The Lease Cancellation Agreement is a vital legal instrument used in Malaysia when parties mutually agree to terminate a lease before its natural expiration date. This document is essential in situations where both landlord and tenant wish to formally end their lease obligations, whether due to business circumstances, property sale, or other mutual agreements. The agreement must comply with Malaysian property law, particularly the National Land Code 1965 and Contracts Act 1950, and typically includes provisions for property handover, financial settlements, and mutual releases. A well-drafted Lease Cancellation Agreement helps prevent future disputes by clearly documenting the terms of separation and ensuring all parties understand their rights and obligations during the termination process.
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1. Parties: Identification of the landlord and tenant, including full names, addresses, and any registration numbers for companies
2. Background: Brief recital of the original lease agreement details and the parties' mutual desire to terminate the lease
3. Definitions: Key terms used in the agreement, including 'Lease Agreement', 'Termination Date', 'Premises', and 'Security Deposit'
4. Termination: Clear statement of the lease termination and its effective date
5. Return of Premises: Conditions for returning the premises, including inspection requirements and acceptance criteria
6. Security Deposit: Terms for the return or forfeit of the security deposit, including any deductions
7. Outstanding Payments: Settlement of any remaining rent, utilities, or other payments due
8. Release and Discharge: Mutual release from future obligations under the original lease
9. Governing Law: Specification that Malaysian law governs the agreement
10. Execution: Signature blocks for all parties and witnesses
1. Handover Procedure: Detailed process for property handover, used when specific inventory or condition checks are required
2. Renovation and Repairs: Include when there are specific requirements for repairs or restoration of the premises
3. Surviving Obligations: Used when certain obligations from the original lease need to survive termination
4. Confidentiality: Include when parties wish to keep the termination terms private
5. Key Return: Specific provisions for returning keys and access devices, used for commercial properties or when multiple sets exist
6. Third Party Rights: Include when there are sublease or third-party interests to address
1. Schedule 1 - Original Lease Details: Copy or summary of key details from the original lease agreement
2. Schedule 2 - Property Inventory: List of fixtures, fittings, and their condition at termination
3. Schedule 3 - Settlement Statement: Detailed breakdown of all financial settlements, including security deposit deductions
4. Appendix A - Handover Checklist: Checklist for property inspection and handover procedures
5. Appendix B - Photographic Evidence: Photos documenting the condition of the premises at termination
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