The Early Termination Of Lease Agreement Form is a essential legal document used when both parties agree to end a lease before its scheduled completion date. This document, governed by English and Welsh law, provides a formal framework for terminating the lease early while protecting the interests of all parties involved. It includes crucial details such as the termination date, financial settlements, property condition requirements, and the process for returning keys and security deposits. The form ensures compliance with relevant legislation including the Landlord and Tenant Act 1985 and the Housing Act 1988.
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Key Requirements PROMPT example:
Early Termination Of Lease Agreement Form
"I need an Early Termination Of Lease Agreement Form for a commercial property in Manchester, where the tenant has requested to end their 5-year lease early on March 1, 2025, due to business relocation, and we've agreed to waive the break fee."
1. Parties: Details of landlord and tenant, including full legal names, addresses, and contact information
2. Background: Reference to original lease agreement, its date, and the mutually agreed reason for early termination
3. Definitions: Key terms used in the agreement including 'Property', 'Original Lease', 'Termination Date', and other relevant definitions
4. Termination Date: Specific date when the lease will terminate and confirmation of mutual agreement to this date
5. Financial Settlement: Terms of any payment or refund arrangements, including final rent calculation and any pro-rata adjustments
6. Property Handover: Conditions for returning the property, including cleaning requirements and key return process
1. Break Fee: Details of any early termination fee and payment terms, if applicable under the original lease
2. Deposit Arrangements: Terms for the return of security deposit, including timeline and conditions for return
3. Outstanding Obligations: Provisions for handling any remaining tenant obligations or ongoing maintenance issues
4. Utilities and Council Tax: Arrangements for final meter readings and transfer of utility accounts
1. Schedule 1: Property Inventory: Detailed list of property contents and their condition at termination
2. Schedule 2: Outstanding Payments: Comprehensive list of any unpaid rent, charges, or other financial obligations
3. Appendix A: Original Lease: Copy of the original lease agreement for reference
4. Appendix B: Property Inspection Report: Detailed assessment of property condition at termination
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