A breaking lease contract is a legal document that is formed between a lessor and a lessee in the case when either of the parties wishes to break the lease prematurely due to some unavoidable circumstances or reasons. These types of contracts are formally drafted and are proof of the fact that the party has decided to terminate the lease and is ready to pay a penalty as per the norms of the original lease contract or agreement.
These contracts are legally binding for both the lessee and the lessor. Given below is a sample of a breaking lease contract which can be used for referential purpose by any person.
Sample Breaking Lease Contract:
This breaking lease contract has been formed between the Lessor and the Lessee who were legally binded in a lease contract which was signed as on 4th July 2010 and was to terminate on 4th July 2012.
This breaking lease contract is being formed as on 10th Jan 2012 and will result in the premature breaking of the original lease.
The details of parties are given as follows:
Name: Mr. Fred Tim
Contact number: 487-244-4209
Name: Mr. Peter Pettigrew
Contact number: 432-298-3923
The following are the details of the object leased:
Model and built: 2000 model Chevrolet Optra
Lease amount: $100 per month
Reason for breaking of lease:
The lessee has been facing major problems with the car and is not willing to pay more cash on its maintenance and repair.
Terms and conditions:
- The lessee cannot lease the car again after signing this contract.
- The lessor shall retain full right over the car and it must be returned to him on the breaking lease date.
- The lessee shall have to pay a penalty amount of $75 per month between breaking lease date and termination date of contract.