A Release Of Commercial Lease Agreement is essential when parties wish to terminate a commercial lease before its contractual end date. This document, governed by English and Welsh law, provides legal certainty and protection for both landlord and tenant by clearly documenting the terms of the early termination. It typically includes provisions for the settlement of outstanding obligations, return of deposits, condition of premises, and mutual releases from future liabilities. The agreement ensures compliance with relevant legislation including the Landlord and Tenant Act 1954 and helps prevent future disputes by providing a clear record of the termination terms.
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1. Parties: Details of the landlord and tenant, including full legal names, registered addresses and company numbers if applicable
2. Background: Details of the original lease, its key terms, and circumstances leading to the release
3. Definitions: Key terms used in the agreement including 'Lease', 'Property', 'Release Date', and other relevant defined terms
4. Release Provisions: Core terms of the release including mutual release of obligations, confirmation of surrender, and effective date
5. Payment Terms: Details of any settlement payments, return of deposits, and final reconciliation of service charges
6. Execution: Signature blocks and attestation requirements for all parties
1. Guarantor Release: Used when guarantors need to be released from their obligations under the original lease
2. Outstanding Obligations: Used when specific obligations survive the release or need to be addressed separately
3. Dilapidations Settlement: Used when there are property condition issues to resolve as part of the release
4. VAT Provisions: Used when VAT implications need to be addressed in relation to any payments or settlements
1. Schedule 1 - Original Lease: Copy or details of the lease being released including date, parties, and any variations
2. Schedule 2 - Schedule of Condition: Current condition of the property where relevant to the release terms
3. Schedule 3 - Settlement Schedule: Detailed breakdown of any financial settlements, including calculations and payment terms
4. Schedule 4 - Inventory: List of fixtures, fittings, and equipment being retained or removed from the property
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