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Use this template to prepare a Surrender of Commercial Lease for a business or retail lease in Canada.
- The parties agree that the tenant will surrender the premises and the lease will be cancelled and terminated as of a specified date.
- The tenant will pay the landlord a specified amount to terminate the lease, and will forfeit all security and damage deposits paid to the landlord.
- Both the landlord and the tenant agree to honour their obligations until the date of surrender.
- The tenant will remove its trade fixtures and specified leasehold improvements (if possible).
This Canada Surrender of Commercial Lease template is in MS Word format and is easy to download, fill in with your details, and print.
SURRENDER OF LEASE THIS AGREEMENT made effective as of the _____ day of ______________, _______. BETWEEN: ______________________ (insert name of landlord) ________________________________________ (street address) _________________________________________ (city) (province) (postal code) (the “Landlord”) - and - ______________________ (insert name of tenant) ________________________________________ (street address) _________________________________________ (city) (province) (postal code) (the “Tenant”) WHEREAS: A. The Tenant leased premises located at ________________________ (insert address of leased premises) from the Landlord by way of a Lease dated the ____ day of __________________, __________, consisting of approximately _________ square feet, for a Term commencing on the ____ day of __________________, __________, and expiring on the ____ day of __________________, __________, (the “Lease” and “Premises” respectively). B. The Landlord and the Tenant have agreed, at the Tenant’s request, that the Lease will be cancelled and terminated and the Premises and the balance of the Term of the Lease surrendered to the Landlord as of the ____ day of __________________, __________, (the “Effective Date”). THEREFORE, in consideration of and conditional upon payment by the Tenant to the Landlord of the sum of $____________, (insert amount) and forfeiture of the Tenant’s deposits on hand of $_______________ (insert amount) and all accrued interest thereon (if any), and the mutual covenants contained in this Agreement, the sufficiency of which is hereby acknowledged, the Tenant and the Landlord hereby agree as follows: -2- 1. The Tenant hereby forever and irrevocably assigns, surrenders, gives and yields up to the Landlord, and its successors
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