Fill and Sign the Early Termination Clause for Rental Property for Extroardinary Events Form

Early Termination of Lease Agreement by Mutual Consent Due to Breach by Lessee This Termination Agreement is made __________________ (date of Agreement) , between ___________________ (Name of Lessor) , a corporation organized under the laws of __________________ (Name of State) , having its principal office located at _______________ ____________________________________________________________ (street address, city, state, zip code) , hereinafter called Lessor , and ____________________ (Name of Lessee) , a corporation organized under the laws of ___________________ (Name of State) , having its principal office located at ________________________________________________ _________________________ (street address, city, state, zip code) , hereinafter called the Lessee. Whereas, Lessor entered into a Lease Agreement with Lessee dated _______________ (date) , covering the Premises described below, together with the personal property specifically set out in Exhibit A , which is attached to this Agreement; and Whereas, the Lease Agreement was for a term commencing on ________________ (date) and terminating on _________________ (date) , at an annual rental of $____________, payable in monthly installments of $____________, in advance, on the first day of each month, and Whereas, the Lease Agreement provides that Lessee has deposited with Lessor $__________ (dollar amount of security deposit) as security for the faithful performance by Lessee of all other terms and conditions that Lessee has undertaken to perform under the Lease Agreement; and Whereas, the Lease Agreement provides that, on default in the payment of the rent or on default in the performance of any terms or conditions of the Lease Agreement by Lessee , Lessor may, if Lessor so elects, terminate the Lease Agreement at any later time; and Whereas, the terms and conditions of the Lease Agreement have been breached by Lessee ; Now, therefore, for and in consideration of the mutual covenants contained in this agreement, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows: 1. Lessee has breached the Lease Agreement, a copy of which is attached hereto as Exhibit B , on ________________ (date of breach) by the following conduct: (description of conduct) ___________________________________________________________________ ___________________________________________________________________________. 2. As provided in the Lease Agreement, Lessor elects to terminate the Lease Agreement dated ___________________ (date) , in its entirety, effective _________________ (date) . Except as provided in the Paragraphs below, Lessee shall surrender to Lessor possession of the Premises described as follows: (description of Premises) _________________________ ___________________________________________________________________________, together with (description of personal property) ___________________________________ ___________________________________________________________________________, and all other articles of personal property and equipment presently located on the Premises. 3. Lessee shall release Lessor from all claims, demands, and suits of any kind or nature, except any claim that Lessee now has or may subsequently have to the $_________ security deposit being held by Lessor . 4. Lessor does not release Lessee from any claims, demands, or suits of any nature by third parties arising out of the breach of the Lease Agreement dated _______________ (date) . 5. Lessee shall indemnify Lessor against any and all claims, demands, or suits of third parties arising out of the operation of the business by Lessee known as ___________________ (name of business) on the Premises. 6. The invalidity of any portion of this Agreement will not and shall not be deemed to affect the validity of any other provision. If any provision of this Agreement is held to be invalid, the parties agree that the remaining provisions shall be deemed to be in full force and effect as if they had been executed by both parties subsequent to the expungement of the invalid provision. 7. The failure of either party to this Agreement to insist upon the performance of any of the terms and conditions of this Agreement, or the waiver of any breach of any of the terms and conditions of this Agreement, shall not be construed as subsequently waiving any such terms and conditions, but the same shall continue and remain in full force and effect as if no such forbearance or waiver had occurred. 8. This Agreement shall be governed by, construed, and enforced in accordance with the laws of the State of _______________. 9. Any notice provided for or concerning this Agreement shall be in writing and shall be deemed sufficiently given when sent by certified or registered mail if sent to the respective address of each party as set forth at the beginning of this Agreement. 10. In the event that any lawsuit is filed in relation to this Agreement, the unsuccessful party in the action shall pay to the successful party, in addition to all the sums that either party may be called on to pay, a reasonable sum for the successful party's attorney fees. 11. Any dispute under this Agreement shall be required to be resolved by binding arbitration of the parties hereto. If the parties cannot agree on an arbitrator, each party shall select one arbitrator and both arbitrators shall then select a third. The third arbitrator so selected shall arbitrate said dispute. The arbitration shall be governed by the rules of the American Arbitration Association then in force and effect. 12. This Agreement shall constitute the entire agreement between the parties and any prior understanding or representation of any kind preceding the date of this Agreement shall not be binding upon either party except to the extent incorporated in this Agreement. 13. Any modification of this Agreement or additional obligation assumed by either party in connection with this Agreement shall be binding only if placed in writing and signed by each party or an authorized representative of each party. 14. In this Agreement, any reference to a party includes that party's heirs, executors, administrators, successors and assigns, singular includes plural and masculine includes feminine. WITNESS our signatures as of the day and date first above stated. ________________________ ________________________ (Name of Lessor) (Name of Lessee) By:______________________________ By:_____________________________ ___________________________ ______________________________ (P rinted name & Office in Corporation) (P rinted name & Office in Corporation ___________________________ ______________________________ (Signature of Officer) (Signature of Officer)