A sample lease buyout is a document which acts as a termination of the lease contract. It can be initiated by the lessor, or, more commonly, by the lessee. It is a product of a lease buyout clause in the lease contract which specifies that in case of an emergency, the lease can be broken. Proper measures must be taken in order to initiate a legal lease buyout.
Sample Lease Buyout
This lease buyout, drawn on the 4th of April 2013, specifies that the lessee, Martha Gomes [Permanent address: 45B Mandeville road, Connecticut] is effecting a termination of the lease [Number 83475] which was validated on the 4th of April 2011. The above mentioned lease was drawn up to govern the leasing of an apartment [6C, Sun Fields Apartment Complex, New York], which was leased by the lessor Javier Gomez [Mayfair Street, New Jersey] on the 10th of April 2011, for a period of five years.
The lessee has used the apartments for exactly two years prior to initiating a lease buyout. The cause of the termination is her marriage and subsequent relocation to Connecticut in January 2013. The lessee has paid the stipulated amount to the lessor, as specified in sub clause 10(a) of the original lease contract which dealt with the scenario of a possible lease buyout. The lessor’s permission has been taken before the initiation of the lease buyout. All terms and conditions contained in the lease contract have been stringently adhered to. There is no cause for complaint and the lease buyout is supported by testimony of the upright conduct of the lessor in the period of occupancy of the said apartment.