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Write a Commercial Lease Termination Agreement for a tenant vacating a property.
Commercial Lease Termination Agreement
COMMERCIAL LEASE TERMINATION AGREEMENT
This Commercial Lease Termination Agreement ("Agreement") is made and entered into as of [Date], by and between [Landlord's Full Name], with an address at [Landlord's Address] ("Landlord"), and [Tenant's Full Name], with an address at [Tenant's Address] ("Tenant").
WHEREAS, Landlord and Tenant entered into a Commercial Lease Agreement dated [Original Lease Date] (the "Lease") for the premises located at [Property Address] (the "Premises");
WHEREAS, the Lease is set to expire on [Original Lease Expiration Date];
WHEREAS, Tenant desires to terminate the Lease early and vacate the Premises on [Early Termination Date];
WHEREAS, Landlord agrees to the early termination of the Lease under the terms and conditions set forth in this Agreement;
NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein, the parties hereto agree as follows:
1. Termination of Lease
1.1 The Lease shall terminate on [Early Termination Date] (the "Termination Date"). 1.2 Tenant shall vacate the Premises and return possession thereof to Landlord on or before the Termination Date.
2. Condition of Premises
2.1 Tenant agrees to return the Premises to Landlord in the same condition as received, reasonable wear and tear excepted. 2.2 Tenant shall remove all personal property and repair any damage caused by such removal.
3. Rent and Other Payments
3.1 Tenant shall pay all rent and other charges due under the Lease up to and including the Termination Date. 3.2 Tenant shall pay a termination fee of [Termination Fee Amount] to Landlord on or before the Termination Date.
4. Security Deposit
4.1 Landlord shall return the security deposit to Tenant, less any deductions for damages or unpaid rent, within [Number of Days] days after the Termination Date.
5. Release of Liability
5.1 Upon the Termination Date, Tenant shall be released from any further liability under the Lease, except for obligations that expressly survive termination.
6. Indemnification
6.1 Tenant agrees to indemnify and hold Landlord harmless from any claims, damages, or expenses arising from Tenant's occupancy of the Premises up to the Termination Date.
7. Governing Law
7.1 This Agreement shall be governed by and construed in accordance with the laws of the Republic of Kenya.
8. Entire Agreement
8.1 This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior agreements and understandings, whether written or oral, relating to such subject matter.
9. Amendments
9.1 This Agreement may not be amended or modified except by a written agreement signed by both parties.
10. Notices
10.1 Any notice required or permitted to be given under this Agreement shall be in writing and shall be deemed to have been given when delivered personally, sent by registered mail, or sent by email to the addresses set forth above.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written.
[Landlord's Full Name]
Landlord
Signature: ___________________________
Date: _______________________________
[Tenant's Full Name]
Tenant
Signature: ___________________________
Date: _______________________________
Conclusion
This Commercial Lease Termination Agreement outlines the terms and conditions under which a tenant may terminate their lease early and vacate the property. It includes provisions for the condition of the premises, rent and other payments, security deposit, release of liability, indemnification, governing law, entire agreement, amendments, and notices. Both parties must sign the agreement to make it legally binding.
TLDR: This document is a Commercial Lease Termination Agreement for a tenant vacating a property, detailing the terms and conditions for early lease termination, including rent payments, condition of the premises, and release of liability.
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Answered by mwakili.com