The Early Termination of Commercial Lease Agreement Template is designed for use in situations where both landlord and tenant agree to end their commercial lease arrangement before the originally scheduled termination date. This document is specifically tailored for the Australian legal context, incorporating requirements from relevant state and federal legislation governing commercial property leases. It provides a comprehensive framework for documenting the terms of early termination, including critical elements such as termination date, settlement amounts, premises handover conditions, and mutual releases. The template is particularly valuable in today's dynamic business environment where commercial circumstances may necessitate lease flexibility. It includes provisions for security deposit handling, make-good obligations, and outstanding payment settlements, while ensuring compliance with Australian commercial property law and tenancy regulations.
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1. Parties: Identifies and provides full legal details of the landlord and tenant
2. Background: Outlines the existing lease arrangement and the context for early termination
3. Definitions: Defines key terms used throughout the agreement
4. Termination Date: Specifies the exact date when the lease will terminate
5. Mutual Agreement to Terminate: States the parties' mutual consent to terminate the lease early
6. Settlement Amount: Details any payment required for the early termination
7. Return of Premises: Specifies the condition in which the premises must be returned
8. Security Deposit: Addresses the handling and return of the security deposit
9. Release and Waiver: Mutual release of claims related to the lease
10. Confidentiality: Requirements for keeping the termination terms confidential
11. Governing Law: Specifies the applicable law and jurisdiction
12. Execution: Formal signing section including witness requirements
1. Make Good Obligations: Details specific requirements for premises restoration, used when the original lease contains make good provisions
2. Assignment of Rights: Used when there's a new tenant taking over the premises
3. Outstanding Obligations: Addresses any remaining rent, utilities, or other payments, needed if there are unresolved financial matters
4. Holdover Period: Included when a brief extension period is needed before final vacancy
5. Third Party Consents: Required when other parties' approval is needed for termination
6. Insurance Requirements: Specifies insurance obligations during the termination period
7. Dispute Resolution: Detailed dispute resolution procedures, recommended for high-value or complex terminations
1. Schedule 1 - Premises Details: Detailed description of the premises including address and any included fixtures
2. Schedule 2 - Original Lease Details: Summary of key terms from the original lease agreement
3. Schedule 3 - Settlement Calculations: Detailed breakdown of any termination payments or adjustments
4. Schedule 4 - Condition Report: Current condition of the premises and required repairs or modifications
5. Appendix A - Make Good Specifications: Detailed requirements for premises restoration if applicable
6. Appendix B - Outstanding Payments Schedule: List of any outstanding payments or adjustments required
7. Appendix C - Handover Checklist: Checklist for final inspection and keys handover process
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