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Cancellation of Lease Agreement

This document summarizes a compromise agreement between Elizabeth Calo and Richelle Pateres to terminate their lease contract for a commercial property. The agreement cancels and nullifies the original lease dated September 18, 2019. It releases both parties from any obligations under the previous lease. In exchange for cancelling the lease, Richelle will not require the return of her security deposit, and Elizabeth will return Richelle's rent check for the month of April.

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612 views1 page

Cancellation of Lease Agreement

This document summarizes a compromise agreement between Elizabeth Calo and Richelle Pateres to terminate their lease contract for a commercial property. The agreement cancels and nullifies the original lease dated September 18, 2019. It releases both parties from any obligations under the previous lease. In exchange for cancelling the lease, Richelle will not require the return of her security deposit, and Elizabeth will return Richelle's rent check for the month of April.

Uploaded by

LimVianesse
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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COMPROMISE AGREEMENT ON CONTRACT OF LEASE

KNOW ALL MEN BY THESE PRESENTS:

THIS Compromise Agreement on Contract of Lease (hereinafter referred to as


“The Agreement”) effective this _____________ by and between ELIZABETH MARIE R.
CALO (hereinafter referred to as “Lessor”) and RICHELLE UGAY PATERES
(hereinafter referred to as “Lessee”).

WHEREAS, the parties hereto executed a Contract of Lease related to a certain


ground floor commercial space located in J.C. Building, 455 A.D. Curato St., Butuan
City (said Contract of Lease is attached and made an integral part hereof).

WHEREAS, the parties mutually desire to terminate said lease on compromise


agreement and in terms and conditions herein stipulated.

NOW, THEREFORE, FOR AND IN CONSIDERATION of the mutual agreements


contained herein and other good and valuable consideration the receipt and
sufficiency of all of which is hereby acknowledged, the parties agree and covenant as
follows:

1. That certain Contract of Lease made and entered into between the parties
dated September 18, 2019, in Butuan City, covering a commercial space
located in J.C. Building, 455 A.D. Curato St., Butuan City, is hereby canceled,
terminated and otherwise deemed null and void, effective as of the date first
above written.

2. The parties declare that any rights or obligations under said Lease Agreement
are hereby terminated and released and hereby fully and completely forever
discharge and release each other from same.

3. That the lessee will no longer require the return of the 2 months security
deposit in exchange that the lessor will return the check issued by the former
to the latter bearing the No. 158353 covering the rent obligation for the
month of April.

This Agreement shall be governed and construed in accordance with the laws of the
Republic of the Philippines.

WITNESS OUR SIGNATURES THIS ________________, in the City of Butuan.

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