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Lease Termination Template for Philippines

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Key Requirements PROMPT example:

Lease Termination

"I need a Lease Termination agreement for my commercial property in Manila's Makati district, where my tenant has agreed to terminate the lease early on March 1, 2025, with a negotiated settlement fee of 2 months' rent."

Document background
This Lease Termination agreement template is designed for use in the Philippines when parties wish to formally end their lease arrangement before its natural expiration or to document the terms of ending a lease at its conclusion. It incorporates requirements from the Civil Code of the Philippines and the Rent Control Act, making it suitable for both residential and commercial properties. The document covers essential elements such as termination date, property return conditions, security deposit handling, and outstanding obligation settlements. It's particularly useful when both parties agree to end the lease early, or when documenting the formal conclusion of a lease term. The agreement includes necessary provisions for Philippine legal compliance, including proper execution requirements and protective clauses for both lessors and lessees.
Suggested Sections

1. Parties: Identification of the Lessor and Lessee with complete names, addresses, and other relevant contact information

2. Background: Reference to the original lease agreement, including its execution date, property description, and current lease term

3. Definitions: Key terms used in the agreement including 'Termination Date', 'Property', 'Original Lease', and other relevant terms

4. Mutual Agreement to Terminate: Clear statement of both parties' agreement to terminate the lease and the effective termination date

5. Return of Property: Conditions for returning the property, including required state of repair and cleaning requirements

6. Security Deposit: Terms for the return of the security deposit, including timing and any deductions for damages or unpaid amounts

7. Outstanding Obligations: Settlement of any remaining rent, utilities, maintenance charges, or other financial obligations

8. Release of Liability: Mutual release of future obligations under the original lease, subject to specified exceptions

9. Keys and Access Devices: Requirements for returning all keys, access cards, and other property access devices

10. Governing Law: Specification that the agreement is governed by Philippine law

11. Execution: Signature blocks for all parties and witnesses as required under Philippine law

Optional Sections

1. Holdover Period: Include when there's a need for a brief extension period between agreement signing and actual vacation of premises

2. Property Inspection: Include when specific inspection procedures need to be documented, including timing and standards

3. Abandonment of Property: Include when addressing potential abandoned personal property left by tenant

4. Confidentiality: Include when parties wish to keep the terms of the termination confidential

5. Dispute Resolution: Include when parties want to specify mediation or arbitration procedures for potential disputes

6. Utilities Transfer: Include when there are specific requirements for transferring or terminating utility services

7. Forwarding Address: Include when formal documentation of tenant's forwarding address is required

Suggested Schedules

1. Schedule A - Property Inventory: Detailed list of property condition and any fixtures/fittings to be checked during handover

2. Schedule B - Settlement Statement: Detailed breakdown of all financial settlements including security deposit deductions, if any

3. Schedule C - Utility Readings: Final readings for all utilities and status of accounts

4. Appendix 1 - Original Lease Agreement: Copy of the original lease agreement being terminated

5. Appendix 2 - Property Inspection Report: Final inspection report documenting the condition of the property at termination

6. Appendix 3 - Photographic Evidence: Photos documenting the property's condition at termination

Authors

Alex Denne

Head of Growth (Open Source Law) @ 抖阴短视频 | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions

























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Relevant Industries

Real Estate

Commercial Property

Residential Property

Retail

Office Space

Industrial

Hospitality

Healthcare

Education

Manufacturing

Warehousing

Agriculture

Relevant Teams

Legal

Real Estate

Facilities Management

Operations

Administration

Risk Management

Property Management

Asset Management

Contract Management

Compliance

Relevant Roles

Property Manager

Real Estate Manager

Facilities Manager

Legal Counsel

Leasing Manager

Asset Manager

Operations Manager

Contract Administrator

Real Estate Agent

Property Administrator

Business Owner

Corporate Real Estate Manager

Tenant Relations Manager

Legal Administrator

Risk Manager

Industries





Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks, 聽Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination, 聽Severance Pay, Governing Law, Entire Agreemen

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