Legal Question in Landlord & Tenant Law in Maryland

Good question. It's "legalese". :-) The short answer is that it technically means whoever has asked for the Lease to be terminated/cancelled has paid the other party a whopping $1.00 for the right to do so. But you should also know that this type of language is VERY COMMON in most contracts -- it's simply form language that sets forth the "consideration" paid for the deal. A court will not enforce a contract if there is no consideration.

When you enter into a contract (in this case a lease) with another party, both sides have to give something up (called "consideration"). As a tenant, you promise to pay rent. That's the consideration the Tenant brings to the table. A landlord's consideration is typically his agreement to allow the Tenant quiet use and enjoyment of the property (and sometimes Landlord has certain maintenance obligations). But just in case there's ever any confusion about whether there is consideration set forth in the contract, the form language you quote above is used so that the parties have agreed that $1.00 is the consideration. $1.00 may not seem like much money, and it's not, but it is enough for the court to find that consideration exists and therefore a valid contract exists.

With that said, every lease is different in terms of what has to happen for either the landlord or the tenant to break the lease. As such I would STRONGLY recommend that you allow an attorney to quickly read your lease and advise you of your rights, unless you are happy leaving your space. If you are not thrilled about leaving your space, and the landlord is forcing you to anyway, it may be worth having a lawyer read your lease to see what your options are. You may not be able to stay in the space, but you may be able to extract some concessions from the Landlord (money for your moving costs, money for your time/aggravation, extra time to move out if you need it, etc., etc). If you have questions about the consequences of signing the termination agreement, I would STRONGLY recommend you retain a Maryland real estate lawyer to quickly review your lease and advise you of your rights BEFORE BEFORE BEFORE you sign ANYTHING. Please reach out to me if you would like assistance.

Best of luck. *****The above is for informational purposes only and does not establish an attorney-client relationship.******

Best of luck! ****The above is for informational purposes only and does not create an attorney-client or confidential relationship.******