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Lease Buyout Agreement
"Need a Lease Buyout Agreement for our retail space at 123 Orchard Road, Singapore, where we're terminating our 5-year lease early on March 1, 2025, with a buyout payment of SGD 50,000 to be paid in two installments."
1. Parties: Identification and details of all parties involved in the buyout
2. Background: Context of the existing lease and reasons for buyout
3. Definitions: Key terms used tHRoughout the agreement
4. Buyout Terms: Specific terms of the buyout including payment amount and timing
5. Release of Obligations: Mutual release of future lease obligations
6. Execution: Signing provisions and date of effect
1. Property Inspection: Condition assessment provisions (use when property handover is involved)
2. Security Deposit: Terms for return of security deposit (if applicable)
3. Outstanding Charges: Settlement of pending utilities/maintenance charges (if any)
4. Third Party Consents: Required when landlord/mortgagee approval is needed
1. Schedule 1 - Property Details: Detailed description of the leased property
2. Schedule 2 - Original Lease: Copy of the original lease agreement
3. Schedule 3 - Payment Schedule: Detailed breakdown of buyout payments (if installments involved)
4. Schedule 4 - Condition Report: Property condition assessment (if applicable)
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