Termination of Lease
This lease termination agreement is between
The parties have entered into a lease agreement, dated as of
The term of the Lease is scheduled to expire on
The parties therefore agree as follows:
Effective as of
3. YIELD UP.
On the Termination Date, the Tenant will surrender to the Landlord all of its interest in the Premises. The Tenant shall vacate the Premises on or before 11:59 p.m. on the Termination Date, and leave the Premises in the yield-up condition required under the Lease, which includes leaving the Premises broom clean, free of the Tenant's personal effects and in good condition.
4. SECURITY DEPOSIT.
5. MUTUAL RELEASE OF LIABILITY.
- (a) Effective as of the Termination Date, each party hereby releases any claim it may have against the other party that arises out of the Lease or the Tenant's occupancy and use of the Premises through the Termination Date. Any obligations of the Tenant that are expressly stated to survive expiration or termination of the Lease are not released by this agreement. Neither party's obligations under this agreement are released by this section.
- (b) The Landlord does not waive any claims for indemnification, contribution, or apportionment of claims or liability that are
- (i) brought against the Landlord by a third party and
- (ii) result from the Tenant's possession or use of the Premises.
- (c) The Landlord does not waive any claims for damages resulting from latent or hidden defects or hazardous materials contamination caused by the Tenant or resulting from the Tenant's possession or use of the Premises.
(d) Except as expressly provided in this section, the parties each hereby waive the benefit of the provisions of California Civil Code section 1542, and any similar or analogous statute from another state or federal jurisdiction. California Civil Code section 1542 provides: A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR.
Each party understands that this statute gives it the right not to release existing claims of which it is not now aware, unless it voluntarily waives this right. With this knowledge, the parties nevertheless voluntarily choose to and do waive the rights described.
7. LANDLORD'S REPRESENTATIONS.
The Landlord hereby represents that it is the
8. TENANT'S REPRESENTATIONS.
The Tenant hereby represents:
- (a) the Tenant owns and holds the entire interest of the Tenant under the Lease;
- (b) there are no subleases affecting the Premises or any part of the Premises;
- (c) the Tenant has not assigned or encumbered its interest under the Lease or any part of the Lease; and
- (d) there are no contracts for the provision of labor or materials for improvements or alterations on the Premises that are outstanding or that have not been performed and satisfied as of the Termination Date.
10. GOVERNING LAW.
- (a) Choice of Law. The laws of the state of
govern this agreement (without giving effect to its conflicts of law principles).
- (b) Choice of Forum. Both parties consent to the personal jurisdiction of the state and federal courts in
No amendment to this agreement will be effective unless it is in writing and signed by a party or its authorized representative.
12. COUNTERPARTS; ELECTRONIC SIGNATURES.
- (a) Counterparts. The parties may execute this agreement in any number of counterparts, each of which is an original but all of which constitute one and the same instrument.
- (b) Electronic Signatures. This agreement, agreements ancillary to this agreement, and related documents entered into in connection with this agreement are signed when a party's signature is delivered by facsimile, email, or other electronic medium. These signatures must be treated in all respects as having the same force and effect as original signatures.
If any provision contained in this agreement is, for any reason, held to be invalid, illegal, or unenforceable in any respect, that invalidity, illegality, or unenforceability will not affect any other provisions of this agreement, but this agreement will be construed as if the invalid, illegal, or unenforceable provisions had never been contained in it, unless the deletion of those provisions would result in such a material change so as to cause completion of the transactions contemplated under this agreement to be unreasonable.
- (a) Writing; Permitted Delivery Methods. Each party giving or making any notice, request, demand, or other communication required or permitted by this agreement shall give that notice in writing and use one of the following types of delivery, each of which is a writing for purposes of this agreement: personal delivery, mail (registered or certified mail, postage prepaid, return-receipt requested), nationally recognized overnight courier (fees prepaid), facsimile, or email.
- (b) Addresses. A party shall address notices under this section to a party at the following addresses:
- If to the Landlord:
- If to the Tenant:
- (c) Effectiveness. A notice is effective only if the party giving notice complies with subsections (a) and (b) and if the recipient receives the notice.
No waiver of a breach, failure of any condition, or any right or remedy contained in or granted by the provisions of this agreement will be effective unless it is in writing and signed by the party waiving the breach, failure, right, or remedy. No waiver of any breach, failure, right, or remedy will be deemed a waiver of any other breach, failure, right, or remedy, whether or not similar, and no waiver will constitute a continuing waiver, unless the writing so specifies.
16. ENTIRE AGREEMENT.
This agreement, together with the Lease, constitutes the final agreement of the parties. It is the complete and exclusive expression of the parties' agreement with respect to the subject matter of this agreement. All prior and contemporaneous communications, negotiations, and agreements between the parties relating to the subject matter of this agreement are expressly merged into and superseded by this agreement. The provisions of this agreement may not be explained, supplemented, or qualified by evidence of trade usage or a prior course of dealings. Neither party was induced to enter this agreement by, and neither party is relying on, any statement, representation, warranty, or agreement of the other party except those set forth expressly in this agreement. Except as set forth expressly in this agreement, there are no conditions precedent to this agreement's effectiveness.
The descriptive headings of the sections and subsections of this agreement are for convenience only, and do not affect this agreement's construction or interpretation.
This agreement will become effective when all parties have signed it. The date this agreement is signed by the last party to sign it (as indicated by the date associated with that party's signature) will be deemed the date of this agreement.
19. NECESSARY ACTS; FURTHER ASSURANCES.
Each party shall use all reasonable efforts to take, or cause to be taken, all actions necessary or desirable to consummate and make effective the transactions this agreement contemplates or to evidence or carry out the intent and purposes of this agreement.
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Each party is signing this agreement on the date stated opposite that party's signature.
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(Attach copy of Lease)
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