Surrender Of Tenancy Agreement Template for Philippines

The Surrender of Tenancy Agreement is utilized when both landlord and tenant mutually agree to terminate an existing lease agreement before its natural expiration. This document, governed by Philippine law, particularly the Civil Code of the Philippines and the Rent Control Act, serves as a formal record of the agreed early termination and protects both parties' interests. It becomes necessary when circumstances such as relocation, property sale, or mutual agreement to end the tenancy arise. The agreement includes crucial details about the surrender date, property condition requirements, security deposit settlement, outstanding payments, and mutual release of obligations. It's essential for ensuring a smooth and legally compliant transition of property possession back to the landlord while preventing future disputes.

1. Parties: Identification of the Landlord and Tenant with complete legal names and addresses

2. Background: Details of the original lease agreement including date of execution, property description, and current rental terms

3. Definitions: Key terms used throughout the agreement including 'Surrender Date', 'Property', 'Original Lease', and 'Security Deposit'

4. Agreement to Surrender: Clear statement of mutual agreement to terminate the lease early and surrender the premises

5. Surrender Date: Specific date and time when the tenant will vacate and return possession of the property

6. Tenant's Obligations: List of tenant's responsibilities including property condition, removal of belongings, and returning keys

7. Security Deposit Settlement: Terms for the return or deduction from security deposit, including timeline and condition assessment process

8. Final Payments: Details of final rent payment, utility bills settlement, and any other financial obligations

9. Release of Obligations: Mutual release of future obligations under the original lease agreement

10. Governing Law: Specification that the agreement is governed by Philippine law

11. Execution: Signature blocks for all parties and witnesses