The Release Of Commercial Lease Agreement is a crucial document used when both landlord and tenant agree to terminate a commercial lease before its natural expiry date. This document, governed by Irish law and particularly the Landlord and Tenant Acts, provides a clear legal framework for ending the lease relationship and ensuring all parties are protected. It's commonly used during business relocations, downsizing, or when either party wishes to end the lease arrangement early by mutual consent. The agreement covers essential elements including the formal surrender of the lease, release of obligations, property handover requirements, and settlement of any outstanding matters such as service charges or dilapidations. It's particularly important in the Irish commercial property market where formal documentation of lease surrenders is required for legal certainty and proper property registration.
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1. Parties: Identification of the Landlord and Tenant, including full legal names and addresses
2. Background: Recitals outlining the existence of the current lease, its key details, and the parties' intention to terminate it
3. Definitions: Definitions of key terms used in the agreement, including 'Lease', 'Property', 'Release Date', etc.
4. Surrender: The formal surrender of the lease by the tenant and acceptance by the landlord
5. Release and Discharge: Mutual release of parties from their obligations under the lease
6. Return of Property: Confirmation of property handover conditions and requirements
7. Security Deposit: Arrangements for the return or retention of any security deposit
8. Governing Law: Confirmation that the agreement is governed by Irish law
9. Execution: Signature blocks and execution provisions
1. Outstanding Payments: Used when there are rent arrears or other payments to be settled as part of the release
2. Dilapidations: Include when there are specific arrangements regarding repair obligations or settlement of dilapidations
3. Service Charges: Required when dealing with final service charge reconciliation
4. Keys and Security Devices: Include when there are specific arrangements for returning access devices
5. Confidentiality: Optional clause if parties wish to keep the terms of the release confidential
6. Third Party Consent: Include when mortgagee or guarantor consent is required for the release
7. VAT Provisions: Include when there are VAT implications to be addressed
1. Schedule 1 - Property Details: Detailed description of the leased property being surrendered
2. Schedule 2 - Original Lease: Details of the original lease including date, parties, and any variations
3. Schedule 3 - Inventory: List of any fixtures, fittings or equipment included in the surrender
4. Schedule 4 - Condition Report: Current condition of the property (if relevant to the surrender terms)
5. Appendix A - Required Forms: Any statutory forms required for the surrender process
6. Appendix B - Photographic Schedule: Photographs documenting the condition of the property at surrender
Relevant legal definitions
Clauses
Relevant Industries
Retail
Office Commercial
Industrial
Hospitality
Healthcare
Technology
Professional Services
Manufacturing
Warehousing and Distribution
Financial Services
Relevant Teams
Legal
Real Estate
Facilities Management
Operations
Finance
Corporate Services
Property Management
Risk and Compliance
Administrative Services
Relevant Roles
Property Manager
Facilities Manager
Real Estate Director
Commercial Lawyer
Legal Counsel
Company Secretary
Operations Director
Chief Financial Officer
Asset Manager
Lease Administrator
Property Portfolio Manager
Commercial Property Solicitor
Business Operations Manager
Corporate Real Estate Manager
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