The Standard Lease Termination Agreement is a crucial document used in Hong Kong when parties wish to formally end a lease before its natural expiration date. This document is essential for both residential and commercial properties in Hong Kong, providing a clear framework for early termination while ensuring compliance with local property laws, particularly the Landlord and Tenant (Consolidation) Ordinance. The agreement should be used whenever there is mutual consent to end a lease early, requiring careful consideration of security deposit returns, outstanding payments, property condition requirements, and the specific termination date. It protects both parties' interests by clearly documenting the agreed terms of termination and preventing future disputes by including comprehensive release clauses and settlement terms.
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1. Parties: Identification of the landlord and tenant, including full legal names and addresses
2. Background: Reference to the original lease agreement, its date, and property details
3. Definitions: Definitions of key terms used in the agreement
4. Termination Date: Specification of the agreed date when the lease will terminate
5. Mutual Agreement to Terminate: Express statement of both parties' agreement to terminate the lease early
6. Return of Property: Conditions for returning the property, including cleaning and repair obligations
7. Security Deposit: Terms for the return or deduction from the security deposit
8. Outstanding Payments: Provisions regarding rent, utilities, and other payments up to termination date
9. Release of Obligations: Mutual release of future obligations under the original lease
10. Governing Law: Confirmation that the agreement is governed by Hong Kong law
11. Entire Agreement: Statement that this document represents the complete agreement regarding termination
12. Execution: Signature blocks for all parties
1. Keys and Access Devices: Details about returning keys, access cards, and other property access devices - include when there are multiple sets or special access systems
2. Forwarding Address: Tenant's new address for future correspondence - include when ongoing communication may be needed
3. Personal Property: Provisions regarding removal of tenant's personal property - include when there are specific items to address
4. Early Termination Fee: Details of any agreed termination fee - include when applicable as part of the termination agreement
5. Utilities and Services: Specific provisions for terminating or transferring utilities - include when utilities are in tenant's name
6. Reference Letter: Agreement to provide a reference letter - include when requested by tenant
7. Confidentiality: Confidentiality provisions regarding the termination - include for sensitive commercial leases
1. Schedule 1 - Property Details: Detailed description of the property including address and any included fixtures/fittings
2. Schedule 2 - Inspection Checklist: Checklist for final property inspection and condition assessment
3. Schedule 3 - Payment Settlement: Detailed breakdown of all financial settlements including deposit deductions if any
4. Appendix A - Original Lease: Copy of the original lease agreement being terminated
5. Appendix B - Property Photographs: Current photographs of the property condition (if required)
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