A Lease Termination Agreement is used when a tenant and landlord entered together into a lease mutually decide for any of a wide variety of reasons that they no longer wish to complete the remainder of the lease term. In such a case a written agreement is needed detailing the dissolution of this relationship with matters such as compensatory payment from one party to another (termination payment), mutual release from the original lease, the date upon which the termination will take effect, and many other pertinent aspects of the dissolved relationship between the two parties. The Lease Termination Agreement serves as a written record of the division and helps to avoid future legal problems and misunderstandings relating to it.
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