The Early Termination Of Commercial Lease Agreement is a crucial document used in the Philippines when parties mutually agree to end a commercial lease before its original expiration date. This document becomes necessary in various situations, such as business restructuring, relocation needs, or changing market conditions. It must comply with the Civil Code of the Philippines and local commercial property regulations, particularly regarding notice periods and settlement requirements. The agreement typically includes detailed provisions for financial settlements, property handover procedures, mutual releases, and ongoing obligations. It serves to protect both parties' interests while ensuring a clear and legally compliant path to terminating the lease relationship. The document is particularly important in the Philippine context where commercial property relationships are heavily regulated and formal documentation is essential for legal certainty.
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1. Parties: Identification of the Lessor and Lessee, including their complete legal names, addresses, and corporate details if applicable
2. Background: Reference to the original lease agreement, its date of execution, property description, and brief context for the early termination
3. Definitions: Key terms used in the agreement, including 'Termination Date', 'Outstanding Obligations', 'Security Deposit', etc.
4. Termination Agreement: Clear statement of mutual agreement to terminate the lease, specifying the effective termination date
5. Settlement of Accounts: Details of all financial settlements, including rent, utilities, security deposit, advance payments, and any other financial obligations
6. Handover Procedures: Process and requirements for returning the premises, including condition requirements and inspection procedures
7. Mutual Release: Release of claims and liabilities between parties post-termination, subject to fulfillment of agreement terms
8. Confidentiality: Obligations regarding confidentiality of the termination agreement and related information
9. Governing Law: Specification of Philippine law as governing law and jurisdiction for any disputes
10. Execution: Signature blocks and execution requirements for both parties
1. Reinstatement Obligations: Detailed requirements for property restoration, used when the original lease requires specific reinstatement conditions
2. Surviving Obligations: List of obligations that continue after termination, used when there are specific ongoing responsibilities
3. Third Party Consents: Requirements for obtaining third party approvals, used when the lease termination requires consent from mortgagees, guarantors, or other parties
4. Insurance: Provisions regarding insurance coverage during the handover period, used when there's a gap between termination and actual vacancy
5. Broker Fees: Settlement of any broker or agent fees, used when brokers were involved in the original lease
6. Tax Provisions: Specific tax-related obligations and arrangements, used when there are significant tax implications
1. Schedule 1 - Property Details: Detailed description of the leased premises including address, floor area, and included fixtures
2. Schedule 2 - Settlement Calculation: Detailed breakdown of all financial settlements including rent, utilities, deposits, and other charges
3. Schedule 3 - Handover Checklist: Itemized list of inspection points and condition requirements for property handover
4. Schedule 4 - Outstanding Obligations: List of any pending obligations to be fulfilled by either party
5. Appendix A - Original Lease Agreement: Copy of the original lease agreement for reference
6. Appendix B - Condition Report: Current condition report and photographs of the premises
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Retail
Commercial Property
Hospitality
Office Space
Industrial
Warehousing
Banking and Financial Services
Healthcare
Education
Food and Beverage
Technology
Relevant Teams
Legal
Real Estate
Facilities Management
Operations
Finance
Compliance
Risk Management
Property Management
Asset Management
Administrative Services
Relevant Roles
Property Manager
Facilities Manager
Real Estate Director
Commercial Lease Administrator
Legal Counsel
Corporate Lawyer
Operations Manager
Chief Financial Officer
Business Development Manager
Asset Manager
Tenant Relations Manager
Compliance Officer
Risk Manager
Corporate Real Estate Manager
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