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Lease Surrender Agreement
"I need a Lease Surrender Agreement for my retail store in Mumbai, where the tenant has agreed to terminate the lease early on March 1, 2025, with a surrender premium of ₹500,000 and specific conditions about fixture removals."
1. Parties: Details of the Landlord/Lessor and Tenant/Lessee, including their legal names, addresses, and any relevant registration numbers
2. Background: Brief recital of the existing lease agreement, its key terms, and the parties' intention to surrender the lease
3. Definitions: Definitions of key terms used in the agreement including 'Lease', 'Premises', 'Surrender Date', 'Surrender Premium' (if applicable)
4. Agreement to Surrender: Clear statement of the mutual agreement to surrender the lease and the effective date of surrender
5. Consideration: Details of any payment or consideration for the surrender, including timing and method of payment
6. Handover Obligations: Tenant's obligations regarding the condition and vacation of the premises
7. Settlement of Accounts: Provisions for settlement of outstanding rent, utilities, maintenance charges, and security deposit
8. Mutual Release: Mutual release from future obligations under the lease, subject to any surviving provisions
9. Representations and Warranties: Standard representations about authority to enter into agreement and no encumbrances
10. Governing Law and Jurisdiction: Specification of Indian law as governing law and relevant jurisdiction for disputes
1. Third Party Rights: Required when there are sub-tenants, licensees, or other third parties with rights over the premises
2. Outstanding Repairs: Needed when there are specific agreements about repairs or restoration of the premises
3. Survival of Covenants: Include when certain lease provisions need to survive the surrender
4. Tax Provisions: Required when there are specific tax implications that need to be addressed
5. Confidentiality: Include when parties wish to keep the terms of surrender confidential
6. Break Fee: Required when there is a penalty or fee for early termination
7. Insurance: Include when there are specific requirements about maintaining insurance during transition period
1. Schedule 1 - Property Description: Detailed description of the premises being surrendered, including address and boundaries
2. Schedule 2 - Original Lease: Copy or details of the original lease agreement being surrendered
3. Schedule 3 - Inventory: List of fixtures, fittings, and equipment to be left/removed from the premises
4. Schedule 4 - Financial Settlement: Detailed breakdown of all financial settlements including rent, deposits, and adjustments
5. Schedule 5 - Handover Checklist: Detailed list of items to be checked during premises handover
6. Appendix A - Condition Report: Current condition report of the premises at the time of surrender
7. Appendix B - Completion Requirements: List of actions required to be completed before the surrender is effective
Authors
Real Estate
Commercial Property
Residential Property
Retail
Office Space
Industrial
Hospitality
Healthcare
Education
Manufacturing
Warehousing
Co-working Space
Legal
Real Estate
Facilities Management
Operations
Administration
Compliance
Property Management
Asset Management
Risk Management
Corporate Affairs
Property Manager
Real Estate Manager
Facilities Manager
Legal Counsel
Corporate Lawyer
Real Estate Attorney
Property Administrator
Lease Administrator
Asset Manager
Operations Manager
Real Estate Director
Compliance Officer
Company Secretary
Contract Manager
Property Developer
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