Lease Termination Agreement Sample
LEASE TERMINATION AGREEMENT
This Lease Termination Agreement ("Agreement") is entered into between
________________., an Ohio corporation ("Landlord") and _________________., an Ohio
WHEREAS, Landlord and Tenant’s predecessor in interest are parties to that certain
Office Lease dated June 24, 1996, and as amended by a First Amendment to Office Lease dated
October 26, 1998 and a Second Amendment to Office Lease dated June 22, 2003 (as amended,
the “Lease”), for certain space located at _________________________("Premises"); and
WHEREAS, the parties now desire to provide for the termination of the Lease, and the
return of the Leased Premises to Landlord, prior to the current expiration date of the Lease.
NOW, THEREFORE, 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
October 31, 2008, the Lease shall terminate on March 1, 2006 ("Termination Date"). Prior to the
Termination Date, Tenant shall quit the Premises and surrender and return the Premises to
Landlord, “as is” in broom clean condition.
2. Lease Termination Fee. In consideration for Tenant being relieved of further
obligations under the Lease after the Termination Date, Tenant and Landlord agree that Tenant
shall pay a Lease Termination Fee of Seventy Thousand Dollars ($70,000.00). This payment
shall be made to Landlord by March 1, 2006.
3. Mutual Release. Upon Tenant satisfying its obligations set forth in this Agreement,
Landlord releases, discharges and waives any claims known or unknown, against Tenant, its
successor, assigns, officers or directors, arising out of or in any way connected with the Lease
through the date hereof, and Tenant releases, discharges and waives any claims, known or
unknown, against the Landlord, its successors, assigns, officers or directors, arising out of or in
anyway connected with the Lease through the date hereof.
4. Binding upon Successors and Assigns. This Agreement shall be for the benefit of
and be binding upon, the parties hereto and their respective successors and assigns.
5. Final Agreement. This Agreement shall constitute the final agreement and
understanding of the parties on the subject matter hereof. This Agreement may be modified only
by a further writing signed by the parties.
6. Attorney Fees. If any legal action is commenced to enforce or interpret the terms of
this Lease Termination Agreement, the prevailing party shall be entitled to reasonable attorney's
fees and costs in addition to any other relief to which the prevailing party may be entitled.
7.Ohio Law; Illegality. This Agreement shall be governed by the laws of the State of
Ohio. In case any one or more of the provisions contained herein shall for any reason be held to
be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability
shall not affect any other provision of this Agreement, but this Agreement shall be construed as if
such invalid, illegal or unenforceable provisions had not been contained herein.
8.Counterparts. This Amendment 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 one
and the same instrument.
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed
by their duly authorized officers as of the _____ day of _____________, 2006.