This Equipment Lease Termination Agreement will terminate an equipment lease before its original expiration date. This agreement sets out the parties and date of the existing lease, the termination date and the release of both parties for any actions arising under the existing lease. This Equipment Lease Termination Agreement must be signed by both parties to the existing Equipment Lease.
EQUIPMENT LEASE TERMINATION AGREEMENT
THIS TERMINATION AGREEMENT (the “Termination Agreement”) is made and entered into as of this _______ day of ______________________, 20________ (the “Termination Date”) by and between ______________________________________________________, of _______________________________________________________________________ and ___________________________________________of __________________________.
WHEREAS, the Parties have entered into a Equipment Lease Agreement, dated __________________________ (the “Agreement”);
AND WHEREAS, the Parties have decided to terminate the said Agreement under the terms and conditions as set forth hereunder.
NOW, THEREFORE, in consideration of the mutual covenants and other good and valuable consideration hereinafter set forth, the receipt and sufficiency of which is hereby acknowledged, the Parties hereby agree as follows:
The Parties hereby agree that as of the Termination Date, the said Agreement shall stand terminated and thereafter it shall have no future force or effect. Also, the Parties will not be liable for any ongoing obligations except for the surviving obligations under the said Agreement.
2. SURVIVING OBLIGATIONS
The Parties shall only remain obligated for any obligations that were intended to survive the expiration of the term of the Agreement as provided therein.
The Parties do hereby mutually remise, release and forever discharge each other and their respective administrators, executors, representatives, successors and assigns, from any and all actions, causes of action, suits, debts, accounts, covenants, disputes, agreements, promises, damages, judgments, executions, claims, and demands whatsoever in law or in equity that they ever had, now has, or that they or their administrators, executors, representatives, successors and assigns hereafter can or may have, by reason of any act, omission, matter, cause or thing whatsoever occurring at any time prior to the execution of this Termination Agreement, whether known or unknown, suspected or unsuspected, foreseen or unforeseen.
All written notices or other written communications required under this Agreement shall be deemed properly given when provided to the parties entitled thereto by personal delivery (including delivery by services such as messengers and airfreight forwarders), by electronic means (such as by electronic mail, telex or facsimile transmission) or by mail sent registered or certified mail, postage prepaid at the following addresses (or to such other address of a party designated in writing by such party to the others):
All notices given by electronic means shall be confirmed by delivering to the party entitled thereto a copy of said notice by certified or registered mail, postage prepaid, return receipt requested. All written notices shall be deemed delivered and properly received five (5) days after mailing the notice, in the case of written notice given by mail, or upon the earlier of two (2) days after the mailing of the confirmation notice or upon actual receipt of the notice provided by personal delivery or electronic means
5. SUCCESSORS & ASSIGNS
This Agreement is binding upon each Party, and shall inure to the benefit of each Party to this Agreement and their respective officers, directors, employees, agents, subsidiaries, parent corporations, affiliated companies, successors, assigns, agents, heirs, and personal representatives.
6. ENTIRE AGREEMENT
This Agreement constitutes the entire understanding between the parties hereto as to the termination of the Lease Agreement and it merges all prior discussions between them relating thereto. Any amendment or modification to this Agreement shall be effective only if in writing and signed by each party hereto.
In the event that any provision of this Agreement is determined to be invalid or unenforceable by a court of competent jurisdiction, the remainder of this Agreement shall remain in full force and effect without said provision. In such event, the Parties shall in good faith attempt to negotiate a substitute clause for any provision declared invalid or unenforceable, which substitute clause shall most nearly approximate the intent of the Parties in agreeing to such invalid provision, without itself being invalid.
This Agreement may be executed in multiple counterparts, each of which, when executed and delivered, shall be deemed an original, but all of which shall together constitute one and the same instrument.
9. GOVERNING LAW
This Agreement will be governed by and interpreted and construed in accordance with the laws of the State of ___________________, without regard to conflict of laws principles thereof.
IN WITNESS WHEREOF, the parties have executed this Lease Termination Agreement as of the dates set forth below their respective signatures.