Free Lease Buyout Agreement

This Lease Buyout Agreement (“Agreement”) is entered into on this day May 17, 2051 (“the Execution Date”) by and between [Lessee's Name] (“Lessee”) and [Lessor Name] (“Lessor”).

1. BACKGROUND

The Parties are currently in a lease agreement dated May 8, 2050, whereby the Lessee rents property from the Lessor. Both parties have agreed to terminate the lease early by the provision for Early Lease Termination contained in the lease and the terms and conditions herein.

2. AGREEMENT TO EARLY LEASE TERMINATION AND LEASE BUYOUT

By this Lease Buyout Agreement, the Lessor consents to the Lessee's request for early termination of the Lease Agreement. In consideration for this early termination, the Lessee commits to remit a lease buyout amount totaling $10,000 to the Lessor. This agreement serves to formalize the terms of the lease termination and buyout process, ensuring clarity and mutual understanding between both parties involved.

3. PAYMENTS

The Lessee is required to remit the payment to the Lessor no later than March 30, 2051. This payment can be made either in cash or through bank transfer, with the condition that it is received by the Lessor. The Lessee must adhere to this timeline and mode of payment to fulfill their obligations under the agreement.

4. RETURN OF PROPERTY

Upon the conclusion of this Agreement, Lessee must ensure the Property is returned in a state aligning with the conditions stipulated within the Lease Agreement, barring any reasonable wear and tear that may have occurred during the lease term. It is the responsibility of the Lessee to ensure the Property is maintained to the agreed-upon standards, thereby facilitating a smooth transition at the end of the lease period. Any deviations from the Lease Agreement's terms regarding the condition of the Property may incur additional costs or consequences for the Lessee.

5. RELEASE OF LIABILITY

Upon completion of the full payment amount specified in this Agreement, the Lessor shall promptly absolve the Lessee of any obligations outlined in the Lease Agreement, effective immediately upon the termination date. This release from liabilities encompasses all terms and conditions detailed within the Lease Agreement, ensuring the Lessee's full compliance with the contractual terms. The Lessor affirms their commitment to facilitating a smooth transition and concludes any further obligations associated with the lease upon receipt of the stipulated payment.

6. REPRESENTATIONS AND WARRANTIES

Both parties involved in this agreement hereby represent and warrant that they have the necessary power and authority, which is required for them to enter into this agreement. Furthermore, they confirm that this agreement is not only binding but also enforceable, by local laws that govern such agreements.

7. GOVERNING LAW

This Agreement shall be governed by and construed by the laws of [Location]. Any disputes arising out of or relating to this Agreement shall be exclusively resolved through arbitration in [Location] by its rules. The parties hereby consent to the jurisdiction of the courts of [Location] for any legal proceedings related to this Agreement.

8. ENTIRE AGREEMENT

This Agreement, in its entirety, serves as the comprehensive and final accord between the Lessee and the Lessor, specifically regarding the subject matter detailed in this document. It effectively overrides, supersedes, and invalidates all prior mutual understandings, agreements, and arrangements that may have been established between the two Parties. It is also important to note that the format or context, whether it was oral communication or written correspondence, of these preceding understandings does not exempt them from being replaced by the terms in this Agreement.

9. DISCLAIMER

There has not been a single party, involved in this agreement, that has relied upon any statements that weren't expressly outlined in this contract. Instead, each party has independently sought the counsel and advice of their respective legal representatives before agreeing to the terms outlined herein. This takes into consideration the understanding that each party has independently agreed to the terms of this agreement, without any undue influence or external pressure.

10. AMENDMENTS

This Agreement may undergo modification or amendment solely through the execution of a written agreement that should be endorsed with the signatures of both parties involved, namely, the Lessee and the Lessor.

In witness whereof, the parties have executed this Lease Buyout Agreement as of the date first above stated.

[Lessee's Name]

[Lessor Name]

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