The Early Termination of Commercial Lease Agreement is a crucial document used in New Zealand when both landlord and tenant mutually agree to end a commercial lease before its natural expiration date. This document becomes necessary in various situations, such as business restructuring, relocation needs, or changing market conditions. It provides a legally sound framework under New Zealand law, particularly adhering to the Property Law Act 2007 and Contract and Commercial Law Act 2017. The agreement comprehensively addresses key aspects including termination date, financial settlements, property restoration requirements, and mutual releases. It serves to protect both parties' interests while ensuring a clear and orderly transition of the property back to the landlord's control.
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1. Parties: Identification of the landlord and tenant, including full legal names, addresses, and any company registration details
2. Background: Brief overview of the existing lease agreement and the circumstances leading to early termination
3. Definitions: Definitions of key terms used throughout the agreement
4. Termination Date: Specific date when the lease will terminate and the tenant will vacate the premises
5. Mutual Agreement to Terminate: Express agreement by both parties to terminate the lease early
6. Final Payment Obligations: Details of all final payments including rent, operating expenses, and any early termination fees
7. Condition of Premises: Requirements for the condition in which the premises must be returned
8. Return of Security Deposit: Terms and timeline for the return of the security deposit
9. Release of Obligations: Mutual release of future obligations under the original lease
10. Execution: Signing provisions and execution requirements
1. Make Good Obligations: Detailed requirements for premises restoration, used when specific modifications were made during the tenancy
2. Assignment of Third Party Contracts: Provisions for handling any third-party contracts or services, used when such contracts exist
3. Dispute Resolution: Specific dispute resolution procedures, recommended for high-value or complex terminations
4. Confidentiality: Confidentiality provisions regarding the termination terms, used in sensitive commercial situations
5. Surviving Obligations: List of obligations that survive termination, used when certain provisions need to continue
6. Break Fee: Details of any break fee payable, used when early termination penalties apply
1. Schedule 1 - Premises Details: Detailed description of the premises including address and any relevant plans
2. Schedule 2 - Payment Schedule: Detailed breakdown of all final payments, adjustments, and reconciliations
3. Schedule 3 - Make Good Specifications: Detailed specifications for premises restoration if required
4. Appendix A - Original Lease: Copy of the original lease agreement being terminated
5. Appendix B - Condition Report: Current condition report of the premises
6. Appendix C - Settlement Statement: Final settlement statement showing all financial calculations
Relevant legal definitions
Clauses
Relevant Industries
Retail
Commercial Real Estate
Office Space
Industrial
Hospitality
Healthcare
Professional Services
Manufacturing
Warehousing
Education
Technology
Relevant Teams
Legal
Property Management
Operations
Finance
Risk and Compliance
Real Estate
Facilities
Administration
Commercial
Asset Management
Relevant Roles
Property Manager
Facilities Manager
Real Estate Manager
Legal Counsel
Commercial Lawyer
Business Owner
Operations Manager
Chief Financial Officer
Asset Manager
Lease Administrator
Commercial Director
Property Portfolio Manager
Risk Manager
Compliance Officer
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