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Commercial Lease Termination Agreement

Commercial Lease Termination Agreement Template for Canada

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Key Requirements PROMPT example:

Commercial Lease Termination Agreement

"I need a Commercial Lease Termination Agreement for my retail space in Ontario, Canada, with a planned termination date of March 31, 2025, including specific provisions for premises restoration and handling of installed fixtures."

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Document background
The Commercial Lease Termination Agreement is a crucial document used when parties wish to formally end their commercial lease relationship before the originally agreed termination date. This document is particularly relevant in the Canadian legal context, where it must comply with provincial commercial tenancy laws and regulations. It serves to protect both landlord and tenant interests by clearly documenting the terms of lease termination, including premises surrender, financial settlements, and mutual releases. The agreement is commonly used during business relocations, downsizing, or when both parties mutually agree to end their lease relationship. It includes specific provisions required under Canadian law and can be customized based on the applicable provincial jurisdiction, as property law varies across Canadian provinces.
Suggested Sections

1. Parties: Identification of the landlord and tenant, including their legal names and addresses

2. Background: Recitals describing the original lease, its key terms, and the parties' desire to terminate

3. Definitions: Definitions of key terms used throughout the agreement

4. Termination Date: Specific date and time when the lease will terminate

5. Surrender of Premises: Terms and conditions for the tenant's vacation and surrender of the premises

6. Settlement of Accounts: Resolution of outstanding rent, operating costs, utilities, and other financial obligations

7. Security Deposit: Handling and return of security deposit

8. Release of Obligations: Mutual release of future obligations under the lease

9. Return of Keys and Access Cards: Process for returning all means of access to the premises

10. Governing Law: Specification of applicable law and jurisdiction

11. Execution: Signature blocks and execution details

Optional Sections

1. Holdover Provisions: Terms governing any temporary extension of occupancy beyond the termination date

2. Restoration Obligations: Requirements for premises restoration, if applicable

3. Assignment of Subleases: Provisions dealing with any existing subleases, if applicable

4. Environmental Matters: Addressing environmental obligations and liabilities

5. Confidentiality: Terms regarding confidentiality of the termination agreement

6. Survival of Indemnities: Specification of which indemnities survive termination

7. Insurance: Provisions regarding maintenance of insurance post-termination

8. Dispute Resolution: Alternative dispute resolution procedures

9. Break Fee: Terms of any early termination fee or penalty

10. Third Party Consents: Requirements for obtaining consents from third parties

Suggested Schedules

1. Schedule A - Original Lease: Copy or summary of the original lease agreement

2. Schedule B - Premises Condition Report: Documentation of the premises condition at termination

3. Schedule C - Settlement Statement: Detailed calculation of final financial settlements

4. Schedule D - Release Form: Form of mutual release between parties

5. Schedule E - Handover Checklist: List of items to be completed for premises handover

6. Appendix 1 - Existing Damages: Documentation of any existing damage to the premises

7. Appendix 2 - Utility Accounts: List of utility accounts to be transferred or terminated

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
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Relevant Industries

Real Estate

Retail

Office Space

Industrial & Manufacturing

Healthcare

Hospitality

Technology

Professional Services

Banking & Financial Services

Education

Logistics & Warehousing

Entertainment & Leisure

Relevant Teams

Legal

Real Estate

Facilities Management

Finance

Operations

Risk & Compliance

Property Management

Asset Management

Corporate Services

Administration

Relevant Roles

Property Manager

Real Estate Director

Facilities Manager

Legal Counsel

Corporate Real Estate Manager

Chief Financial Officer

Operations Director

Asset Manager

Leasing Manager

Risk Manager

Compliance Officer

Real Estate Portfolio Manager

Business Development Manager

Finance Director

Industries








Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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