Common use of Return of the Premises Clause in Contracts

Return of the Premises. The Tenant shall, immediately after the end of the term of the lease or upon termination of this Agreement, return the premises to the Landlord and complete a move-out procedure for household registration or other kinds of registration. For the purpose of returning the premises as prescribed in the preceding paragraph, the parties shall jointly complete the inspection of the condition of the premises and equipment. The failure of either party to join the inspection and failure to do so again within a reasonable period of time specified by the other party by means of a reminder notice shall be deemed as completion of the inspection. If the Tenant fails to return the premises as agreed under Paragraph 1, the Landlord may request the Tenant to pay an amount equivalent to the rent calculated on a monthly basis for the period when the premises are not returned, and may request a penalty in the amount of the rent calculated on a monthly basis for such a period (the rent shall be calculated on a daily basis if the period is less than a month) until the Tenant returns the premises. The Landlord may deduct the aforesaid amount and relevant charges that the Tenant has not paid from the security deposit (deposit) set forth in Article 4.