This document has important legal consequences. You should seriously consider having it reviewed by an attorney before signing.
RELEASE FROM LEASE OBLIGATION
<Name of Lessor> ("Lessor") and <Name of Lessee> ("Lessee") entered into a lease agreement, dated <date of lease> ("Original Agreement"), a copy of which is attached and incorporated by reference herein.
It is the parties' desire to settle all claims with respect to the Original Agreement and to terminate all obligations of both parties thereunder.
Therefore, <optional settlement terms> Lessor does hereby release Lessee from all obligations and duties of Lessee set forth in the Original Agreement. Lessor, <his/her> heirs, legal representatives and assigns also release Lessee, <his/her> heirs, legal representatives and assigns from all claims, demands and causes of action that Lessor had, has or may have against Lessee, <his/her> heirs, legal representatives or assigns in regard to the Original Agreement.
Lessee hereby surrenders all rights in and to the subject leased <item>. That possession of said <item> shall be delivered up to Lessor immediately upon the execution of this agreement, and that Lessor is relieved of all responsibilities and obligations under the Original Agreement. Said release from the Original Agreement shall be effective [Enter date you want the release to take effect :<date release becomes effective> For example: "upon execution of this document" or "as of June 12, 1997"].
Signatures:
____________________________________ Date: _____________
<Name of Lessee>
____________________________________ Date: _____________
<Name of Lessor>
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