A Release of Lease Agreement is essential when parties wish to formally terminate a lease before its scheduled end date. This document, governed by Malaysian law, particularly the National Land Code 1965 and Contracts Act 1950, provides legal certainty and protection for both landlords and tenants. It's commonly used when circumstances require early lease termination by mutual agreement, such as business relocations, property sales, or changed circumstances for either party. The agreement includes critical elements such as the effective termination date, settlement of financial obligations, return of security deposits, and mutual releases from future liabilities. In the Malaysian context, proper execution and stamping of the Release of Lease Agreement are crucial for legal enforceability and protection of both parties' interests.
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1. Parties: Identifies the landlord and tenant who are parties to the release agreement
2. Background: References the original lease agreement, property details, and circumstances leading to early termination
3. Definitions: Defines key terms used in the agreement including 'Original Lease', 'Property', 'Release Date', etc.
4. Release Date: Specifies the effective date of the lease termination
5. Mutual Release: States that both parties release each other from future obligations under the lease
6. Security Deposit: Addresses the return or forfeiture of security deposit
7. Outstanding Obligations: Confirms settlement of any outstanding rent, utilities, or other payments
8. Keys and Possession: Confirms return of keys and vacant possession of the property
9. Governing Law: Specifies that Malaysian law governs the agreement
10. Execution: Signature blocks for all parties
1. Property Condition: Used when there are specific agreements about the condition of the property or damage repairs
2. Settlement Payment: Include when there is a negotiated payment as part of the early termination
3. Confidentiality: Used when parties wish to keep the terms of the release confidential
4. Surviving Obligations: Used to specify any obligations that survive the termination
5. Third Party Rights: Include when there are guarantors or other third parties involved in the original lease
6. Tax Provisions: Used when there are specific tax implications that need to be addressed
1. Schedule 1 - Original Lease Details: Copy or details of the original lease agreement including date, parties, and key terms
2. Schedule 2 - Property Details: Detailed description of the property including address and any relevant registration numbers
3. Schedule 3 - Financial Settlement: Breakdown of any financial settlements including security deposit calculations and outstanding payments
4. Schedule 4 - Condition Report: If relevant, details of the property condition and any agreed repairs or deductions
5. Appendix A - Handover Checklist: Checklist for property handover including keys, access cards, and utility readings
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