A lease termination agreement is essential to prevent any disputes when a tenant is leaving. The agreement not only protects the tenant from any future liability toward the home, but it also helps protect the homeowner in case the former tenant takes him to court.
The lease termination agreement is drafted much like a lease agreement that is signed when a new tenant moves in, except that this focuses on the termination and release of liability. Release of liability means that both parties have agreed not to sue each other for any fees owed. The agreement will also address any property that should be given back to the homeowner at the end of the lease, such as lawn equipment, window air conditioners, or appliances. While this seems obvious, it is always best to have it in writing.
There is also a section called “Yield Up”. This is the tenant’s promise to be off the premises by the end of the termination date, as well as the condition the tenant is to leave the property. The conditions should be listed in the lease agreement that was previously signed when the tenant moved in.
Here are 5 lease termination agreements currently available on www.realdealdocs.com:
1) EX-10.70 LEASE TERMINATION AGREEMENT
TERREMARK WORLDWIDE INC
AMERICAS WEST, INC
Effingham Partners, LLC
EGP Partners, LP
EQUANT INC
Global One Communications LLC
2) TERMINATION OF LEASE AGREEMENT
GATEWAY DISTRIBUTORS LTD
Marshall Distributing, LLC
3) LEASE TERMINATION AGREEMENT
SUPER VISION INTERNATIONAL INC
4) LEASE TERMINATION AGREEMENT
ARBINET THEXCHANGE INC
BROAD FINANCIAL CENTER LLC
5) LEASE TERMINATION AGREEMENT
HUDSON TECHNOLOGIES INC /NY
RAMAPO LAND CO., INC
Stephen P. Mandracchia