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1. Parties: Identification of the Lessor and Lessee with their complete legal names and addresses
2. Background: Brief recital of the original lease agreement details including date of execution, property description, and term of lease
3. Definitions: Definitions of key terms used in the agreement including 'Effective Date', 'Original Lease', and 'Property'
4. Mutual Agreement to Cancel: Clear statement of both parties' agreement to terminate the lease and the effective date of cancellation
5. Settlement of Obligations: Statement addressing the settlement of any outstanding rent, utilities, or other payments
6. Return of Security Deposit: Terms for the return of the security deposit, including timing and any deductions
7. Property Surrender: Conditions for the surrender of the property, including its required condition
8. Release of Liabilities: Mutual release of future obligations and liabilities under the original lease
9. Governing Law: Statement that the agreement is governed by Philippine law
10. Execution: Signature blocks for all parties and witnesses
1. Property Inspection: Details of final inspection procedures and documentation, used when there are specific condition requirements for property return
2. Outstanding Repairs: List of any repairs or maintenance issues to be resolved, included when there are unresolved maintenance matters
3. Forwarding Address: Lessee's forwarding address for future correspondence, included for residential leases
4. Keys and Access Devices: Specific provisions about return of keys and access devices, used for properties with security systems or multiple access points
5. Third Party Notifications: Requirements for notifying utility companies or other relevant parties, included when such notifications are necessary
1. Schedule A - Property Condition Report: Detailed documentation of the property's condition at the time of cancellation
2. Schedule B - Settlement Statement: Detailed breakdown of all financial settlements including security deposit deductions if any
3. Schedule C - Inventory of Fixtures and Fittings: List of any fixtures or fittings and their condition, if relevant to the property surrender
4. Appendix 1 - Copy of Original Lease: Reference copy of the original lease agreement being cancelled
5. Appendix 2 - Photographic Evidence: Photos documenting the property's condition at surrender, if required
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