Lease Termination Agreement
A Lease Termination Agreement is a contract between a Landlord and a Tenant to cancel their existing lease.
*This agreement is intended for commercial leases.
Parties to this document
Landlord: owner of the premises
Tenant: party occupying the premises
When to use this agreement?
A Lease Termination Agreement may be entered for a variety of reasons, including, among others:
- the Tenant has agrees to take different premises in the Landlord’s building and will be signing a new lease; and
- the Tenant and the Landlord believe it to be in their respective mutual benefit.
Before completing this form, please determine:
- Names and addresses of the Landlord and Tenant as well as names of any representatives
- Date of original Lease
- Address of property
- Termination date
- Whether the termination is without warranty (transferred to the Landlord as is)
- Whether a party will pay a certain amount to the other for this Lease Termination Agreement (the amount can be paid by Tenant to Landlord or vice-versa)
- Amount to be paid
- Date of payment
- Whether the Landlord and/or the Tenant should release and discharge the other from any legal liability that could arise out of the Lease
*If this clause is included, the released party cannot be held liable in the future for any damages or other actions regarding the Lease.
- Who should be responsible for removing signs: the Landlord or the Tenant. Also determine the delay for such removal from the date this Termination will be signed.
- List any remaining improvements that will not be removed
Specifications of this Lease Renewal Agreement
- Landlord and Tenant can be individuals, registered businesses, corporations or partnerships.
- Attach a copy of the original Lease between the Landlord and the Tenant to Schedule A of this Lease Termination Agreement
- In Schedule B to this agreement, attach a list of any assets, improvements, equipment and inventory that are not transferred to the Landlord on an ‘as-is’ basis
- In Schedule C to this agreement, attach a list of any leasehold improvement that will remain on the premises
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