The Early Termination of Lease Agreement is a crucial document used in the Philippines when both parties agree to end a lease arrangement before the originally scheduled termination date. This document is essential in both commercial and residential contexts, ensuring compliance with the Civil Code of the Philippines and relevant property laws. It should be used when there is mutual consent to terminate the lease early, or when provisions in the original lease agreement allow for early termination. The document typically includes key provisions for the termination date, final settlements, property handover procedures, and mutual releases. It protects both parties by clearly documenting the terms of the early termination and helping prevent future disputes. This agreement is particularly relevant in situations involving business relocations, personal circumstances requiring moving, or other scenarios where the original lease term cannot be fulfilled.
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1. Parties: Identification of the Lessor and Lessee with complete names and addresses
2. Background: Reference to the original lease agreement, including its date, property details, and original term
3. Definitions: Key terms used in the agreement including 'Termination Date', 'Original Lease', 'Property', etc.
4. Early Termination Agreement: Mutual agreement to terminate the lease early and specification of the termination date
5. Settlement of Accounts: Details of final rent payment, utilities, and other financial obligations up to termination date
6. Security Deposit: Terms for the return of the security deposit, including any deductions and timeline
7. Property Inspection: Requirements for final inspection and condition assessment of the property
8. Handover Provisions: Process and requirements for returning keys and vacating the property
9. Mutual Release: Release of claims and obligations between parties post-termination
10. Governing Law: Specification that the agreement is governed by Philippine law
11. Execution: Signature blocks and execution requirements
1. Outstanding Repairs: Include when there are specific repair obligations to be addressed before termination
2. Forwarding Address: Include when specific arrangements are needed for future communications or deposit return
3. Third Party Rights: Include when there are subtenants or other third parties with rights related to the property
4. Confidentiality: Include when parties wish to keep the terms of the early termination confidential
5. Survival Clauses: Include when certain obligations from the original lease need to survive termination
6. Tax Provisions: Include when there are specific tax implications that need to be addressed
1. Schedule 1 - Original Lease Agreement: Copy or key details of the original lease agreement being terminated
2. Schedule 2 - Property Inventory: Current inventory and condition report of the property
3. Schedule 3 - Settlement Calculation: Detailed calculation of final payments, deposit deductions, and refunds
4. Schedule 4 - Handover Checklist: List of items to be completed before property handover
5. Appendix A - Property Photographs: Current dated photographs of the property condition (if required)
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Real Estate
Residential Property
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Warehouse and Logistics
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Legal
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Facilities Management
Operations
Risk and Compliance
Property Management
Asset Management
Contract Administration
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Relevant Roles
Property Manager
Real Estate Attorney
Leasing Manager
Facilities Manager
Real Estate Agent
Legal Counsel
Property Administrator
Asset Manager
Tenant Relations Manager
Contract Administrator
Real Estate Operations Manager
Compliance Officer
Risk Manager
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