Termination of Rental Agreement
TERMINATION OF RENTAL AGREEMENT
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This Termination of Rental Agreement (the "Agreement") is entered into on the 1st of January 2050, by and between:
Landlord:
[Landlord's Name]
[Landlord's Address]
[City, State, Zip Code]
Tenant:
[Tenant's Name]
[Tenant's Address]
[City, State, Zip Code]
(collectively referred to as the "Parties").
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RECITALS:
WHEREAS, the Landlord and Tenant entered into a rental agreement dated [Date of Rental Agreement], for the property located at [Address of Rental Property] (the "Property");
WHEREAS, the Parties now desire to terminate the said rental agreement and vacate the Property; and
WHEREAS, the Parties wish to formalize the terms of the termination in writing.
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AGREEMENT:
1. TERMINATION OF RENTAL AGREEMENT
1.1 The Parties hereby agree to terminate the rental agreement dated [Date of Rental Agreement] for the Property located at [Address of Rental Property], effective as of [Termination Date].
1.2 The Tenant agrees to vacate the Property and return possession of the premises to the Landlord by [Vacating Date].
2. CONDITION OF PROPERTY
2.1 The individual who is currently residing in the property as a tenant acknowledges the fact that they have thoroughly undertaken an inspection of the property. They are fully aware of the condition of the property at the onset of their rental agreement. The tenant willingly agrees and commits to ensuring that, upon the conclusion of their tenancy, the property will be returned to the landlord in a condition that aligns with how it was initially at the beginning of their tenancy, making an allowance for reasonable wear and tear that naturally occurs over time.
2.2 The Tenant is in agreement and hereby commits to clearing the Property of all personal belongings and to ensure that the Property is left behind in a clean condition, free from any damage. This is expected to be done when they vacate the property.
3. RENT AND UTILITIES
3.1 The agreement stipulates that the Tenant accepts the responsibility to remunerate any outstanding rent that may be owed. This obligation persists up to and until the official date when the rental agreement is deemed terminated or concluded.
3.2 In addition to rent, the agreement further mandates that the Tenant assumes responsibility for settling all outstanding payments related to the utilities, services, or any other charges associated with the Property. The Tenant is expected to fulfill this obligation up until the actual date when they vacate the Property.
4. SECURITY DEPOSIT
4.1 The Landlord agrees to return the security deposit by the terms of the original rental agreement and applicable landlord-tenant laws, minus any deductions for damages beyond normal wear and tear, unpaid rent, or other charges owed by the Tenant.
5. SURRENDER OF KEYS AND POSSESSION
5.1 The party who has taken on the role of the Tenant in this agreement is required to fulfill their promise of ensuring that all keys to the Property, along with any access devices, and remote controls used on the premises, are returned in their current state to not just the Landlord but also to any person who may have been designated or authorized by the Landlord for such matters, at the time when the Tenant is vacating or leaving the Property.
5.2 Conversely, the party, who serves as the Landlord in this agreement, accepts the responsibility and agrees to repossess, take control of, or regain possession of the Property when the Tenant, by their agreed-upon obligations, returns the keys to the Property to the Landlord. The Landlord agrees to such terms at the time when the Tenant is in the process of vacating or leaving the premises.
6. RELEASE LIABILITY
6.1 The Parties involved in this context, with mutual consent, hereby officially and legally release and free each other from any further obligations, responsibilities, and duties that they might have towards each other under the rental agreement previously agreed upon, except for those obligations that have been expressly and specifically provided and mentioned in this document.
7. GOVERNING LAW
7.1 The terms, conditions, and various clauses contained within this Agreement shall be ruled and governed by authoritative powers vested under the legal system and laws prevailing in the state of [State]. Moreover, the understanding, interpretation, and conclusion of these regulations, provisions, and instructions will also be executed in compliance with, and entirely based upon, the aforementioned laws from the state of [State].
8. ENTIRE AGREEMENT
8.1 This Agreement constitutes the entire understanding and agreement between the Parties concerning the subject matter hereof and supersedes all prior agreements, understandings, negotiations, and discussions, whether oral or written, between the Parties.
IN WITNESS WHEREOF, the Parties have executed this Termination of Rental Agreement as of the date first above written.
[Your Name]
[Your Company Address]
[Date Signed]
[Tenant's Name]
[Date Signed]
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