Lease Surrender Agreement Template for Hong Kong

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Key Requirements PROMPT example:

Lease Surrender Agreement

"I need a Lease Surrender Agreement for my retail shop in Causeway Bay, Hong Kong, where we need to terminate our 5-year lease early by March 1, 2025, and include provisions for the transfer of some fixed fixtures to the landlord as part of the surrender consideration."

Document background
A Lease Surrender Agreement is a crucial document used when parties wish to terminate a lease before its natural expiry date. This agreement, governed by Hong Kong law, provides a formal framework for documenting the early termination, protecting both landlord and tenant interests. It becomes necessary when circumstances require early lease termination, such as business restructuring, relocation, or mutual agreement to end the tenancy. The document addresses key aspects including surrender date, premises condition, settlement of outstanding amounts, and mutual releases. It must comply with Hong Kong's property legislation, particularly the Conveyancing and Property Ordinance and the Landlord and Tenant (Consolidation) Ordinance, and may have stamp duty implications under the Stamp Duty Ordinance.
Suggested Sections

1. Parties: Identification of the landlord and tenant, including full legal names and addresses

2. Background: Recitals describing the existing lease, its key terms, and the parties' intention to surrender

3. Definitions: Definitions of key terms used in the agreement, including 'Lease', 'Premises', 'Surrender Date', etc.

4. Agreement to Surrender: Core provision documenting the mutual agreement to surrender the lease and specify the surrender date

5. Consideration: Details of any payment or consideration for the surrender

6. Vacant Possession: Tenant's obligation to deliver vacant possession and the condition requirements for the premises

7. Mutual Release: Release of parties from future obligations under the lease, subject to any preserved rights

8. Representations and Warranties: Basic warranties about authority to enter into the surrender and no prior assignments

9. Governing Law and Jurisdiction: Confirmation that Hong Kong law governs and Hong Kong courts have jurisdiction

10. Execution: Signature blocks and execution formalities

Optional Sections

1. Security Deposit: Provisions dealing with the return or application of any security deposit - include if a deposit exists

2. Outstanding Payments: Provisions for settling any outstanding rent, management fees, or utilities - include if there are outstanding amounts

3. Reinstatement: Specific requirements for premises reinstatement - include if there are specific reinstatement obligations

4. Existing Fixtures and Fittings: Provisions dealing with tenant's fixtures or improvements - include if there are significant fixtures

5. Third Party Consents: Requirements for obtaining mortgagee or other third-party consents - include if consents are needed

6. Confidentiality: Confidentiality obligations regarding the surrender terms - include if commercially sensitive

7. Tax Provisions: Provisions dealing with stamp duty or other tax implications - include if there are specific tax arrangements

Suggested Schedules

1. Schedule 1 - The Premises: Detailed description of the premises including address and floor plan

2. Schedule 2 - The Existing Lease: Details of the existing lease including date, parties, and any variations

3. Schedule 3 - Condition Schedule: Schedule documenting the condition of the premises at surrender

4. Schedule 4 - Outstanding Items: List of any outstanding payments or obligations to be settled

5. Schedule 5 - Handover Items: List of keys, access cards, and other items to be returned

6. Appendix A - Form of Release: Standard form mutual release to be signed on completion

7. Appendix B - Handover Certificate: Form of certificate to be signed confirming handover of vacant possession

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant Industries

Real Estate

Retail

Office Space

Industrial

Hospitality

Banking

Healthcare

Education

Manufacturing

Warehousing

Technology

Professional Services

Relevant Teams

Legal

Real Estate

Facilities Management

Operations

Finance

Property Management

Asset Management

Company Secretarial

Risk & Compliance

Commercial

Relevant Roles

Property Manager

Facilities Manager

Real Estate Director

Legal Counsel

Commercial Director

Operations Manager

Asset Manager

Leasing Manager

Company Secretary

Chief Financial Officer

Real Estate Partner

Property Lawyer

Tenant Representative

Building Manager

Portfolio Manager

Industries
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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