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Surrender of Lease

Surrender of Lease

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Published by: Legal Forms on Jan 19, 2008
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09/21/2014

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Surrender Agreement
THIS AGREEMENT
dated as of between (the “Landlord”) and (the“Tenant”).
WHEREAS
by a lease (the “Lease”) dated , the Landlord leased to the Tenant the landsand premises more particularly described in the attached Schedule “A” (the “Leased Premises”)for a term of ten (10) years upon and subject to the terms and conditions contained in the Lease;
AND WHEREAS
, subject to the provisions hereinafter contained, the rents reserved andcontained in the Lease have been duly paid, and the parties have agreed that the Tenant hassurrendered the Leased Premises and the Lease to the Landlord as of , (the “TerminationDate”) in order that the estate, term and interest of the Tenant therein may merge and beextinguished upon the terms hereinafter contained.
NOW THEREFORE THIS AGREEMENT WITNESSES
that in consideration of the premisesand the terms and conditions hereinafter set forth, other good and valuable consideration and thesum of 
TWO DOLLARS
($2.00) now paid by each party to the other (the receipt and sufficiencyof which are hereby acknowledged), the parties agree as follows:1.The parties acknowledge, confirm and agree that the foregoing recitals are true insubstance and in fact.2.The Tenant surrenders to the Landlord, as of the Termination Date, the Leased Premisesand the Lease and all rights thereunder to the intent that the unexpired residue of the termof the Lease and any renewals shall be merged and extinguished in the reversion, and theTenant hereby releases in favor of the Landlord, as of the Termination Date, all of its right,title and interest in and to the Leased Premises and the Lease.3.From and after the Termination Date (but, for greater certainty, not before such date),each party releases, remises and forever discharges the other from the performance of allcovenants contained in the Lease and the obligation for all claims thereunder thereafter arising and the parties agree that as and from such date (but, for greater certainty, not before such date), the Lease shall be of no further force and effect and the parties shall berelieved of all further liability and obligation under the Lease.4.Each party represents and warrants with the other that it has the good right, full poweand authority to assign and surrender the Leased Premises and the Lease in the manner aforesaid, and that, as of the Termination Date, none of the parties shall have executed anyother instruments, deeds, or other documents pursuant to which the Lease and theunexpired residue of the term thereof, shall in any way be charged, encumbered, assigned,or otherwise transferred.5.Each party agrees with the other that it will, at all times hereafter, upon the reasonable
 
request of any of the other parties, execute all such further documents in respect of thesurrender of the Leased Premises and the lease as may be required to give effect to thisAgreement.6.This Agreement shall enure to the benefit and be binding upon the parties hereto, their respective successors and assigns.
IN WITNESS WHEREOF
the parties hereto have duly executed this Agreement as of the datefirst above written.WitnessWitnessPage 2

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