Rental Relief Deed

Rental Relief Deed

This Rental Relief Deed is made on the between Landlord Name: of Address: ("Landlord") and Tenant Name: of Address: ("Tenant").

Recitals

WHEREAS, Landlord and Tenant are parties to a lease agreement dated under which Tenant occupies the premises commonly known as (the "Lease");

WHEREAS, Tenant has incurred arrears in respect of rent and related charges in the aggregate amount of (the "Outstanding Rent"); and

WHEREAS, Landlord has agreed to grant certain relief in respect of the Outstanding Rent upon the terms and conditions set forth in this Deed to avoid termination of the Lease and to preserve ongoing tenancy;

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

1. Definitions

In this Deed, unless the context requires otherwise:

"Relief" means the rent concession, forgiveness, or deferment granted by Landlord under Section 2 of this Deed; "Relief Period" means the period commencing on and ending on ; "Property" has the meaning set out in the Recitals above; and "Lease" means the lease described in the Recitals.

2. Grant of Relief

2.1 Subject to the terms and conditions of this Deed, Landlord hereby grants to Tenant the following relief in respect of the Outstanding Rent:

(a) Amount Forgiven: Landlord irrevocably forgives the sum of of the Outstanding Rent, such forgiveness to be absolute and unconditional upon execution of this Deed.

(b) Amount Deferred: Landlord defers the sum of (the "Deferred Sum") subject to the repayment terms set out in Section 4.

3. Consideration

3.1 The parties agree that the foregoing Relief is granted in consideration of: (a) Tenant's agreement to the repayment obligations set out in Section 4; (b) Tenant's continued observance of the Lease; and (c) the mutual covenants herein. Tenant acknowledges receipt of full and valuable consideration.

4. Repayment Terms (Applicable to Deferred Sum)

4.1 Repayment Schedule: The Deferred Sum shall be repaid in accordance with the schedule set forth below. Repayment shall commence on .

4.2 Interest: Interest on any outstanding Deferred Sum shall accrue at the rate of per annum, calculated monthly in arrears, unless otherwise agreed in writing.

4.3 Acceleration: If Tenant fails to make any payment due under this Section and such failure continues for a period of days after written notice from Landlord, Landlord may declare the entire Deferred Sum immediately due and payable and exercise any remedies available under the Lease or applicable law.

5. Release and Covenant Not to Sue

5.1 Upon execution of this Deed and subject to Tenant's performance of the obligations set forth herein, Landlord releases and forever discharges Tenant from liability for the Amount Forgiven and agrees not to commence any action, suit, proceeding or claim in respect of the Amount Forgiven arising prior to the Effective Date of this Deed.

5.2 Nothing in this Deed shall be construed to release or affect Tenant's obligations for rent or other sums not expressly forgiven or deferred by this Deed.

6. Security

6.1 The parties acknowledge that the Deferred Sum shall create a charge over no interest / create a charge over Tenant's interest in the Lease (select applicable). If a charge is granted, the parties shall execute such further instruments as are necessary to perfect and register that charge.

7. Representations and Warranties

7.1 Each party represents and warrants to the other that: (a) it has full power and authority to enter into and perform this Deed; (b) the execution and performance of this Deed has been duly authorized; and (c) this Deed constitutes a legal, valid and binding obligation enforceable in accordance with its terms.

8. Notices

8.1 Any notice or communication required or permitted under this Deed shall be in writing and delivered to the addresses set forth below or to such other address as a party may designate by notice in accordance with this Section.

9. Amendments; Waiver

9.1 No amendment, modification or waiver of any provision of this Deed shall be effective unless it is in writing and executed by both parties. No failure or delay by either party in exercising any right shall operate as a waiver of that right.

10. Governing Law

This Deed shall be governed by and construed in accordance with the laws of and the parties submit to the exclusive jurisdiction of its courts.

11. Entire Agreement

This Deed constitutes the entire agreement between the parties in respect of the subject matter hereof and supersedes all prior agreements, negotiations and understandings with respect thereto.

12. Severability

If any provision of this Deed is held invalid, illegal or unenforceable, the remainder of this Deed shall remain in full force and effect and the invalid provision shall be replaced by a valid provision that most closely reflects the parties' original intent.

13. Counterparts

This Deed may be executed in counterparts, each of which when executed and delivered shall constitute an original, but all such counterparts shall together constitute one and the same instrument.

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