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Release Of Lease Agreement
"I need a Release of Lease Agreement for my retail shop in Sydney CBD, where both my tenant and I have agreed to terminate the lease early on March 1, 2025, due to their business relocation, with specific provisions for the removal of custom-built shop fittings."
1. Parties: Identifies and defines the Landlord/Lessor and Tenant/Lessee with their full legal names and addresses
2. Background: Recitals describing the existing lease agreement, its key terms, and the parties' intention to terminate it
3. Definitions: Defines key terms used throughout the agreement including 'Lease', 'Premises', 'Release Date', and 'Outstanding Obligations'
4. Release Date: Specifies the effective date of the lease termination and release
5. Mutual Release: Core provision where parties agree to release each other from future obligations under the lease
6. Settlement of Accounts: Details the final settlement of rent, utilities, security deposit, and other financial matters
7. Condition of Premises: Addresses the state of the premises upon surrender and any make-good obligations
8. Representations and Warranties: Statements by both parties confirming their authority to enter into the release agreement
9. Governing Law: Specifies that Australian law governs the agreement
10. Execution: Signature blocks for all parties and witnesses
1. Surviving Obligations: Lists any obligations that will continue after the release, such as confidentiality - include when there are specific terms that should survive
2. Third Party Consents: Required when the release needs approval from mortgagees, guarantors, or other third parties
3. Insurance Claims: Include when there are pending insurance claims or potential claims that need to be addressed
4. Assignment of Rights: Include when either party needs to transfer any rights or obligations to third parties
5. Dispute Resolution: Include when parties want specific procedures for resolving future disputes
6. Confidentiality: Include when parties want to keep the terms of the release private
7. Return of Keys and Access Devices: Include for commercial properties or when there are special access devices to be returned
8. Outstanding Works: Include when there are incomplete repairs, renovations, or improvements that need to be addressed
1. Schedule 1 - Original Lease Details: Copy or summary of key details from the original lease agreement
2. Schedule 2 - Settlement Calculations: Detailed breakdown of all financial settlements including rent, utilities, and security deposit
3. Schedule 3 - Inventory of Fixtures and Fittings: List of items being returned or retained, with their condition noted
4. Schedule 4 - Premises Condition Report: Current condition of the premises compared to initial condition
5. Appendix A - Required Notices: Copies of any statutory notices or third-party consents
6. Appendix B - Evidence of Compliance: Documentation showing compliance with make-good obligations or other requirements
Authors
Real Estate
Commercial Property
Retail
Industrial
Residential Property
Healthcare
Education
Hospitality
Manufacturing
Professional Services
Warehouse and Logistics
Agricultural
Legal
Property Management
Operations
Facilities
Contract Administration
Risk and Compliance
Real Estate
Asset Management
Leasing
Finance
Administration
Property Manager
Lease Administrator
Legal Counsel
Real Estate Agent
Facility Manager
Asset Manager
Property Officer
Tenancy Coordinator
Contract Manager
Operations Manager
Commercial Manager
Business Owner
Company Director
Compliance Officer
Risk Manager
Portfolio Manager
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