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Rental Termination Agreement
"I need a Rental Termination Agreement for my commercial office space in Makati City, with an early termination date of March 15, 2025, including provisions for the handover of specialized office equipment and settlement of remaining lease obligations for a five-year lease that was supposed to end in 2027."
1. Parties: Identification of the landlord/lessor and tenant/lessee with complete legal names and addresses
2. Background: Brief description of the existing lease agreement, including its date, property details, and current rental terms
3. Definitions: Definitions of key terms used throughout the agreement
4. Termination Date: Specific date when the lease will be terminated and the tenant will vacate the property
5. Mutual Agreement: Statement confirming both parties agree to terminate the lease voluntarily
6. Final Settlement: Details of all financial settlements including remaining rent, utilities, and other charges
7. Security Deposit: Terms for the return or application of the security deposit
8. Property Inspection: Requirements and process for final property inspection
9. Handover Requirements: Specific conditions for returning the property, including cleaning and repairs
10. Release of Obligations: Mutual release of future obligations under the original lease
11. Governing Law: Confirmation that the agreement is governed by Philippine law
12. Signatures: Space for parties to sign and date the agreement
1. Outstanding Repairs: Details of any repairs required, used when there are specific repair issues to be addressed before termination
2. Personal Property: Provisions regarding abandoned personal property, included when there are concerns about items left behind
3. Keys and Access Devices: Specific provisions about returning keys and access cards, used for properties with special security systems
4. Utilities Transfer: Process for transferring or disconnecting utilities, included when utilities are in tenant's name
5. Forwarding Address: Space for tenant's forwarding address, included when future correspondence is expected
6. Early Termination Fee: Details of any early termination fees, included when termination occurs before lease end date
7. Third-Party Claims: Provisions regarding potential third-party claims, included when there are subtenants or other third-party interests
1. Schedule A - Property Inventory: Detailed inventory of the property condition and fixtures
2. Schedule B - Settlement Calculation: Detailed breakdown of all financial settlements, including rent, deposits, and deductions
3. Schedule C - Inspection Report: Pre-termination inspection report detailing property condition
4. Schedule D - Original Lease Agreement: Copy of the original lease agreement being terminated
5. Appendix 1 - Photographic Evidence: Photos documenting property condition (if applicable)
6. Appendix 2 - Utility Bills: Copies of final utility bills and payment proof
Authors
Original Lease
Property
Premises
Termination Date
Effective Date
Lessor
Lessee
Security Deposit
Outstanding Obligations
Final Settlement Amount
Handover Date
Inspection Report
Rental Period
Common Areas
Utilities
Property Manager
Building
Improvements
Personal Property
Business Day
Force Majeure
Governing Law
Notice
Outstanding Rent
Parties
Settlement Period
Vacant Possession
Wear and Tear
Property Handover
Financial Settlement
Security Deposit
Release and Discharge
Inspection
Utilities
Keys and Access
Personal Property
Representations and Warranties
Indemnification
Governing Law
Dispute Resolution
Notices
Entire Agreement
Severability
Amendment
Further Assurance
Costs
Force Majeure
Confidentiality
Assignment
Waiver
Counterparts
Survival
Real Estate
Retail
Commercial Property
Residential Property
Office Space
Industrial
Hospitality
Education
Healthcare
Manufacturing
Warehousing
Co-working Space
Legal
Real Estate
Facilities Management
Operations
Property Management
Asset Management
Contract Administration
Risk Management
Finance
Administration
Property Manager
Real Estate Manager
Facilities Manager
Legal Counsel
Property Administrator
Leasing Manager
Asset Manager
Real Estate Agent
Corporate Real Estate Manager
Operations Manager
Building Manager
Tenant Relations Manager
Contract Administrator
Property Operations Director
Real Estate Portfolio Manager
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