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Agreement Of Mutual Termination Of Lease
AGREEMENT OF TERMINATION OF LEASE made on [Date] by and between [Name] of [Address], hereinafter referred to as "Landlord", and [Name] of [Address], hereinafter referred to as "Tenant", the parties mutually agree as follows:
1. The parties are currently bound under the terms of the following described lease: [Enumerate].
2. The parties agree to mutually terminate and cancel this lease effective on this date. This Termination Agreement will act as a mutual release of all obligations under this lease for both parties, as if the lease has not been entered into in the first place. Landlord agrees that all rent due has been paid and that the possession of the property has been returned in satisfactory condition.
3. This Termination binds and benefits both parties and any successors. This document, including the attached lease being terminated, is the entire agreement between the parties.
4. The invalidity or unenforceability of any portion of this Agreement shall not affect the remaining provisions and portions hereof.
5. This Agreement including any attachments is the entire agreement between the parties and there are no other promises or conditions in any other written agreement.
6. This Agreement supersedes any prior oral agreements between the parties.
7. This Agreement shall be binding upon the parties hereto and their respective heirs, administrators, successors, and assigns.
8. Neither this agreement nor any right or interest thereunder shall be assigned in any respect whatsoever.
9. This instrument contains all of the agreements of the parties. No oral or other statements shall be binding on either of the parties hereto.
10. This Agreement shall be governed by the laws of the State of [State].
11. The parties agree to execute and deliver any other instruments necessary to effectuate this Agreement.
12. Time of The Essence. Time is the essence of this agreement.
IN WITNESS WHEREOF, the parties have executed this agreement the day and year as first above written at [City], [State].
This Section for Notary:
STATE OF -------)
) ss: [date]
COUNTY OF ------)
On [Date] before me, [Name of Notary], notary, personally appeared [Name of Person(s) Involved], personally known to me (or proved to me on the basis of satisfactory evidence) to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument.
Witness my hand and official seal.
[Name of Notary Public]
My commission expires: [date]