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Mutual Release Of Lease Obligations
MUTUAL RELEASE OF LEASE OBLIGATIONS
Mutual release agreement made and entered into on [date of agreement], by [name of lessor], of [address of lessor], here referred to as lessor, to [name of lessee], of [address of lessee], here referred to as lessee.
RECITALS
A. By instrument dated [Date of instrument], lessee leased from lessor the premises located at [address of property leased]. A copy of the lease agreement is attached hereto and made a part hereof.
B. [Facts giving rise to need for release, such as: Lessee has never occupied the leased premises for the reason that (explain), and lessee has not paid rent therefor during the (period of time) from the effective date of the lease until the present time.]
C. The parties desire to settle all claims of lessor with respect to the lease and to terminate all obligations thereunder.
In consideration of $ [Amount from lessee] from lessee, receipt of which is acknowledged by lessor, lessor declares that all obligations and duties of lessee under the lease are terminated as of the date of this instrument. In addition, lessor, for [himself or herself] and [his or her] heirs, legal representatives, and assigns, releases lessee, [his or her] heirs and legal representatives, from all claims, demands and causes of action that lessor had, has or may have against lessee or against the heirs or legal representatives of lessee based on the lease.
In consideration of the termination and release set forth above, lessee surrenders all rights in and to the leased premises. Lessor shall be entitled to retake possession of the premises immediately on execution of this agreement, and shall be relieved from further duties and obligations under the above-mentioned lease.
In witness whereof, lessor and lessee have executed this mutual release at [designate place of execution] the day and year first above written.
Signature Date
Signature Date
[Attach copy of lease agreement]