The Release Of Commercial Lease Agreement is essential when parties wish to terminate a commercial lease before its natural expiration. This document, governed by U.S. state and federal laws, is commonly used during business relocations, downsizing, or when both parties mutually agree to end their landlord-tenant relationship. It includes critical elements such as the release terms, property surrender conditions, security deposit disposition, and mutual releases from future obligations. The agreement helps prevent future disputes by clearly documenting the termination terms and ensuring compliance with relevant property laws and regulations.
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1. Parties: Identification of landlord and tenant, including legal names and addresses
2. Background: Details of original lease agreement, including date, property description, and reason for release
3. Definitions: Key terms used in the release agreement
4. Release Terms: Specific conditions of the lease termination
5. Mutual Release: Statement of mutual release of obligations
6. Security Deposit: Treatment of security deposit and any deductions
7. Execution: Signature blocks and date of execution
1. Property Condition: Description of property condition at release - use when there are disputes about property condition or significant modifications
2. Outstanding Payments: Details of any remaining payments or settlements - use when there are unpaid rents or other financial obligations
3. Environmental Matters: Environmental compliance and cleanup obligations - use when property involved industrial or potentially hazardous use
1. Schedule A - Original Lease Agreement: Copy of the original lease being terminated
2. Schedule B - Property Inspection Report: Final inspection documentation of property condition
3. Schedule C - Settlement Statement: Detailed breakdown of any financial settlements
4. Schedule D - Keys and Access Devices Log: Documentation of returned keys and access devices
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