option to cancel

Document Sample
option to cancel Powered By Docstoc
					                                        OPTION TO CANCEL

        This OPTION TO CANCEL is made and entered into this __ day of _________, 200_
by and between Joseph Wm. Byrne , Trustee of the Byrne 1995 Trust dated September 25, 1995
(hereinafter, “Landlord”) and Jackie Favalora, doing business as One Day Tax Service
(hereinafter, “Tenant”) with reference to the following facts:

        A. Landlord and Tenant, or their respective predecessors in interest, entered into an
undated Sublease (hereinafter, “Lease”) covering certain premises at 1720 Fremont Blvd.,
Seaside, California.

        B. Tenant wishes to terminate this Lease and return the Premises to Landlord and
Landlord wishes to accept such termination and Premises from Tenant when it has another Tenant
ready, willing and able to enter into occupancy of the Premises and otherwise on the terms and
conditions set forth herein.

        NOW, THEREFORE, the parties hereto agree as follows:

        1. Landlord shall have the option to cancel the Lease effective on a date no earlier than
April 30, 2001. The option may be exercised, if at all, by Landlord giving written notice of such
exercise ( hereinafter, “Notice of Termination”) at least 30 days prior to the effective date of such
termination to Tenant at the Premises.

         2. The Notice of Termination shall set forth a date upon which the Lease shall terminate
( hereinafter, the “Termination Date”). Upon the Termination Date, Tenant shall pay any charges
due under the Lease through and including the Termination Date which have not yet been paid.
Tenant shall leave the Premises in good condition and repair, reasonable wear and tear excepted.
Tenant shall remove all fixtures, equipment and inventory prior to the Termination Date. Any
fixtures, equipment and/or inventory remaining on the Premises shall at Landlord’s option
become the property of Landlord or shall be removed at Tenant’s expense.

        3. Tenant shall at all times prior to the Termination Date keep all charges and accounts
due to Landlord under the Lease current.

        4. Landlord may place “For Lease” signs on the Premises or in the Shopping Center and
Tenant shall reasonably cooperate with Landlord in the marketing of the Premises.

         IN WITNESS WHEREOF, the parties hereto have executed this Option to Cancel as of
the date and year first set forth above.

                                                  The Byrne 1995 Trust dated September 25, 1995

                                                         Joseph Wm. Byrne, Trustee


                                                             Jackie Favalora

Shared By:
molly.snider molly.snider