This is an agreement between a tenant and a landlord whereby the tenant surrenders a commercial lease. Under this agreement, the landlord agrees to the early termination of the lease and will not hold the tenant accountable for the remaining term. This document contains numerous standard provisions that are commonly included in these types of agreements, and may be customized to fit the specific needs of the contracting parties. This agreement can be used by small businesses or other entities that want to surrender their commercial lease, or by property owners that want to allow their tenant to surrender the lease early.
This is an agreement between a tenant and a landlord whereby the tenant surrenders a commercial lease. Under this agreement, the landlord agrees to the early termination of the lease and will not hold the tenant accountable for the remaining term. This document contains numerous standard provisions that are commonly included in these types of agreements, and may be customized to fit the specific needs of the contracting parties. This agreement can be used by small businesses or other entities that want to surrender their commercial lease, or by property owners that want to allow their tenant to surrender the lease early. Surrender of Commercial Lease For good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, ____ [Instruction: Insert Tenant’s name.], a ___ [Instruction: Insert jurisdiction and type of business entity.] as Tenant and ___ [Instruction: Insert Landlord’s name.] a ___ [Instruction: Insert jurisdiction and type of business entity.], as Landlord do hereby agree to the following terms and conditions to mutually terminate that certain lease dated ___ [Instruction and Comment: Insert original lease date. If the Lease has been extended, modified or amended or if the Tenant is an assignee of an original tenant, also include those recitals here.] entered into by and between Tenant and Landlord for the premises located at ____ [Instruction: Insert property municipal address, including suite number if any.] and known as _______ [Instruction: Insert legal description.] and which lease is presently in force. The parties hereto agree the new Lease termination date shall be _____ [Instruction: Insert new termination date.] (the “New Termination Date”). The parties hereto further agree that upon the satisfaction of the conditions and obligations set forth herein, the Lease shall thereafter be deemed terminated and no further rights and obligations shall remain as between the parties, other than those which by its terms survive the lease, and those set forth herein. 1. The parties acknowledge, confirm and agree that the foregoing recitals are true in substance and in fact. 2. The parties hereto agree to the disposition of the security deposit as set forth in the Lease. The Tenant surrenders and releases to the Landlord all his/her interest in the Premises [Comment: If the Lease defines the leased property as something other than the Premises, revise the name throughout this document to conform to the defined term in the Lease.] with vacant possession and the Landlord accepts this surrender. 3. Tenant surrenders to Landlord, as of the New Termination Date the Premises and Lease and all rights hereunder to the intent that the unexpired residue of the Lease term and any renewals shall be merged and extinguished in the reversion, and Tenant hereby releases in favor of Landlord, as of the New Termination Date, all of its right, title and interest in and to the Premises and the Lease. 4. From and after the New Termination Date (but, for greater certainty, not before such date), each party releases, remises and forever discharges the other from the performance of all covenants contained in the Lease and the obligation for all claims hereunder 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 be relieved of all further liability and obligation under Lease, except as otherwise set forth herein. © Copyright 2011 Docstoc Inc. registered document proprietary, copy not 2 5. Each party represents and warrants with the other that it has the good right, full power and authority to cancel the Lease in the manner aforesaid, and that, as of the New Termination Date, none of the parties shall have executed any other instruments, deeds, or other documents pursuant to which the Lease and the unexpired residue of the term thereof, shall in any way be charged, encumbered, assigned, or otherwise transferred. Notwithstanding the foregoing, Landlord shall be permitted to enter into a new lease or other right of occupancy with any other party for the Premises prior to the New Termination Date, subject to any such new lease or other right of occupancy not commencing prior to the New Termination Date. 6. 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 the surrender of the Premises and the Lease as may be required to give effect to this agreement. 7. Each of the parties shall be responsible for all obligations, including but not limited to the payment of any utilities, fines, fees or any other such payments set forth in the Lease and the maintenance of any applicable insurance, until and through the New Termination Date. 8. The parties hereto agree that this agreement shall be deemed notice pursuant to the required termination notice provided in the Lease, and no further notice shall be required. Neither party shall incur any liability for any failure to provide such notice as set forth in the Lease. 9. Any and all improvements, renovations and/or fixtures (trade or otherwise) installed by the Tenant shall be retained by the party set forth in any and all applicable Lease provisions. [Instruction: In the event the Lease did not speak to the installation of any improvements, renovations or fixtures (trade or otherwise), parties should set forth the applicable agreement regarding same here, and delete the current language.] Tenant shall be liable for any damage, beyond normal wear and tear, caused as a result of the removal of any and all such improvements, renovations and/or fixtures. 10. Tenant and Landlord represent and warrant to each other and agree as follows: the Lease has not been modified or amended except as set forth herein; there are no other agreements, understandings, contracts, or commitments of any kind by, between or among such party to this agreement and any third party with respect to the Lease or the Premises except as expressly provided in the Lease or this agreement; such party has not assigned, transferred, sublet or hypothecated its rights, obligations or interests (or any portion thereof) under the Lease; and to the best of such party’s knowledge, neither party is in default under the Lease nor is there any condition or event which has occurred, which, with the passage of time or the giving of notice or both, would constitute a default or breach under the Lease. © Copyright 2011 Docstoc Inc. registered document proprietary, copy not 3 11. The provisions of this agreement (other than those contained in this clause) shall not have any effect until this agreement has been dated. 12. This agreement shall be binding upon both parties, their successors, assigns and personal representatives. 13. Any term used herein which is not defined herein shall have the meaning set forth in the Lease. 14. This agreement shall be governed, construed and interpreted by, through and under the Laws of the State of _____ [Instruction: Insert applicable state.] 15. The pronouns used herein shall include, where appropriate, either gender or both, singular and plural. 16. If any provision of this agreement or the application thereof shall, for any reason and to any extent, be invalid or unenforceable, neither the remainder of this agreement nor the application of the provision to other persons, entities or circumstances shall be affected thereby, but instead shall be enforced to the maximum extent permitted by law. 17. Should it become necessary for Landlord to employ an attorney to enforce any of the conditions or covenants hereof, including the collection of rentals or gaining possession of the Premises, Tenant agrees to pay all expenses so incurred, including a reasonable attorneys' fee. Tenant hereby understands and agrees specifically that such attorney may be Landlord, and in such instance, Tenant would remain responsible for all expenses so incurred, including such reasonable attorneys’ fee as Landlord would normally charge in such matters. The Landlord and The Tenant mutually consent to the termination of the tenancy on this date: __________. [Instruction: Delete this sentence if inapplicable.] Landlord Name: ______________________________ Landlord Signature: ______________________________ Date: _______________ Tenant Name: ______________________________ Tenant Signature: ______________________________ Date: ______________ © Copyright 2011 Docstoc Inc. registered document proprietary, copy not 4
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