Document background
The Termination Of Lease And Surrender Agreement is a crucial legal document used in the Philippines when parties wish to formally end their lease arrangement before its natural expiration or document the surrender process at the end of the lease term. This agreement is essential for both residential and commercial properties, ensuring compliance with Philippine property laws, particularly the Civil Code and the Rent Control Act. It provides a structured framework for documenting the termination process, addressing key aspects such as the condition of the property, settlement of outstanding obligations, return of security deposits, and mutual release of claims. The document becomes particularly important in situations involving early termination, change in property ownership, or when either party requires formal documentation of the lease conclusion for legal or business purposes.
