The Agreement To Cancel Lease is a crucial document used in Hong Kong when both landlord and tenant mutually agree to terminate a lease before its scheduled expiration date. This document is essential in both commercial and residential contexts, providing a clear legal framework for early lease termination while ensuring compliance with Hong Kong's property laws, particularly the Landlord and Tenant (Consolidation) Ordinance. It typically includes provisions for the termination date, security deposit arrangements, property handover procedures, and mutual releases from future obligations. The agreement helps prevent future disputes by clearly documenting the terms of the early termination and ensures both parties understand their rights and responsibilities in the termination process. It's particularly valuable when businesses need to downsize, relocate, or when personal circumstances necessitate early lease termination by mutual consent.
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1. Parties: Identification of the Landlord and Tenant, including full legal names and addresses
2. Background: Brief recital of the existing lease details, including date of original lease, property address, and parties' mutual desire to terminate
3. Definitions: Key terms used in the agreement, including 'Lease', 'Property', 'Termination Date', and 'Settlement Amount' if applicable
4. Agreement to Cancel: Clear statement of mutual agreement to terminate the lease and the effective termination date
5. Release and Discharge: Mutual release from lease obligations and any claims related to the lease
6. Security Deposit: Arrangements for the return of the security deposit, including any deductions
7. Property Handover: Requirements for returning the property, including condition requirements and inspection arrangements
8. Governing Law: Specification that Hong Kong law governs the agreement
9. Execution: Signature blocks for all parties
1. Settlement Payment: Include when one party is making a payment to the other as part of the cancellation arrangement
2. Outstanding Amounts: Include when there are unpaid rent, utilities, or other charges to be settled
3. Keys and Access Devices: Include when specific arrangements for returning keys, access cards, or parking permits are needed
4. Reinstatement Works: Include when there are specific requirements for returning the property to its original condition
5. Surviving Provisions: Include when certain provisions of the original lease need to survive the cancellation
6. Confidentiality: Include when parties wish to keep the terms of the cancellation confidential
1. Schedule 1 - Original Lease: Copy or key details of the original lease being cancelled
2. Schedule 2 - Property Inventory: List of landlord's fixtures and fittings to be checked during handover
3. Schedule 3 - Settlement Calculation: Detailed breakdown of any financial settlements, including security deposit deductions
4. Appendix A - Handover Inspection Checklist: Detailed checklist for property inspection and condition assessment at handover
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Facilities Manager
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Company Secretary
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