Landlord Tenant Settlement Agreement
I. Introduction
This Landlord Tenant Settlement Agreement ("Agreement") is entered into as of [DATE] by and between [LANDLORD NAME] ("Landlord") with mailing address at [LANDLORD ADDRESS] and [TENANT NAME] ("Tenant") with mailing address at [TENANT ADDRESS]. This Agreement aims to resolve all outstanding issues and claims regarding the tenancy at the aforementioned address.
II. Definitions
For purposes of this Agreement, the following terms are defined as follows:
Rent Arrears: Any unpaid rent due up to and including the date of this Agreement.
Security Deposit: Any financial deposit made by the Tenant to cover potential damages to the rental property.
Lease Agreement: The original rental contract signed between the Landlord and the Tenant regarding the property at [PROPERTY ADDRESS].
III. Terms of Settlement
Rent Balance: As of the date of this Agreement, the Tenant agrees to pay the Landlord the total amount of [OUTSTANDING RENT AMOUNT] to cover all outstanding Rent Arrears. Payment shall be rendered in the following manner:
Initial payment of [INITIAL PAYMENT AMOUNT] due by [INITIAL PAYMENT DUE DATE].
Remaining balance to be paid in installments of [INSTALLMENT PAYMENT AMOUNT] each month starting from [INSTALLMENT START DATE] until [INSTALLMENT END DATE].
Property Condition and Security Deposit: The Tenant will return the property in good condition, normal wear and tear excepted, no later than [MOVE-OUT DATE]. Upon satisfactory inspection of the property condition by the Landlord, the Security Deposit of [SECURITY DEPOSIT AMOUNT] will be returned to the Tenant within [NUMBER OF DAYS TO RETURN SECURITY DEPOSIT] days after the Tenant vacates the property.
Mutual Release of Claims: Both parties agree to release each other from all claims, liabilities, and obligations connected with the Lease Agreement from the beginning of time to the execution date of this Agreement except as specified herein.
IV. Confidentiality
Both parties agree to keep the terms and amount of this settlement confidential. Disclosure to any third party, other than to their attorneys, tax advisors, or immediate family, is prohibited unless required by law.
V. Final Agreement
This document constitutes the entire agreement between the parties related to the matters discussed herein. No other agreements, promises, or representations, whether verbal or in writing, will be considered binding unless expressly included in this document.
VI. Signatures
By signing below, both parties confirm they have read, understood, and agreed to the terms detailed in this Landlord Tenant Settlement Agreement.
[DATE]
[SIGNED BY LANDLORD]
[DATE]
[ SIGNED BY TENANT]
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