A property lease buyout is a document which highlights the terms and conditions that will govern property lease buyout. A property lease buyout is a legal document which allows the lessee in a lease contract to terminate the lease contract before the actual date of termination with a certain sum of money. This requires an agreement between both lessor and lessee which states that the property lease buyout is accepted by both parties. It is a legally valid document.
Sample Property Lease Buyout:
The following document states that Mr. Jonathan Hanker of 56th Rose Street, New York [henceforth referred to as the lessee] will effect a property lease buyout with Mr. Charles Mann of 34 and 45th, Leicester Square, New York [henceforth referred to as the lessor] by paying him an agreed sum of 200,000USD.
The property lease contract between them was initiated on the 4th of December 2011 and it was valid for 2 years. However, the property lease contract shall now end on 4th December 2012, due to the buyout. The lessee shall have to evict the property leased by 4th January 2013, failing which he shall be forcefully evicted. The payment to the lessor must be made by 4th December 2012, failing which the lessor can claim damages.
All terms and conditions of the property lease buyout must be understood by both parties. In case of any contention, the case shall be referred to the tribunal of New York.
Signature of lessor: _________________________
Signature of lessee: _________________________
Signature of advocate: ______________________