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1. Parties: Identification of the Lessor and Lessee, including their complete legal names, addresses, and contact information
2. Background: Reference to the original lease agreement, including its execution date, property details, and current status
3. Definitions: Key terms used in the agreement, including but not limited to 'Termination Date', 'Property', 'Outstanding Obligations'
4. Termination Date: Clear specification of when the lease will terminate and when the property must be vacated
5. Mutual Agreement to Terminate: Statement of both parties' agreement to terminate the lease and release each other from future obligations
6. Property Surrender: Terms and conditions for returning the property, including its required condition
7. Settlement of Accounts: Details of final utility bills, rent payments, and security deposit settlement
8. Release and Waiver: Mutual release from future claims related to the lease, subject to completing all obligations
9. Governing Law: Specification that the agreement is governed by Philippine law
10. Execution: Signature blocks and execution requirements
1. Early Termination Fee: Required when termination occurs before the lease's natural end and includes penalty calculations
2. Breach and Remedies: Needed when termination is due to breach, specifying the nature of breach and consequences
3. Holdover Provisions: Used when there's a possibility of delayed vacancy, specifying penalties and obligations
4. Property Repairs: Required when there are specific repair obligations or damage assessments to be addressed
5. Keys and Access Devices: Needed when there are multiple keys or access devices to be returned
6. Forwarding Address: Used when future communications or deposit returns need to be arranged
7. Third Party Rights: Required when there are subtenants or other third parties with interests in the lease
8. Tax Provisions: Needed when there are specific tax implications requiring clarification
1. Schedule A - Property Inventory: Detailed list of property fixtures, fittings, and condition assessment
2. Schedule B - Settlement Calculation: Breakdown of final financial settlement including rent, deposits, and deductions
3. Schedule C - Utility Accounts: List of utility accounts to be transferred or terminated
4. Schedule D - Inspection Report: Final property inspection details and findings
5. Schedule E - Handover Checklist: Itemized list of tasks to be completed before property surrender
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Asset Management
Contract Administration
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Real Estate Manager
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Property Owner
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