Surrender of Lease and Premises by Tenant Form is a template directing the legal surrender of the rented premises by the tenant. The surrender form also entitles the transaction in good faith when both parties are settled on a fair ground.
Furthermore, the Surrender of Lease and Premises by Tenant Form is legally binding on both parties and their successors upon the signing and execution. Entering all required details is as crucial as signatures of the landlord, tenant, and a neutral witness.
This Surrender of Lease and Premises by Tenant Form also is a mutual agreement and the terms of understanding are set forth in the form. Signing this form is also accepting the terms and conditions of the surrender of the premises and lease by the tenant. In addition, both parties mutually agree to engage in executing furthermore documents in lieu to the Surrender of Lease and Premises by Tenant Form is needed by the time or by the action.
Remember these points when using this form
- Use Exhibit 1: Description of Leased Premises to describe the premises as adequately as necessary.
- Signature of a neutral witness is necessary for the legal standing of Surrender of Lease and Premises by Tenant Form.
- Read the terms of the agreement carefully before signing the form, accepting, and executing it.
- Fill in the required details like names, dates, and term of tenure in year with caution.
- Read section 4 of the Surrender of Lease and Premises by Tenant Form carefully to understand the rights of surrender and the role/s of obligation/s pertaining to it if any.
The foremost line of the Surrender of Lease and Premises by Tenant Form has space for input of the date. Please enter date in the prescribed format. This date sanctifies the issuance and execution of the surrender of the said premises described in Exhibit 1: Description of Leased Premises.
Continue typing the legal name of the landlord. Mention the name as mentioned in the lease agreement. Continue by typing the legal name of the tenant as mentioned in the lease agreement. Both parties must enter the legal names in the prescribed format in the spaces provided respectively.
Type the date of the execution of the lease followed by entering the term of the lease in years. Be specific while filling these details and refer the lease agreement if necessary to procure the most accurate date and the tenure in years. Continue filling the form by inserting the date of natural expiration of the lease agreement after completion of the tenure.
Complete the Surrender of Lease and Premises by Tenant Form with signatures of the landlord, the tenant, and a neutral witness in the spaces provided for the same. Notarization of Surrender of Lease and Premises by Tenant Form is not necessary for its legal standing. Use space provided in Exhibit 1: Description of Leased Premises to describe the said rented premises.
Text version of this Form
This Surrender of Lease (“Agreement”) dated ___________ , 20___, by and between _______________(“Landlord”) and _____________ (“Tenant”).
Whereas by a lease (“Lease”) dated ___________ , 20___, the Landlord and Tenant entered not a Lease for the premises described in the attached Exhibit 1 (“Leased Premises”) for a term of __________ years upon and subject to the terms and conditions contained in the Lease; and,
Subject to the provisions hereinafter contained, the rents reserved and contained in the Lease have been completely paid, and the parties have agreed that the Tenant has surrendered the Leased Premises and the Lease to the Landlord as of ___________ , 20___, (“Termination Date”) in order that the estate, term and interest of the Tenant therein may merge and be extinguished upon the terms hereinafter contained.
Therefore in consideration of the premises and the terms and conditions hereinafter set forth, other good and valuable consideration and the sum of one dollar now paid by each party to the other (the receipt and sufficiency of which are hereby acknowledged), the parties agree as follows:
1. The parties acknowledge, confirm and agree that the foregoing recitals are true in substance and in fact.
2. Tenant surrenders to Landlord, as of Termination Date, Leased Premises and Lease and all rights hereunder to the intent that the unexpired residue of the term of Lease and any renewals shall be merged and extinguished in the reversion, and Tenant hereby releases in favor of Landlord, as of Termination Date, all of its right, title and interest in and to Leased Premises and Lease.
3. From and after 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 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), Lease shall be of no further force and effect and the parties shall be relieved of all further liability and obligation under Lease.
4. Each party represents and warrants with the other that it has the good right, full power and authority to assign and surrender Leased Premises and Lease in the manner aforesaid, and that, as of Termination Date, none of the parties shall have executed any other instruments, deeds, or other documents pursuant to which Lease and the unexpired residue of the term thereof, shall in any way be charged, encumbered, assigned, or otherwise transferred.
5. 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 Leased Premises and the lease as may be required to give effect to this Agreement.
6. This Agreement shall inure to the benefit and be binding upon the parties hereto, their respective successors and assigns.
In witness whereof, the parties hereto have duly executed this Agreement as of the date first above written.
Exhibit 1: Description of Leased Premises