The Release Of Commercial Lease Agreement is a crucial document used when parties wish to formally terminate their commercial lease relationship before the original lease term expires or at its natural conclusion. This document is particularly important in the Philippine context, where commercial property relationships are governed by both national civil law and local government regulations. It serves to protect both parties by clearly documenting the termination terms, settling all outstanding obligations, and providing mutual releases from future claims. The agreement typically becomes necessary during business relocations, downsizing, or when both parties mutually agree to end their lease arrangement. It must comply with Philippine legal requirements, including proper execution, notarization, and any necessary local government clearances. The document is essential for risk management and provides clear documentation for accounting, tax, and legal purposes.
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1. Parties: Identification of the Landlord and Tenant, including their complete legal names, addresses, and any corporate details
2. Background: Recitals describing the original lease agreement, its key terms, and the parties' desire to terminate the lease
3. Definitions: Key terms used in the agreement, including 'Lease Agreement', 'Termination Date', 'Premises', and 'Outstanding Obligations'
4. Release Date: Specification of the effective date of the release and termination of the lease
5. Mutual Release: Core provision where parties agree to release each other from all obligations under the lease
6. Settlement of Outstanding Obligations: Details of any remaining rent, utilities, or other payments to be settled
7. Return of Security Deposit: Terms for the return of the security deposit, including any deductions
8. Condition of Premises: Confirmation of the condition of the premises upon surrender
9. Representations and Warranties: Statements by both parties confirming their authority to enter into the release agreement
10. Governing Law: Specification that Philippine law governs the agreement
11. Execution: Signature blocks and notarization requirements
1. Confidentiality: Optional clause if parties wish to keep the terms of the release confidential
2. Survival of Obligations: Used when certain obligations need to survive the termination
3. Tax Matters: Include when there are specific tax implications or requirements that need to be addressed
4. Dispute Resolution: Optional mechanism for resolving any future disputes about the release
5. Third Party Rights: Include if there are any third-party beneficiaries or guarantors involved
6. Further Assurance: Optional clause requiring parties to execute additional documents if needed
7. Insurance: Include if there are specific requirements regarding existing insurance policies
1. Schedule 1 - Original Lease Agreement: Copy or key details of the original lease being terminated
2. Schedule 2 - Inventory of Premises: List of any fixtures, fittings, or equipment being returned or transferred
3. Schedule 3 - Settlement Statement: Detailed breakdown of all financial settlements, including security deposit calculations
4. Schedule 4 - Handover Protocol: Checklist and procedure for the physical handover of the premises
5. Appendix A - Required Government Clearances: List of necessary permits, tax clearances, or government documentation required for lease termination
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Retail
Office Space
Industrial
Hospitality
Food and Beverage
Healthcare
Education
Banking and Finance
Manufacturing
Logistics
Technology
Relevant Teams
Legal
Finance
Operations
Facilities Management
Real Estate
Risk Management
Compliance
Administrative Services
Corporate Services
Property Management
Relevant Roles
Property Manager
Real Estate Manager
Facilities Manager
Legal Counsel
Corporate Lawyer
Chief Financial Officer
Finance Director
Operations Manager
Business Owner
Commercial Director
Lease Administrator
Asset Manager
Company Secretary
Risk Manager
Compliance Officer
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