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Early Termination Of Lease Agreement Template for New Zealand

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Key Requirements PROMPT example:

Early Termination Of Lease Agreement

"I need an Early Termination of Lease Agreement for my commercial retail space in Auckland CBD, where my tenant and I have mutually agreed to end the lease on March 1, 2025, due to planned major renovations, and we need to include specific make-good provisions and a staged exit plan."

Document background
The Early Termination of Lease Agreement is a crucial document used in New Zealand when both landlord and tenant agree to end a lease before its scheduled expiration date. This document is essential for properly documenting the mutual agreement to terminate, protecting both parties' interests, and ensuring compliance with New Zealand property law, including the Residential Tenancies Act 1986 for residential properties or relevant commercial property legislation. It typically includes key information such as the termination date, final payment arrangements, property handover requirements, bond refund terms, and mutual releases from future obligations. The agreement is particularly relevant in situations such as tenant relocation, property sale, or other circumstances where both parties agree to end the lease early. It helps prevent future disputes by clearly documenting the terms of the early termination and ensuring all parties understand their rights and obligations.
Suggested Sections

1. Parties: Identification of the landlord/lessor and tenant/lessee with full legal names and addresses

2. Background: Brief recital of the original lease details, including date of execution, property address, and current term

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

4. Termination Date: Clear statement of the agreed early termination date and confirmation that both parties agree to terminate the lease

5. Final Payments: Details of all final payments including rent, utilities, and any other charges up to the termination date

6. Bond and Security Deposit: Arrangements for the return or disposition of any bond or security deposit

7. Vacant Possession: Tenant's obligations regarding the condition of the property upon surrender and timeline for vacating

8. Release and Discharge: Mutual release of future obligations under the original lease agreement

9. Governing Law: Confirmation that the agreement is governed by New Zealand law

10. Execution: Signing provisions and execution blocks for all parties

Optional Sections

1. Guarantor Release: Required when the original lease included guarantors who need to be released from their obligations

2. Property Inspection: Include when specific inspection requirements or schedules need to be established prior to termination

3. Make Good Obligations: Necessary for commercial leases where specific reinstatement works are required

4. Assignment or Sublease Termination: Include if there are any existing subleases or assignments that need to be terminated

5. Dispute Resolution: Optional section detailing specific dispute resolution procedures if not covered by standard legislative provisions

6. Outstanding Repairs: Include when there are specific repairs or maintenance issues that need to be addressed before termination

7. Marketing Access: Include when the landlord requires access rights for remarketing the property before the termination date

Suggested Schedules

1. Property Details: Detailed description of the property including address and any included fixtures/fittings

2. Financial Settlement: Detailed breakdown of all financial matters including final payments, bond refund calculations, and any agreed compensation

3. Condition Report: Current condition of the property and any agreed damage or wear and tear assessments

4. Handover Checklist: List of items to be completed before termination including cleaning requirements, key return, and utility disconnections

5. Original Lease: Copy of the original lease agreement being terminated, attached for reference

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈ˰æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions

























Clauses

























Relevant Industries

Real Estate

Property Management

Commercial Property

Residential Property

Retail

Hospitality

Office Space

Industrial

Professional Services

Legal Services

Relevant Teams

Legal

Property Management

Real Estate

Operations

Facilities

Administration

Compliance

Asset Management

Leasing

Risk Management

Relevant Roles

Property Manager

Leasing Manager

Real Estate Agent

Legal Counsel

Property Administrator

Facilities Manager

Tenancy Coordinator

Asset Manager

Operations Manager

Compliance Officer

Contract Administrator

Property Portfolio Manager

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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