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:

  1. the Tenant has agrees to take different premises in the Landlord’s building and will be signing a new lease; and
  2. the Tenant and the Landlord believe it to be in their respective mutual benefit.

Important considerations
Before completing this form, please determine:

  1. Names and addresses of the Landlord and Tenant as well as names of any representatives
  2. Date of original Lease
  3. Address of property
  4. Termination date
  5. Whether the termination is without warranty (transferred to the Landlord as is)
  6. 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)
    1. Amount to be paid
    2. Date of payment
  7. 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.
  8. 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.
  9. List any remaining improvements that will not be removed

Specifications of this Lease Renewal Agreement

  1. Landlord and Tenant can be individuals, registered businesses, corporations or partnerships.
  2. Attach a copy of the original Lease between the Landlord and the Tenant to Schedule A of this Lease Termination Agreement
  3. 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
  4. In Schedule C to this agreement, attach a list of any leasehold improvement that will remain on the premises

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