Lease Termination Agreement by ltedprosser

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Lease Termination Agreement acknowledgment and agreement to terminate existing lease Pages: 3

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									          Lease Termination Agreement
  THIS TERMINATION OF LEASE AGREEMENT (Agreement) is entered into this 1st _
day of _May , 20_ by and between _YZX Partners, LLC, a Texas partnership (Landlord), and
New Tenant, Inc. , a _Texas corporation (Tenant);

                                     WITNESSETH:


  WHEREAS, Landlord and Tenant entered into that certain Lease Agreement, dated
__________ (Lease), for certain property located in the City of Austin, State of Texas
_______ , which property is more particularly described in Exhibit "A" attached hereto and
made a part hereof (the Leased Premises), which lease is evidenced by a Memorandum of
Lease between Landlord and Tenant dated _July 6, 2010 and recorded in Book __123, Page
34_ of the Official Records of _Bear County, Texas; and

  WHEREAS, Landlord and Tenant desire to terminate all obligations, liabilities and
benefits under said Lease in its entirety as hereinafter provided.

  NOW, THEREFORE, in consideration of the foregoing and the mutual covenants and
conditions herein contained, the parties hereto do hereby agree as follows:


     1. As of November 30th , 2010 (the Effective Date), Landlord and Tenant hereby agree
  that all benefits, obligations and liabilities of the Landlord and Tenant under the Lease and
  otherwise relating to the Leased Premises shall cease and terminate and such Lease shall
  have no further force and effect.

     2.

      a) Landlord acknowledges that it has been afforded the opportunity to inspect the
  Leased Premises, and any improvements thereon, and Landlord agrees that, as of the
  Effective Date, it shall take possession of and accept the condition of the surface and
  subsurface of the Leased Premises, and any improvements thereon, on an "as-is" basis,
  including, without limitation, matters pertaining to compaction, bearing ability, hazardous
  waste or toxic materials. Landlord represents and warrants that neither Tenant nor it agents,
  subsidiaries, parent companies, employees or attorneys have made, and it has not relied
  upon any representations and warranties made by or on behalf of Tenant in connection
  with the Leased Premises, the condition of any improvements located thereon, the
  condition of the surface or subsurface thereof, or of the soil conditions or compaction or
  bearing ability thereof, including, without limitation, any matters pertaining to hazardous
  waste or toxic materials. This representation and warranty by Landlord shall be true as of
  the Effective Date, and shall be extended to and shall be in full force and effect as of the
  Effective Date and shall survive the Effective Date.

        b) From and after the Effective Date, the parties agree that Tenant shall have no prior
     or future responsibility, and that Landlord shall have full responsibility for the condition
     and existing defects of the Leased Premises (specifically including any matters
     pertaining to hazardous materials or toxic wastes), whether known or unknown,
     disclosed or undisclosed, latent or patent.


                                             1
      c) From and after the Effective Date, Tenant shall have no further obligation to make
   any repairs to the Leased Premises or the building and improvements on the Leased
   Premises, notwithstanding anything in the Lease or this Agreement to the contrary.

   3. From and after the Effective Date, Landlord does hereby release and forever
discharge Tenant and its agents, employees, officers, directors, attorneys, subsidiaries,
parent companies, successors and assigns, of and from any and all pre-existing or
subsequent claims, debts, liabilities, demands, obligations, costs, expenses, attorneys' fees,
actions, and causes of action involving the Lease, or occurring or arising on the Leased
Premise, including any claims or disputes arising from the negligent acts or omissions of
Tenant, or instituted or initiated by or on behalf of any third parties.

   4. Landlord agrees to defend (with counsel o
								
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