Termination of Lease Agreement
THIS TERMINATION OF LEASE AGREEMENT (this “Agreement”) is made and entered into as of the ______ day of _________, 20__, by and between _____________ (the “Landlord”) and _____________ (collectively, the “Tenant”). RECITALS A. Landlord and Tenant entered into that certain Residence Lease dated _________ (the “Lease”), pursuant to which Landlord leases the Premises to Tenant, and Tenant leases from Landlord, as further described in the Lease, certain Premises located in ______________________, as defined in the Lease. This Agreement is attached to and made a part of the Lease.
B.
NOW, THEREFORE, in consideration of their mutual promises and other valuable consideration, receipt and adequacy of which is forever acknowledged, Landlord and Tenant agree as follows: 1. Recitals. The parties hereby acknowledge the accuracy of the Recitals, which are incorporated herein by this reference. 2. Defined Terms. Capitalized terms used in this Agreement but not defined herein shall have the meanings ascribed to them in the Lease. 3. Agreements. C. This Agreement is contingent upon current Tenant finding a new tenant, found to be acceptable to Landlord, to sign a new one year Residence Lease. Tenant shall not be relieved of the original terms of the Lease until a new tenant has been secured and a new one year Residence Lease signed. In exchange for Termination of Lease Agreement Tenant agrees to pay an Early Termination Fee of one thousand five-hundred dollars ($1,500.00). Landlord may (but shall not be required to) use, apply or retain all or any part of the Security Deposit and Pet Deposit for the payment of the Early Termination Fee.
D.
E.
F.
4. Counterparts. This Agreement may be executed in one or more counterparts, each of which in the aggregate shall constitute one and the same instrument.
[signatures on the following page]
TERMINATION OF LEASE AGREEMENT (Page 1 of 2) Initials: Landlord Tenant
IN WITNESS WHEREOF, the parties have executed this Agreement as of the date and year first set forth above. TENANTS: LANDLORD: _______________________ By: ___________________________________ Signature
By: Signature
Print Name Its: Property Manager/Manager/Owner Date: _____________________________ Date: By: ____________________________________ __ Signature
Print Name Date:
TERMINATION OF LEASE AGREEMENT (Page 2 of 2) Initials: Landlord Tenant