Lease Release Form

Lease Release Form Template for New Zealand

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Key Requirements PROMPT example:

"I need a Lease Release Form for a commercial retail space in Auckland CBD, where both parties have mutually agreed to terminate the lease early on March 1, 2025, due to the tenant's business relocation."

Document background

The Lease Release Form is a critical legal document used in New Zealand when parties wish to formally terminate a lease agreement before its natural expiration or to document the proper conclusion of a lease term. This document is essential for both residential and commercial property transactions, providing legal certainty and protection for all parties involved. The form must comply with New Zealand's Property Law Act 2007, Residential Tenancies Act 1986 (for residential leases), and Contract and Commercial Law Act 2017. It includes crucial details such as party identification, release terms, settlement of accounts, and property condition assessments. The Lease Release Form serves as definitive evidence of the parties' agreement to terminate the lease and their mutual release from ongoing obligations, helping prevent future disputes and providing clear documentation of the lease termination.

Suggested Sections

1. Parties: Identification of all parties to the release agreement, including the landlord/lessor and tenant/lessee

2. Background: Details of the original lease agreement, including date, property details, and reason for the release

3. Definitions: Definitions of key terms used in the release agreement

4. Release Details: Specific details about the release, including the effective date and scope of the release

5. Mutual Release: Statement of mutual release of obligations and claims between the parties

6. Return of Security Deposit: Terms regarding the return or retention of any security deposit

7. Property Condition: Confirmation of the property's condition and any repairs or restoration requirements

8. Settlement of Accounts: Details of final payments, including rent, utilities, and other charges

9. Execution: Formal signing section with date and witness requirements

Optional Sections

1. Surviving Obligations: Details of any obligations that continue after the release, used when certain terms of the original lease survive

2. Partial Release: Used when only certain aspects of the lease are being released while others remain in effect

3. Confidentiality: Terms regarding confidentiality of the release agreement, used in sensitive commercial situations

4. Dispute Resolution: Procedures for resolving any disputes arising from the release, recommended for complex commercial leases

5. Third Party Rights: Provisions regarding rights of guarantors or other third parties, used when additional parties are involved in the lease

Suggested Schedules

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

2. Schedule 2 - Property Inspection Report: Final inspection report documenting the condition of the property

3. Schedule 3 - Settlement Statement: Detailed breakdown of final financial settlements between parties

4. Appendix A - Supporting Documents: Any relevant supporting documents such as proof of payments or correspondence

Authors

Alex Denne

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

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Real Estate

Commercial Property

Residential Property

Retail

Industrial

Hospitality

Office Space

Agricultural

Healthcare

Education

Relevant Teams

Legal

Property Management

Real Estate

Operations

Facilities

Risk and Compliance

Asset Management

Administration

Contract Management

Finance

Relevant Roles

Property Manager

Real Estate Manager

Facilities Manager

Legal Counsel

Contract Administrator

Leasing Manager

Asset Manager

Property Administrator

Real Estate Agent

Tenant Relations Manager

Commercial Property Manager

Operations Manager

Company Secretary

Risk Manager

Compliance Officer

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