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Lease Termination Agreement

Lease Termination Agreement Template for Saudi Arabia

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Key Requirements PROMPT example:

Lease Termination Agreement

"I need a Lease Termination Agreement for a commercial warehouse in Riyadh, with an early termination date of March 1, 2025, including provisions for the return of a 100,000 SAR security deposit and settlement of outstanding utility bills."

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Document background
The Lease Termination Agreement is a crucial document used when parties to a lease in Saudi Arabia mutually agree to end their rental relationship before the natural expiration of the lease term, or to formally document the end of a lease. This agreement ensures compliance with Saudi Arabian law and Sharia principles while protecting both parties' interests. It addresses key aspects such as property handover, financial settlements, and mutual releases from future obligations. The document is particularly important in the Saudi context due to specific local legal requirements, including proper documentation for municipality records and the Ejari system. The agreement helps prevent future disputes by clearly outlining termination terms and ensuring all parties understand their rights and obligations during the termination process.
Suggested Sections

1. Parties: Identification of the landlord and tenant, including their full legal names, addresses, and national ID/CR numbers as required under Saudi law

2. Background: Reference to the original lease agreement, its date, property details, and the parties' mutual desire to terminate

3. Definitions: Key terms used in the agreement, including 'Termination Date', 'Property', 'Original Lease', and any specific Saudi legal terms

4. Termination: Clear statement of lease termination, specifying the effective date and mutual agreement of the parties

5. Property Handover: Terms for returning the property, including condition requirements and inspection procedures

6. Settlement of Accounts: Details of final rent payment, security deposit return, and settlement of any outstanding utilities or charges

7. Release and Waiver: Mutual release from future obligations under the lease, subject to completion of stated conditions

8. Governing Law and Jurisdiction: Confirmation that Saudi law governs the agreement and specification of competent courts

9. Language: Specification that Arabic is the governing language if the agreement is bilingual

10. Execution: Signature blocks compliant with Saudi requirements, including witness provisions if required

Optional Sections

1. Restoration Works: Details of any required property restoration or repairs, used when the property requires specific work before handover

2. Outstanding Violations: Addressing any municipal violations or fines, included when there are existing violations to be resolved

3. Third Party Rights: Provisions dealing with any sublease or third-party interests, included when relevant

4. Confidentiality: Provisions for keeping the termination terms confidential, typically used in commercial leases

5. Tax Provisions: Specific provisions regarding VAT or other tax implications, included for commercial properties or when significant tax considerations exist

6. Insurance: Provisions regarding termination of insurance policies, included when insurance obligations exist under the original lease

Suggested Schedules

1. Property Inventory: Detailed list of property condition and fixtures at termination

2. Settlement Statement: Detailed breakdown of all financial settlements, including rent, deposits, and adjustments

3. Handover Protocol: Checklist and procedure for physical handover of the property

4. Original Lease Details: Summary or copy of key terms from the original lease agreement

5. Required Notices: Copies of any required notices or correspondence regarding the termination

6. Utility Account Details: List of utility accounts and status of final readings/payments

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok成人版 | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
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Relevant Industries

Real Estate

Commercial Property

Residential Property

Retail

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Relevant Teams

Legal

Real Estate

Facilities Management

Operations

Finance

Compliance

Administration

Property Management

Asset Management

Contract Management

Relevant Roles

Property Manager

Real Estate Manager

Facilities Manager

Legal Counsel

Corporate Lawyer

Real Estate Director

Operations Manager

Asset Manager

Leasing Manager

Contract Administrator

Property Administrator

Compliance Officer

Real Estate Agent

Building Manager

Finance Manager

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Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks, 聽Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination, 聽Severance Pay, Governing Law, Entire Agreemen

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