Fill and Sign the Office Lease Termination Agreement Form

Office Lease Termination Agreement This Lease Termination Agreement (this Agreement) is entered into on _____________ (date) between _____________________ (Name of Lessor), a corporation organized and existing under the laws of the state of _____________________ (name of state), with its principal office located at _________________________________________ (street address, city, state, zip code) , referred to herein as Lessor and Name of Lessee), a corporation organized and existing under the laws of the state of _____________________ (name of state), with its principal office located at _________________________________________ (street address, city, state, zip code) , referred to herein as Lessee. Whereas, Lessor and Lessee are parties to that certain Office Lease dated _____________ (date) , hereinafter called the Lease ), for certain space located at _________________________________________ (street address, city, state, zip code) , said space being hereinafter called the Premises ); and Whereas, the parties now desire to provide for the termination of the Lease, and the return of the Leased Premises to Lessor, prior to the current expiration date of the Lease. Now, therefore, for and in consideration of mutual promises contained herein and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, it is agreed as follow: 1. Termination . The parties agree that in lieu of the original expiration date of _____________________ (date) , the Lease shall terminate on __________________ (date) , hereinafter called the Termination Date. Prior to the Termination Date, Lessee shall quit the Premises and surrender and return the Premises to Lessor, in broom clean condition. 2. Lease Termination Fee. In consideration for Lessee being relieved of further obligations under the Lease after the Termination Date, Lessee and Lessor agree that Lessee shall pay Lease Termination Fee of $ _________ . This payment shall be made to Lessor by __________________ (date) . 3. Mutual Release . Upon Lessee satisfying its obligations set forth in this Agreement, Lessor releases, discharges and waives any claims known or unknown, against Lessee , its successor, assigns, officers or directors, arising out of or in any way connected with the Lease through the date hereof, and Lessee releases, discharges and waives any claims, known or unknown, against the Lessor , its successors, assigns, officers or directors, arising out of or in anyway connected with the Lease through the date hereof. 4. Severability. 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. 5. No Waiver. 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. 6. Governing Law. This Agreement shall be governed by, construed, and enforced in accordance with the laws of the State of __________________ (name of state). 7. Notices. Unless provided herein to the contrary, 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. 8. Attorney’s Fees. 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. 9. Mandatory Arbitration. Notwithstanding the foregoing, and anything herein to the contrary, 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. 10. Entire Agreement. 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. 11. Modification of Agreement. 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. 12. Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but all of which together shall constitute but one and the same instrument. 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)