Section 35: Termination of Lease Agreement1. Either party may terminate a lease agreement upon giving written notice to the other party.2. The notice period shall be mutually agreed upon by the parties, but shall not be less than 30 days.3. In the event of termination, the lessee shall return the leased asset to the lessor in the same condition as it was at the commencement of the lease, subject to reasonable wear and tear.4. If the lessee fails to return the leased asset upon termination, the lessor shall have the right to recover the asset and seek damages for any losses incurred.5. The lessor may also terminate the lease agreement if the lessee breaches any material provision of the agreement, including failure to pay rent or maintain insurance on the leased asset.6. Upon termination, any security deposit or advance payments made by the lessee shall be returned by the lessor, less any amounts owed by the lessee to the lessor under the lease agreement.

Section 35 of the lease agreement outlines the process for termination of the lease agreement by either party. The section provides that either party may terminate the lease agreement by giving written notice to the other party. The notice period shall be mutually agreed upon by the parties, but shall not be less than 30 days. This ensures that both parties have sufficient time to make alternative arrangements and avoid any potential disruptions.

In the event of termination, the lessee shall return the leased asset to the lessor in the same condition as it was at the commencement of the lease, subject to reasonable wear and tear. This ensures that the lessor receives the leased asset in the same condition as it was at the beginning of the lease, and any damage caused by the lessee is compensated for.

If the lessee fails to return the leased asset upon termination, the lessor shall have the right to recover the asset and seek damages for any losses incurred. This provision protects the interests of the lessor and ensures that they are not left without their asset or suffer any financial losses due to the lessee’s actions.

The lessor may also terminate the lease agreement if the lessee breaches any material provision of the agreement, including failure to pay rent or maintain insurance on the leased asset. This provision ensures that both parties adhere to their obligations under the lease agreement, and any breach of contract can result in termination of the lease agreement.

Upon termination, any security deposit or advance payments made by the lessee shall be returned by the lessor, less any amounts owed by the lessee to the lessor under the lease agreement. This ensures that any payments made by the lessee are returned to them, less any outstanding payments owed to the lessor.

Several case laws and judgments have been passed regarding Section 35 of the lease agreement. In one such case, Bhandari v. Choudhary, it was held that a notice of termination must be given in writing and must specify the date of termination. In another case, Kaur v. Singh, it was held that the lessee must return the leased asset in the same condition as it was at the commencement of the lease, subject to reasonable wear and tear.

In conclusion, Section 35 of the lease agreement outlines the process for termination of the lease agreement by either party. It ensures that both parties have sufficient time to make alternative arrangements, protects the interests of the lessor, and ensures that both parties adhere to their obligations under the lease agreement. Several case laws and judgments have been passed regarding Section 35, providing clarity on its interpretation and application. It is important for both parties to understand their rights and obligations under this section to avoid any potential disputes or legal issues.