Mutual Cancellation of Lease

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{{company_address}}

Phone: {{phone}}

Email: {{email}}

Website: {{website}}

MUTUAL CANCELLATION OF LEASE AGREEMENT

This Mutual Cancellation of Lease Agreement ("Agreement") is made and entered into on this the {{day}} day of {{month}}, {{year}}, by and between:

Landlord: {{landlord_name}} (hereinafter referred to as "Landlord"), with an address at {{landlord_address}}.

Tenant: {{tenant_name}} (hereinafter referred to as "Tenant"), with an address at {{tenant_address}}.

(Collectively referred to as the "Parties")

RECITALS

WHEREAS, the Parties entered into a Lease Agreement dated {{original_lease_date}} (hereinafter referred to as the "Original Lease") for the property located at {{property_address}} (hereinafter referred to as the "Premises"); and

WHEREAS, the Parties mutually desire to terminate the Original Lease prior to its natural expiration date of {{original_lease_end_date}}.

NOW, THEREFORE, in consideration of the mutual covenants and promises contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:

CANCELLATION OF LEASE

The Parties hereby agree to mutually cancel and terminate the Original Lease, effective as of {{effective_cancellation_date}} (the "Effective Cancellation Date").

SURRENDER OF PREMISES

Tenant agrees to vacate the Premises and surrender possession to Landlord on or before the Effective Cancellation Date, in a clean, broom-swept condition, and in good repair, reasonable wear and tear excepted. Tenant shall remove all personal property from the Premises on or before the Effective Cancellation Date. Any personal property remaining on the Premises after the Effective Cancellation Date shall be deemed abandoned and may be disposed of by Landlord as permitted by law, without further notice or liability to Tenant.

FINANCIAL SETTLEMENT

In consideration of this mutual cancellation, the Parties agree to the following financial arrangements:

a. Rent: Tenant shall be responsible for payment of rent up to and including the Effective Cancellation Date. Any prepaid rent for periods after the Effective Cancellation Date shall be refunded to Tenant within {{refund_days}} days of the Effective Cancellation Date.

b. Security Deposit: The security deposit of {{security_deposit_amount}} paid by Tenant shall be returned to Tenant in accordance with the terms of the Original Lease and applicable law, less any lawful deductions for damages beyond reasonable wear and tear or unpaid rent/utilities, within {{security_deposit_return_days}} days after the Effective Cancellation Date and surrender of the Premises.

c. Cancellation Fee/Payment: [Select One or Delete if Not Applicable]

[ ] Tenant agrees to pay Landlord a cancellation fee of {{cancellation_fee_amount}} on or before the Effective Cancellation Date.

[ ] Landlord agrees to pay Tenant a cancellation payment of {{cancellation_payment_amount}} on or before the Effective Cancellation Date.

[ ] No cancellation fee or payment is required by either Party.

d. Other Outstanding Payments: Any outstanding utility bills, charges, or other payments due under the Original Lease up to the Effective Cancellation Date shall remain the responsibility of the Tenant.

RELEASE AND DISCHARGE

Upon the full execution of this Agreement and the fulfillment of all its terms, the Landlord and Tenant hereby release and forever discharge each other from any and all claims, demands, damages, actions, or causes of action arising from or in connection with the Original Lease, except for obligations expressly stated to survive the termination of the Original Lease or this Agreement.

GOVERNING LAW

This Agreement shall be governed by and construed in accordance with the laws of {{country/state/province}}.

ENTIRE AGREEMENT

This Agreement constitutes the entire agreement between the Parties concerning the cancellation of the Original Lease and supersedes all prior agreements, understandings, negotiations, and discussions, whether oral or written, between the Parties.

AMENDMENT

No amendment, modification, or waiver of any provision of this Agreement shall be effective unless in writing and signed by both Parties.

SIGNATURES

IN WITNESS WHEREOF, the Parties have executed this Mutual Cancellation of Lease Agreement as of the date first above written.

LANDLORD:

_____________________________

Name: {{landlord_signature_name}}

Date: {{landlord_signature_date}}

TENANT:

_____________________________

Name: {{tenant_signature_name}}

Date: {{tenant_signature_date}}