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Commercial Lease Early Termination

Commercial Lease Early Termination Template for Philippines

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Key Requirements PROMPT example:

Commercial Lease Early Termination

"I need a Commercial Lease Early Termination agreement for a retail space in Manila's Makati district, where my company needs to exit the lease by March 1, 2025, due to business restructuring, and we need specific provisions for removing installed shop fittings."

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Document background
The Commercial Lease Early Termination agreement is essential in the Philippine business landscape where changing market conditions or business circumstances may necessitate the premature end of a lease arrangement. This document is specifically designed to comply with Philippine civil and commercial law requirements, providing a structured approach to early lease termination while protecting both parties' interests. It should be used when both landlord and tenant have agreed to terminate their lease relationship before the original end date, requiring detailed documentation of financial settlements, property handover conditions, and mutual releases. The agreement includes specific provisions required under Philippine jurisdiction, such as compliance with local property laws, tax implications, and proper execution requirements. It's particularly important in commercial districts where property relationships need careful management and documented closure.
Suggested Sections

1. Parties: Identification of the Lessor and Lessee, including complete legal names, addresses, and business registration details

2. Background: Brief context of the existing lease agreement, including its execution date, term, and property details

3. Definitions: Key terms used throughout the agreement, including specific Philippine legal terminology

4. Early Termination Agreement: Core agreement on the mutual consent to terminate the lease early

5. Effective Date of Termination: Specific date when the lease will be terminated and premises surrendered

6. Financial Settlement: Details of any remaining rent, security deposit returns, and other financial obligations

7. Handover Requirements: Specific conditions for returning the premises, including required repairs and inspections

8. Mutual Release: Release of claims and obligations between parties post-termination

9. Governing Law: Confirmation of Philippine law as governing law and jurisdiction

10. Execution: Signature blocks and execution requirements under Philippine law

Optional Sections

1. Holdover Provisions: Used when there's a possibility of delayed vacation of premises, specifying penalties and obligations

2. Third-Party Consents: Required when the termination needs approval from mortgagees, master lessors, or other stakeholders

3. Assignment of Warranties: Needed when there are transferable warranties or contracts related to improvements made by the tenant

4. Broker Fees Settlement: Include when there are outstanding broker commissions or fees to be addressed

5. Confidentiality: Optional clause for keeping the termination terms confidential

6. Dispute Resolution: Detailed ADR procedures if parties want specific dispute resolution mechanisms

Suggested Schedules

1. Schedule A - Property Details: Detailed description of the leased premises and any included fixtures/fittings

2. Schedule B - Financial Statement: Detailed breakdown of all financial settlements, including security deposit calculations

3. Schedule C - Handover Checklist: Specific list of items to be checked during property surrender

4. Schedule D - Outstanding Obligations: List of any pending obligations, repairs, or payments

5. Appendix 1 - Original Lease Agreement: Copy of the original lease agreement being terminated

6. Appendix 2 - Property Inspection Report: Current condition report of the premises

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
Agreement
Original Lease
Premises
Termination Date
Effective Date
Security Deposit
Handover Date
Outstanding Obligations
Lessor
Lessee
Rental Period
Property
Settlement Amount
Release
Business Day
Force Majeure
Holdover Period
Inspection Report
Terminal Fees
Improvements
Common Areas
Fixtures and Fittings
Utilities
Permitted Use
Building
Clearance Certificate
Keys and Access Devices
Property Manager
Handover Requirements
Dilapidations
Outstanding Rent
Applicable Law
Local Government Unit
Notice
Representatives
Settlement Date
Relevant Industries

Real Estate

Retail

Hospitality

Office Space

Industrial

Manufacturing

Logistics

Healthcare

Education

Technology

Financial Services

Professional Services

Entertainment

Food and Beverage

Relevant Teams

Legal

Real Estate

Facilities Management

Finance

Operations

Risk and Compliance

Property Management

Asset Management

Corporate Services

Administration

Relevant Roles

Real Estate Manager

Property Manager

Facilities Manager

Legal Counsel

Corporate Lawyer

Business Operations Manager

Chief Financial Officer

Commercial Director

Lease Administrator

Asset Manager

Real Estate Director

Compliance Officer

Risk Manager

Finance Director

Operations Director

Industries
Civil Code of the Philippines (Republic Act No. 386): Primary legislation governing contracts and lease agreements in the Philippines, particularly Book IV on Obligations and Contracts, and Title VIII on Leases
Maceda Law (Republic Act No. 6552): While primarily for residential properties, its principles on termination rights and refunds may be relevant by analogy to commercial leases
Rent Control Act of 2009 (Republic Act No. 9653): Although primarily focused on residential properties, it provides general guidelines on rental practices that may be relevant to commercial contexts
Code of Commerce of the Philippines: Provides additional regulations for commercial transactions and business relationships
Local Government Code (Republic Act No. 7160): Contains provisions regarding business permits and local regulations affecting commercial properties
Fire Code of the Philippines (Republic Act No. 9514): Relevant for ensuring compliance with safety requirements that might affect lease termination conditions
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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