A Dissolution Of Lease Agreement is used when both parties mutually agree to terminate their lease arrangement before its natural expiration. This document is particularly relevant in Singapore's dynamic property market, where changing business conditions or personal circumstances may necessitate early lease termination. The agreement protects both parties by clearly documenting the termination terms, financial settlements, and release of future obligations. It must comply with Singapore's property laws and regulations, including the Conveyancing and Law of Property Act and relevant provisions of the Civil Law Act.
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Key Requirements PROMPT example:
Dissolution Of Lease Agreement
"I need a Dissolution of Lease Agreement for my retail space in Singapore, where both parties have agreed to terminate the lease early due to renovation works in the building, with the termination date set for March 15, 2025, and specific provisions needed for the removal of tenant's fixtures and fittings."
1. Parties: Identification of landlord and tenant with full legal names and addresses
2. Background: Details of original lease agreement and reasons for dissolution
3. Definitions: Key terms used in the agreement defined for clarity
4. Termination Date: Specific date when lease will be terminated
5. Settlement of Accounts: Handling of security deposit, outstanding rent, and utilities
6. Release of Obligations: Mutual release from lease obligations
1. Property Inspection: Terms and conditions for final inspection and acceptance of the property condition
2. Outstanding Repairs: Agreement on handling any required repairs or restoration works
3. Third Party Rights: Provisions dealing with any third-party interests in the lease such as subletting or assignment rights
1. Schedule 1: Property Details: Detailed description of the leased property including address and specific features
2. Schedule 2: Original Lease Agreement: Copy or reference to the original lease agreement being dissolved
3. Schedule 3: Settlement Calculations: Detailed breakdown of financial settlements including deposit returns and outstanding payments
4. Appendix A: Property Inspection Report: Final condition report of the property including photographs and damage assessment if any
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