Common Contracts
1 similar Termination of Tenancy Agreement contracts
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An Early Lease Termination Agreement allows landlords and tenants to mutually agree on ending a lease before its original expiration date. This agreement typically requires consideration and releases both parties from their obligations under the original lease. A landlord might choose to terminate an early lease due to various reasons, including: * Selling the property * Property renovations for health or safety reasons * The property can no longer be rented due to eminent domain or natural disasters * Tenant breach of the original lease agreement A mutual early termination agreement offers several benefits to landlords, such as: * Quicker repossession of the property, avoiding costly evictions and lawyers' fees * Fewer expenses and more control over outstanding issues with tenants * Leverage to ensure prompt resolution of issues before releasing tenants from their obligations * Certainty in uncertain situations, providing a clear timeline for tenant departure and payment schedules On
