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Termination of Lease Agreement Template: The Things to Know
When you have a lease agreement, you also need to know that there is the so-called termination of lease agreement template. Such a template is generally used by either party (the landlord or the tenant) to end their lease agreement. Not many people know that there are different kinds of lease agreement termination, depending on the languages and the purposes. So, what are they?
Different Kinds of Lease Agreement Template
- Break Clause. It is possible that a commercial lease agreement has a clause that allows the tenant to end the lease without having to pay the (remaining) rent amount within the lease agreement. Of course, there are certain situations or condition that should be met before the tenant has the right to terminate the contract – even before the lease term end.
- Termination Agreement. It is also possible for some (business) owners to ask for a commercial lease termination because of various certain reasons, like property deterioration, business changes in the structure, bankruptcy, or loss of sales. The clause of the lease termination will state the words plainly that both of the tenants and the landlords agree to end the contract. However, the landlord also has the right for damage sue or they can charge a fee (for the early termination).
- Termination by Landlord. As the landlords, they have the right to terminate the contract early, especially under certain situations, like building renovations. It usually happens when the tenants default the lease terms or the landlords have to pay a certain amount to the tenant.
- Assignment of Lease. It is like subletting, but it is done to a commercial property. The original tenant can assign a new tenant the lease; thus, transferring his rights to the new tenant. But as the original tenant, he will be considered liable for the lease contract if the new tenant defaults the obligations.
Getting the Right Document
No matter what, when you have a residential or commercial lease agreement, don’t hesitate to ask about the termination of lease agreement template. After all, such a thing is crucial to avoid mistakes or misunderstanding and to exert each party’s rights. If you are the landlord, it doesn’t hurt to take a look at some lease contract termination formats and clauses – which one would be more suitable for you and the property. If you are the tenant, you have the rights to ask about the termination clauses and terms.
If you want to know some of the best examples of termination of lease agreement template, feel free to check our collections below.