Lease Surrender Agreement Template for Ireland

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Key Requirements PROMPT example:

Lease Surrender Agreement

"I need a Lease Surrender Agreement for our retail premises at Dublin Shopping Centre, with an early termination date of March 1, 2025, including provisions for outstanding service charges and a dilapidations settlement of €50,000."

Document background
The Lease Surrender Agreement is a crucial document used when both landlord and tenant agree to terminate a lease before its scheduled end date. This agreement, governed by Irish law, provides a formal framework for the early termination process, protecting both parties' interests and ensuring legal compliance. It addresses key aspects such as the surrender date, financial settlements, property condition, and mutual releases from future obligations. The document is particularly important in commercial property transactions where significant financial and legal implications need to be carefully managed. It must comply with Irish property law requirements, including the Landlord and Tenant Acts and the Land and Conveyancing Law Reform Act 2009. The agreement typically includes provisions for handling deposits, service charge reconciliations, dilapidations, and any outstanding obligations, making it an essential tool for properly documenting and executing lease surrenders in Ireland.
Suggested Sections

1. Parties: Identifies and defines the Landlord and Tenant (and any guarantors) who are parties to the surrender agreement

2. Background: Recitals explaining the existing lease arrangement and the parties' intention to surrender it

3. Definitions: Defines key terms used throughout the agreement, including 'Lease', 'Property', 'Surrender Date', and 'Surrender Premium' if applicable

4. Agreement to Surrender: Core provision documenting the tenant's surrender and landlord's acceptance of the lease

5. Surrender Date: Specifies the effective date of the surrender and requirements for completion

6. Financial Settlement: Details any surrender premium, rent apportionment, service charge reconciliation, and return of deposits

7. Condition of Property: Requirements for the condition in which the property must be returned, including reinstatement obligations

8. Mutual Release: Releases both parties from future obligations under the lease, subject to any specified exceptions

9. Warranties: Basic warranties about capacity to enter agreement and any sublettings/third party rights

10. Execution: Formal execution block for signing by all parties

Optional Sections

1. Ongoing Obligations: Used when certain lease obligations survive the surrender (e.g., confidentiality, outstanding repairs)

2. Disputed Matters: Include when the surrender agreement also settles existing disputes between the parties

3. VAT Provisions: Required when there are VAT implications for the surrender, particularly in commercial property situations

4. Third Party Rights: Needed when addressing rights of guarantors or other third parties affected by the surrender

5. Insurance Claims: Include when there are ongoing insurance claims that need to be addressed

6. Break Premium Refund: Used when there's a need to address refund of any break premium paid under the original lease

7. Dilapidations Settlement: Include when the surrender includes settlement of dilapidations claims

Suggested Schedules

1. Schedule 1 - The Property: Detailed description of the property being surrendered, including any plans

2. Schedule 2 - The Lease: Details of the original lease and any supplemental documents

3. Schedule 3 - Condition Schedule: Schedule documenting the condition of the property at surrender, often with photographs

4. Schedule 4 - Inventory: List of any fixtures, fittings or equipment included in the surrender

5. Schedule 5 - Outstanding Matters: List of any matters to be addressed post-surrender (if applicable)

6. Appendix A - Photographic Schedule: Photographs evidencing the condition of the property at surrender

7. Appendix B - Settlement Calculations: Detailed calculations of any financial settlements, including rent and service charge reconciliations

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

Healthcare

Education

Manufacturing

Logistics

Banking and Financial Services

Professional Services

Relevant Teams

Legal

Real Estate

Facilities Management

Operations

Finance

Risk and Compliance

Property Management

Asset Management

Corporate Services

Administration

Relevant Roles

Property Manager

Real Estate Director

Facilities Manager

Legal Counsel

Commercial Property Lawyer

Asset Manager

Property Portfolio Manager

Leasing Manager

Operations Director

Chief Financial Officer

Real Estate Investment Manager

Company Secretary

Risk Manager

Commercial Director

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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