surrender takes effect
6. Consideration: Details of any surrender premium or other consideration being paid
7. Release of Obligations: Mutual release of parties from their obligations under the original lease
8. Property Condition and Return: Requirements for the condition in which the property must be returned
9. Settlement of Outstanding Amounts: Provisions for settling any outstanding rent, service charges, or other payments
10. Keys and Security Devices: Requirements for returning all keys, access cards, and security devices
11. Governing Law: Specification that Malaysian law governs the agreement
1. Existing Defaults: Required if there are any existing breaches or defaults that need to be addressed
2. Third Party Rights: Needed if there are any sub-tenants, guarantors, or other third parties with rights under the original lease
3. Reinstatement Works: Include if specific renovation or restoration works are required before surrender
4. Deposit Return: Required if there is a security deposit to be returned
5. Confidentiality: Optional clause if parties wish to keep the surrender terms confidential
6. Insurance: Include if specific insurance arrangements need to be addressed
7. Representations and Warranties: Optional additional confirmations by either party
8. Survival of Covenants: Include if certain obligations need to survive the surrender
1. Property Details: Detailed description of the leased property including address and land title details
2. Original Lease: Copy or details of the original lease being surrendered
3. Condition Schedule: Detailed requirements for the condition in which the property must be returned
4. Inventory: List of any fixtures, fittings, or equipment to be returned or removed
5. Settlement Statement: Detailed calculation of all financial settlements including rent, deposits, and other charges
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