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Termination Of Equipment Lease Obligation
This release agreement made on [date], by [name of lessor], of [address], City of [city], County of [county], State of [state], herein referred to as "Lessor", and [name of lessee], of [address], City of [city], County of [county], State of [state], herein referred to as "Lessee".
On [date], a lease agreement was executed between lessor and lessee for the premises located at [address], a copy of which is attached hereto and made a part hereof.
[facts giving rise to this release]
The parties desire to settle all claims of lessor with respect to said lease and to terminate all obligations of either party thereunder.
Therefore, in consideration of [amount] ($------) Dollars, from lessee, receipt of which is hereby acknowledged, lessor does hereby release lessee from all obligations and duties of lessee set forth in the above referenced lease. and lessor, for himself, his heirs, his legal representatives and his assigns also releases lessee, his heirs, his legal representatives and his assigns from all claims, demands and causes of action that lessor had, has or may have against lessee or against his heirs, legal representatives or assigns in regard to said lease.
In consideration of the release set forth above, lessee hereby surrenders all rights in and to the subject leased premises. That possession of said premises shall be delivered up to lessor immediately upon the execution of this instrument, and that lessor is relieved of any responsibilities or obligations under the aforementioned lease.
In witness whereof, the parties to this agreement have executed this instrument at [place of execution] this [day] of [month], [year] .