The Termination Of Commercial Lease Agreement Template is essential when parties wish to formally end a commercial lease before its natural expiry date under English and Welsh law. It's typically used when both parties mutually agree to end the lease early, or when exercising break clauses. The document covers crucial aspects including the surrender of premises, settlement of outstanding payments, release of deposits, handling of dilapidations, and mutual release from future obligations. It ensures compliance with relevant property legislation and provides legal certainty for all parties involved.
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1. Parties: Details of landlord and tenant, including registered addresses
2. Background: Reference to original lease and reason for termination
3. Definitions: Key terms used in the agreement including 'Lease', 'Property', 'Termination Date'
4. Termination: Core agreement to terminate the lease and surrender the property
5. Release of Obligations: Mutual release of future obligations under the lease
6. Settlement of Accounts: Agreement on final payments and reconciliations
7. Execution: Signature blocks and execution provisions
1. Dilapidations Settlement: Used when there are outstanding repair obligations to be settled - include when property repairs are in dispute or need resolution
2. Return of Deposit: Provisions for returning any rent deposit - include when a rent deposit exists
3. Third Party Consents: Acknowledgment of required consents - include when mortgagee or superior landlord consent is needed
4. VAT Provisions: Special VAT considerations - include when the property is VAT-opted
1. Original Lease: Copy or details of the lease being terminated
2. Schedule of Condition: Current condition of the property at surrender
3. Schedule of Dilapidations: List of repairs required or agreed
4. Settlement Statement: Financial reconciliation including rent, service charges, and other payments
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