Agreement for termination of lease is a mutual agreement between a landlord and a tenant wherein both the parties agree to terminate a lease and come to an arrangement to discharge all the pending dues and related formalities without any dispute. The importance of lease termination agreement is almost equivalent to if not more than the original lease agreement as it documents all the terms and conditions discussed at the time of termination and can serve as a valuable defense in case of future disputes or lawsuits.
An agreement should clearly specify the timing of lease termination, the dues to be settled and the timeline for discharging these pending dues, any liability on part of tenant with respect to the condition of the premises, indemnity to each party for any consequence arising out of the actions of other party is present or future, rights of both parties in case of any future lawsuit. Generally before documenting any such agreement one should consider availing the services of well qualified attorney so as to prevent any possibility of overlooking an impending scenario.
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