The Lease Termination Agreement is a crucial legal document used in Malaysia when parties wish to formally end their lease arrangement, either before the original end date or at its natural conclusion. This document becomes necessary when both landlord and tenant agree to end their lease relationship, requiring clear documentation of the termination terms, property handover requirements, and financial settlements. It must comply with Malaysian property and contract laws, including the National Land Code 1965 and Contracts Act 1950. The agreement protects both parties' interests by clearly outlining their rights and obligations during the termination process, addressing key aspects such as security deposit refunds, final utility payments, and property condition requirements. It's particularly important in preventing future disputes and providing a clear record of the agreed termination terms.
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1. Parties: Identification of the landlord and tenant, including full legal names, addresses, and any registration numbers for companies
2. Background: Brief recital of the original lease agreement details and the parties' intention to terminate the lease
3. Definitions: Key terms used throughout the agreement, including 'Termination Date', 'Property', 'Original Lease', etc.
4. Termination: Core provision stating the mutual agreement to terminate the lease and specifying the termination date
5. Settlement of Accounts: Provisions regarding final rent payment, utility bills, security deposit refund, and any other financial matters
6. Property Handover: Requirements for the condition of the property upon return, inspection procedures, and key return
7. Release and Discharge: Mutual release from obligations under the original lease, subject to terms of the termination agreement
8. Governing Law: Specification that Malaysian law governs the agreement
9. Execution: Signature blocks and execution requirements
1. Surviving Obligations: List of any obligations that continue after termination, used when there are specific provisions that should survive
2. Dispute Resolution: Detailed procedures for resolving disputes, recommended for high-value or complex properties
3. Representations and Warranties: Additional assurances from both parties, useful in commercial lease terminations
4. Confidentiality: Provisions regarding non-disclosure of termination terms, typically used in commercial contexts
5. Third Party Rights: Provisions addressing any third-party interests or rights, needed when there are guarantors or other interested parties
6. Reinstatement Works: Detailed requirements for property restoration, relevant for modified commercial properties
1. Schedule 1 - Property Details: Detailed description of the property including address and any relevant registration numbers
2. Schedule 2 - Settlement Statement: Detailed breakdown of all financial settlements including rent, deposits, and any other payments
3. Schedule 3 - Inventory List: List of fixtures and fittings to be returned or removed
4. Appendix A - Property Inspection Report: Final condition report of the property
5. Appendix B - Original Lease Agreement: Copy of the original lease agreement being terminated
Relevant legal definitions
Agreement
Business Day
Completion Date
Deposit
Effective Date
Landlord
Lease
Original Lease Agreement
Premises
Property
Rent
Security Deposit
Tenant
Termination Date
Termination Fee
Utilities
Handover Date
Outstanding Payments
Permitted Use
Reinstatement Works
Settlement Amount
Vacant Possession
Working Hours
Identity Card
Registration Number
Business Day
Completion Date
Deposit
Effective Date
Landlord
Lease
Original Lease Agreement
Premises
Property
Rent
Security Deposit
Tenant
Termination Date
Termination Fee
Utilities
Handover Date
Outstanding Payments
Permitted Use
Reinstatement Works
Settlement Amount
Vacant Possession
Working Hours
Identity Card
Registration Number
Clauses
Termination
Property Handover
Financial Settlement
Security Deposit
Outstanding Payments
Utilities Settlement
Release and Discharge
Representations and Warranties
Condition of Premises
Keys and Access
Confidentiality
Governing Law
Dispute Resolution
Force Majeure
Notices
Entire Agreement
Severability
Assignment
Waiver
Costs
Third Party Rights
Cooperation
Further Assurance
Counterparts
Property Handover
Financial Settlement
Security Deposit
Outstanding Payments
Utilities Settlement
Release and Discharge
Representations and Warranties
Condition of Premises
Keys and Access
Confidentiality
Governing Law
Dispute Resolution
Force Majeure
Notices
Entire Agreement
Severability
Assignment
Waiver
Costs
Third Party Rights
Cooperation
Further Assurance
Counterparts
Relevant Industries
Real Estate
Retail
Commercial Office
Industrial
Hospitality
Healthcare
Education
Manufacturing
Logistics
Banking and Financial Services
Relevant Teams
Legal
Real Estate
Operations
Facilities Management
Risk and Compliance
Administrative Services
Property Management
Corporate Services
Finance
Contract Management
Relevant Roles
Property Manager
Facility Manager
Legal Counsel
Real Estate Manager
Operations Manager
Asset Manager
Leasing Manager
Contract Administrator
Property Administrator
Risk Manager
Compliance Officer
Company Secretary
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