The Termination of Commercial Lease agreement is a crucial document used in Malaysian commercial property transactions when parties mutually agree to end their lease arrangement before its natural expiration, or when documenting the formal conclusion of a lease at its intended end date. This document is essential in the Malaysian commercial real estate context, where it must comply with the National Land Code 1965 and the Contracts Act 1950. It addresses key aspects such as the formal release of obligations, settlement of outstanding payments, property handover conditions, and the return of security deposits. The agreement provides legal protection for both landlords and tenants by clearly documenting the terms of lease termination and ensuring all parties understand their rights and obligations during the termination process. It's particularly important in commercial settings where significant financial interests and property assets are involved.
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1. Parties: Identification of the Landlord and Tenant with full legal names, registration numbers (if companies), and addresses
2. Background: Reference to the original lease agreement, its date, the property details, and brief context for the termination
3. Definitions: Definitions of key terms used in the agreement, including 'Lease', 'Property', 'Termination Date', and 'Outstanding Obligations'
4. Termination Agreement: Clear statement of mutual agreement to terminate the lease and the effective termination date
5. Outstanding Obligations: Details of any remaining rent, utility bills, maintenance charges, or other payments due from either party
6. Security Deposit: Provisions regarding the return or forfeiture of the security deposit and timeline for return
7. Handover of Premises: Requirements for the condition of the property upon handover and inspection procedures
8. Release and Discharge: Mutual release from future obligations under the lease, subject to completion of termination conditions
9. Governing Law: Confirmation that the agreement is governed by Malaysian law
10. Execution: Signature blocks for all parties and witnesses
1. Reinstatement Works: Required when the tenant needs to perform restoration work to return the property to its original condition
2. Surviving Provisions: Used when certain provisions of the original lease need to survive the termination
3. Confidentiality: Include when parties wish to keep the termination terms confidential
4. Tax Provisions: Required when there are specific tax implications that need to be addressed
5. Dispute Resolution: Include when parties want to specify a particular method for resolving any disputes arising from the termination
6. Third Party Rights: Include when there are sub-tenants or guarantors involved in the original lease
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 condition report of the premises
3. Schedule 3 - Outstanding Payments: Detailed breakdown of any outstanding amounts owed by either party
4. Schedule 4 - Handover Checklist: Detailed list of items to be checked during the final inspection
5. Appendix A - Property Photos: Current photographs of the property condition (if required)
6. Appendix B - Utility Accounts: List of utility accounts to be transferred or terminated
Relevant legal definitions
Clauses
Relevant Industries
Retail
Office Space
Industrial
Warehousing
Hospitality
Healthcare
Education
Food & Beverage
Financial Services
Technology
Manufacturing
Professional Services
Relevant Teams
Legal
Real Estate
Facilities Management
Operations
Finance
Risk & Compliance
Property Management
Corporate Services
Administration
Relevant Roles
Property Manager
Facilities Manager
Real Estate Director
Legal Counsel
Commercial Director
Operations Manager
Chief Financial Officer
Asset Manager
Leasing Manager
Company Secretary
Risk Manager
Compliance Officer
Business Development Manager
Contract Administrator
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