Examples of improvements performed on a leased property, could be additions, alterations, remodeling, or renovations. Upon termination of the lease, such improvements normally become the property of the Owner/Lessor without any cost or obligation. Sometimes the lease requires the Lessee to remove these improvement and to do so in such a way as to not damage the premises.
Waiver of Obligation to Remove Improvements at End of Lease Agreement made on the (date), between (Name of Owner/Lessor), a corporation organized and existing under the laws of the state of (name of state), with its principal office located at (street address, city, state, zip code), referred to herein as Owner, and (Name of Lessee), of (street address, city, state, zip code), referred to herein as Lessee. Whereas, Owner and Lessee entered into a Lease Agreement covering premises (the Premises) located at (street address, city, state, zip code); and Whereas, a true and correct copy of said Lease is attached hereto as Exhibit A and made a part hereof; and Whereas, Pursuant to the terms of the Lease, the Lease has expired on the date of this Agreement; and Whereas, pursuant to the terms of the Lease, Lessee is required, at the expiration of the Lease, to remove certain leasehold improvements to the Premises and equipment owned by Lessee and located on the Premises, and to restore the Premises in the manner set forth in the Lease; and Whereas, the Lessor has entered into a lease (the New Lease) with a new lessee (the New Lessee) to commence upon the expiration of the Lease, and the New Lessee desires to operate the Premises for a similar use as used by Lessee and desires to lease the Premises with the leasehold improvements provided by Lessee and owned by Lessee and desires the Premises to be delivered without the removal of the leasehold improvements (or the removal of certain equipment which the New Lessee has agreed to purchase from Lessee) and the restoration of
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