TERMINATION AGREEMENT

TERMINATION AGREEMENT

This Termination Agreement (“the Agreement”) between:

XXX “landlord.”

And

XXX “Tenant”

(Collectively the Parties and individually the Party)

BACKGROUND

  1. The parties are presently bound by the following Lease Agreement held by the Tenant of 441 Winchester Main Street, Winchester, ON, K0c2k0 (Dylan Larabie) herein “Lease Agreement.”
  2. The parties wish to terminate the Contract and resolve any rights and obligations arising out of the Contract.

In consideration of and as a condition of the Parties entering into this Agreement and other valuable consideration, the receipt and sufficiency of which is acknowledged, the parties agree as follows;

  1. Termination

By this Agreement the parties mutually terminate and cancel the Lease Agreement dated……

  •  Termination payment

The landlord shall pay Tenant the sum of 5400$ (equal to four months’ rent) in cash on the Termination Date.

  • Outstanding Obligations

The parties acknowledge by this Agreement the consideration provided and received by each other is fair and reasonable. No further consideration, compensation, or obligation will be due, payable, or own concerning the lease agreement as of the execution date.

  • Release

By this Agreement, Parties release each other from any claims, causes of action, demands, and liabilities of whatever nature which either Party had in the past, has now, or may have in the future arising from or related to the Contract.

  • Confidentiality

The parties acknowledge and agree to keep this Agreement completely confidential the terms and conditions of this Agreement, the Lease Agreement, and any financial operation or personal information of any kind not already public.  

  • Governing law

The Parties submit to the jurisdiction of the court the………. for the enforcement of this Agreement or any arbitration award or decision arising from this Agreement. This Agreement will be enforced or construed according to the laws of the Province of

  • This Agreement will not be assigned either in whole or in part to this Agreement without the other Party’s written consent.
  • This Agreement contains the entire Agreement between the parties. All negotiations and understandings have been included in this Agreement. Only written terms of the Agreement will bind the Parties.
  • This Agreement, the terms, and conditions contained herein apply to and bind parties and their respective representatives.
  1. Any notices or delivery required in this Agreement will be deemed completed when hand-delivered, delivered by agent, or seven days after being placed in the post, postage prepaid to the Parties at the address contained in this Agreement or as the parties may later designate in writing.
  1. All rights, remedies, and benefits provided in this Agreement will be cumulative and will not be exclusive of any other such rights, remedies, and benefits allowed by law.

IN WITNESS WHEREOF, the Parties have duly affixed their signatures under and seal on this day …… of …………….., ………..

……………………………………………………….                          ………………………………………………

Witness                                                                                     Signature

……………………………………………………….                          ………………………………………………

Witness                                                                                     Signature

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