The Early Lease Termination Agreement is a crucial legal instrument in Singapore's property market, designed to facilitate the orderly early termination of lease agreements. This document becomes necessary when circumstances require either the landlord or tenant to end the lease prematurely, whether due to financial constraints, relocation needs, or mutual agreement. The agreement ensures compliance with Singapore's property laws while protecting both parties' interests through clear documentation of termination terms, financial settlements, and release of obligations. It addresses key aspects such as security deposit handling, property condition requirements, and utility settlements, providing a comprehensive framework for lease termination.
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1. Parties: Identification and details of landlord and tenant
2. Background: Details of original lease and circumstances leading to early termination
3. Definitions: Key terms used throughout the agreement
4. Termination Date: Agreed date of early termination and notice requirements
5. Settlement Terms: Financial settlement including security deposit and outstanding payments
6. Handover Obligations: Property condition and reinstatement requirements
7. Mutual Release: Release of parties from future obligations under original lease
1. Utilities Settlement: Terms for settling utility bills and transfer of accounts - include when utilities are not included in rent
2. Property Inspection: Process for final inspection and condition assessment - include when specific inspection requirements exist
3. Third Party Agreements: Handling of any sub-leases or third-party contracts - include when sub-tenants or service providers are involved
1. Schedule 1: Original Lease: Copy of the original lease agreement being terminated
2. Schedule 2: Property Inventory: List of fixtures and fittings to be handed over
3. Schedule 3: Settlement Calculation: Detailed breakdown of financial settlement including prorated rent, deposit deductions, and outstanding payments
4. Appendix A: Handover Checklist: Detailed checklist for property handover process and condition requirements
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