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Mutual Termination Of Commercial Lease Agreement

Mutual Termination Of Commercial Lease Agreement Template for New Zealand

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Key Requirements PROMPT example:

Mutual Termination Of Commercial Lease Agreement

"I need a Mutual Termination of Commercial Lease Agreement for our retail store in Auckland, with a termination date of March 1, 2025, including specific provisions for the removal of custom-built store fixtures and the return of our $50,000 security deposit."

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Document background
The Mutual Termination of Commercial Lease Agreement is a crucial document used in New Zealand when both landlord and tenant agree to end their lease arrangement before the original expiry date. This document becomes necessary when circumstances change for either party, such as business restructuring, relocation needs, or mutual benefit opportunities. It provides a structured framework for terminating the lease while protecting both parties' interests under New Zealand law. The agreement covers essential aspects including final settlements, premises handover procedures, mutual releases, and any surviving obligations. It ensures compliance with the Property Law Act 2007 and other relevant New Zealand legislation, while offering flexibility to address specific requirements of the termination situation. This document is particularly important for maintaining clear records and preventing future disputes regarding the lease termination.
Suggested Sections

1. Parties: Identifies the landlord and tenant, including their full legal names, addresses, and any registration numbers for companies

2. Background: References the original lease agreement, its key terms, and states the mutual intention to terminate

3. Definitions: Defines key terms used in the agreement, including 'Lease', 'Premises', 'Termination Date', and any other specific terms

4. Agreement to Terminate: States the mutual agreement to terminate the lease and specifies the termination date

5. Settlement of Accounts: Details the final reconciliation of rent, operating expenses, and any other financial obligations

6. Return of Premises: Specifies the condition in which the premises must be returned and the process for handover

7. Release and Discharge: Mutual release from future obligations under the lease, subject to any surviving obligations

8. Confidentiality: Requirements for keeping the termination terms confidential

9. Governing Law: Confirms New Zealand law governs the agreement

10. Execution: Signature blocks for all parties and witnesses

Optional Sections

1. Security Deposit Return: Terms for returning the security deposit or bank guarantee, used when a security deposit exists

2. Outstanding Repairs: Addresses any repairs or maintenance required before termination, used when there are specific repair obligations

3. Assignment of Rights: Required when either party needs to assign any rights or obligations to third parties

4. Make Good Obligations: Detailed requirements for premises restoration, used when specific restoration works are required

5. Surviving Obligations: Lists any obligations that continue after termination, used when specific obligations need to survive

6. Third Party Consents: Required when the termination needs approval from mortgagees or other stakeholders

7. Dispute Resolution: Specific dispute resolution procedures, used in high-value or complex terminations

Suggested Schedules

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 final financial settlements including rent, operating expenses, and adjustments

3. Schedule 3: Premises Return Checklist: Detailed checklist for premises condition and return requirements

4. Appendix A: Photographic Evidence: Photos documenting the condition of the premises at termination

5. Appendix B: Outstanding Maintenance Log: List of any maintenance or repair items to be addressed before termination

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
Relevant legal definitions






























Clauses































Relevant Industries

Real Estate

Retail

Hospitality

Professional Services

Manufacturing

Warehousing and Distribution

Healthcare

Technology

Education

Financial Services

Entertainment and Recreation

Relevant Teams

Legal

Property Management

Operations

Facilities

Finance

Risk and Compliance

Real Estate

Administration

Corporate Services

Asset Management

Relevant Roles

Property Manager

Facilities Manager

Real Estate Manager

Commercial Lease Administrator

Legal Counsel

Corporate Lawyer

Business Owner

Operations Manager

Chief Financial Officer

Asset Manager

Commercial Property Agent

Lease Compliance Officer

Risk Manager

Contract Administrator

Company Secretary

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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