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Commercial Lease Termination Agreement
"Need a Commercial Lease Termination Agreement for my retail store in Auckland CBD, with a mutually agreed early termination date of March 15, 2025, including terms for a $50,000 early termination fee and the return of a $25,000 security deposit."
1. Parties: Identification of the landlord and tenant, including their full legal names, addresses, and company details if applicable
2. Background: Brief overview of the existing lease arrangement, including original lease date, premises details, and reason for termination
3. Definitions: Definitions of key terms used throughout the agreement, including 'Premises', 'Lease', 'Termination Date', and other relevant terms
4. Termination Date: Specific date when the lease will terminate and the tenant's occupation rights will cease
5. Outstanding Obligations: Details of any rent, operating expenses, or other amounts owing up to the termination date
6. Return of Premises: Requirements for returning the premises, including condition requirements and inspection procedures
7. Security Deposit: Arrangements for the return or application of any security deposit or bank guarantee
8. Release and Discharge: Mutual release of parties from future obligations under the lease, subject to any surviving obligations
9. Confidentiality: Obligations regarding confidentiality of the termination agreement and its terms
10. Execution: Formal execution clauses and signing requirements
1. Make-Good Obligations: Specific requirements for premises restoration, used when the tenant needs to return the premises to original condition
2. Dispute Resolution: Specific dispute resolution procedures, included when parties want to specify a particular process for resolving disputes
3. Surviving Obligations: List of obligations that continue after termination, included when specific obligations need to survive
4. Assignment of Rights: Provisions dealing with assignment of lease rights, included when there's a third party involved
5. Insurance: Specific insurance requirements during the termination period, included when there are ongoing insurance obligations
6. Holdover Provisions: Terms governing any period of occupation after the termination date, included when there might be a delay in vacancy
7. Third Party Consents: Requirements for obtaining consents from third parties, included when mortgagee or other consents are needed
1. Schedule 1 - Premises Details: Detailed description of the premises including address, floor area, and any included fixtures
2. Schedule 2 - Outstanding Amounts: Itemized list of all outstanding amounts including rent, operating expenses, and other charges
3. Schedule 3 - Condition Report: Current condition report of the premises, including photographs if applicable
4. Schedule 4 - Make-Good Requirements: Detailed list of make-good works required (if applicable)
5. Schedule 5 - Settlement Payments: Details of any termination or settlement payments agreed between the parties
6. Appendix A - Original Lease: Copy of the original lease agreement and any variations
7. Appendix B - Keys and Access Devices: Inventory of all keys, access cards, and security devices to be returned
Authors
Real Estate
Retail
Office Commercial
Industrial
Hospitality
Healthcare
Education
Professional Services
Manufacturing
Logistics
Banking and Finance
Technology
Legal
Finance
Operations
Facilities Management
Real Estate
Risk and Compliance
Administrative Services
Property Management
Asset Management
Corporate Services
Chief Executive Officer
Chief Financial Officer
Chief Operating Officer
Property Manager
Facilities Manager
Real Estate Manager
Legal Counsel
Commercial Lawyer
Operations Manager
Finance Manager
Business Development Manager
Asset Manager
Lease Administrator
Property Administrator
Company Secretary
Risk Manager
Compliance Officer
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