The Early Lease Termination Agreement is a vital legal instrument used in New Zealand when both landlord and tenant agree to end a lease before its scheduled expiration date. This document is essential in both residential and commercial contexts, providing a clear framework for early termination while ensuring compliance with New Zealand legislation, including the Residential Tenancies Act 1986 and Property Law Act 2007. It addresses key aspects such as termination date, settlement amounts, property condition requirements, and the release of future obligations. The agreement is particularly useful in situations such as tenant relocation, property sale, or mutual agreement to end the tenancy early, offering protection to all parties by clearly documenting the terms of termination and preventing future disputes. It includes provisions for the return of security deposits, settlement of outstanding obligations, and the condition in which the property must be returned.
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1. Parties: Identification of the landlord/lessor and tenant/lessee, including full legal names and addresses
2. Background: Recitals explaining the existing lease agreement details, reason for early termination, and parties' intention to terminate
3. Definitions: Definitions of key terms used throughout the agreement
4. Termination Date: Specific date and time when the lease will terminate
5. Settlement Amount: Any agreed payment or compensation related to the early termination
6. Vacant Possession: Tenant's obligation to deliver the property in vacant possession and required condition
7. Release and Discharge: Mutual release of parties from lease obligations after termination date
8. Return of Security Deposit: Terms and timeline for the return of any security deposit or bond
9. Costs: Allocation of costs related to the termination agreement
10. Entire Agreement: Clause stating this document represents the entire agreement regarding the lease termination
11. Governing Law: Confirmation that New Zealand law governs the agreement
12. Execution: Signing provisions and execution clauses
1. Outstanding Rent: Include when there are rent arrears to be settled as part of the termination
2. Property Repairs: Include when specific repairs or restoration work is required before termination
3. Holding Over: Include when there's a possibility of delayed vacancy and consequences need to be specified
4. Keys and Security Devices: Include for properties with security systems or multiple sets of keys
5. Utilities and Services: Include when there are specific requirements about disconnection or transfer of utilities
6. Personal Property: Include when addressing abandonment or removal of tenant's personal property
7. Confidentiality: Include for commercial properties or when parties want to keep termination terms private
8. Insurance: Include when specific insurance arrangements need to be addressed
1. Schedule 1 - Original Lease: Copy or key details of the original lease agreement being terminated
2. Schedule 2 - Property Condition Report: Current condition report and comparison to initial condition report
3. Schedule 3 - Settlement Calculations: Detailed breakdown of any financial settlements, including rent, deposits, and adjustments
4. Schedule 4 - Handover Checklist: List of items to be completed/checked before property handover
5. Appendix A - Photos: Current dated photographs of the property condition where relevant
Relevant legal definitions
Agreement
Original Lease
Property
Landlord
Tenant
Commencement Date
Termination Date
Security Deposit
Rent
Outstanding Obligations
Vacant Possession
Settlement Amount
Business Day
Permitted Use
Original Term
Guarantor
Handover Date
Handover Inspection
Property Manager
Bond
Keys and Security Devices
Lease End Obligations
Party/Parties
Premises
Relevant Authority
Settlement Date
Utilities
Original Lease
Property
Landlord
Tenant
Commencement Date
Termination Date
Security Deposit
Rent
Outstanding Obligations
Vacant Possession
Settlement Amount
Business Day
Permitted Use
Original Term
Guarantor
Handover Date
Handover Inspection
Property Manager
Bond
Keys and Security Devices
Lease End Obligations
Party/Parties
Premises
Relevant Authority
Settlement Date
Utilities
Clauses
Termination
Mutual Release
Settlement
Property Condition
Vacant Possession
Security Deposit
Keys and Access
Outstanding Payments
Utilities
Inspection
Personal Property
Confidentiality
Representations and Warranties
Costs
Notices
Assignment
Severability
Entire Agreement
Amendment
Governing Law
Dispute Resolution
Force Majeure
Indemnification
Further Assurance
Counterparts
Time of Essence
Survival
Waiver
Binding Effect
Mutual Release
Settlement
Property Condition
Vacant Possession
Security Deposit
Keys and Access
Outstanding Payments
Utilities
Inspection
Personal Property
Confidentiality
Representations and Warranties
Costs
Notices
Assignment
Severability
Entire Agreement
Amendment
Governing Law
Dispute Resolution
Force Majeure
Indemnification
Further Assurance
Counterparts
Time of Essence
Survival
Waiver
Binding Effect
Relevant Industries
Real Estate
Property Management
Residential Housing
Commercial Property
Retail
Hospitality
Professional Services
Legal Services
Property Development
Asset Management
Relevant Teams
Legal
Property Management
Real Estate
Operations
Facilities
Asset Management
Compliance
Contract Administration
Tenant Relations
Risk Management
Relevant Roles
Property Manager
Real Estate Agent
Leasing Manager
Facilities Manager
Legal Counsel
Property Administrator
Asset Manager
Operations Manager
Contract Administrator
Compliance Officer
Tenant Relations Manager
Portfolio Manager
Property Services Coordinator
Real Estate Broker
Housing Manager
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