The Termination of Commercial Lease agreement is essential for businesses and property owners in Canada who need to formally end their commercial tenancy relationship. This document is typically used when both parties mutually agree to terminate a lease before its natural expiration, or when documenting the formal end of a lease at its conclusion. It includes critical provisions required under Canadian federal and provincial commercial tenancy laws, such as the Commercial Tenancies Act and relevant property legislation. The agreement covers key aspects such as final payment settlements, property surrender conditions, security deposit handling, and mutual releases. This document helps prevent future disputes by clearly documenting the terms of separation and ensuring both parties understand their rights and obligations during the termination process.
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1. Parties: Identification of the Landlord and Tenant, including their legal names and addresses
2. Background: Reference to the original lease agreement, its date, and property description
3. Definitions: Key terms used in the termination agreement including 'Lease', 'Premises', 'Termination Date', and 'Security Deposit'
4. Termination Agreement: Mutual agreement to terminate the lease and the effective termination date
5. Outstanding Obligations: Statement of any remaining rent, utilities, or other charges due up to the termination date
6. Property Condition and Surrender: Requirements for the condition in which the tenant must return the premises
7. Security Deposit: Agreement on the handling and return of the security deposit
8. Mutual Release: Release of claims and obligations between parties post-termination
9. Keys and Access Devices: Requirements for returning all keys, access cards, and security devices
10. Governing Law: Specification that the agreement is governed by Canadian law
11. Execution: Signature blocks for all parties and date of execution
1. Holdover Period: Terms for any temporary extension of occupancy beyond the termination date
2. Assignment and Subleases: Termination of any existing subleases or assignments
3. Surviving Obligations: Specification of any lease obligations that survive termination
4. Personal Property: Provisions for removal or abandonment of tenant's personal property
5. Confidentiality: Requirements to keep the termination terms confidential
6. Insurance: Requirements for maintaining insurance during move-out period
7. Representations and Warranties: Additional assurances from either party regarding their authority and compliance
8. Dispute Resolution: Process for resolving any disputes arising from the termination
1. Schedule A - Original Lease: Copy or summary of the original lease agreement
2. Schedule B - Property Inspection Report: Current condition report of the premises
3. Schedule C - Payment Settlement: Detailed breakdown of final payments, including any pro-rated rent or utilities
4. Schedule D - Security Deposit Calculation: Itemized list of any deductions from security deposit
5. Schedule E - Move-out Checklist: Detailed requirements for property restoration and cleaning
6. Appendix 1 - Photos: Photographic evidence of property condition at termination
7. Appendix 2 - Utilities Transfer Form: Forms for transferring or disconnecting utility services
Authors
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Retail
Office Space
Industrial
Hospitality
Healthcare
Professional Services
Manufacturing
Warehousing
Technology
Financial Services
Education
Food and Beverage
Relevant Teams
Legal
Real Estate
Facilities Management
Operations
Finance
Risk and Compliance
Property Management
Asset Management
Business Development
Administration
Relevant Roles
Property Manager
Real Estate Manager
Facilities Manager
Legal Counsel
Business Owner
Operations Director
Chief Financial Officer
Commercial Lease Administrator
Asset Manager
Real Estate Director
Compliance Officer
Risk Manager
Commercial Property Agent
Corporate Real Estate Manager
Business Development Manager
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