Free Surrender of Sublease and Premises by Subtenant Form - PDF Form Download
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This Surrender of Sublease (“Agreement”) dated ___________ , 20___, by and between ____________________________________(“Tenant”) and ____________________________________ (“Subtenant”).
Whereas, by a sublease (“Sublease”) dated ___________ , 20___ the Tenant and Subtenant entered not a sublease 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,
Whereas, the rents reserved and contained in the sublease have been completely paid, and the parties have agreed that the Subtenant has surrendered the Leased Premises and the Lease to the Tenant as of ___________ , 20___, (“Termination Date”) in order that the estate, term and interest of the Subtenant therein may merge and be extinguished upon the terms hereinafter contained.
Nows 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. Subtenant surrenders to Tenant, as of Termination Date, the 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 Subtenant hereby releases in favor of Tenant, as of Termination Date, all of its right, title and interest in and to Leased Premises and Lease.
3. From and after The 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), the Lease shall be of no further force and effect and the parties shall be relieved of all further liability and obligation under the Lease.
4. Each party represents and warrants with the other that it has the good right, full power and authority to assign and surrender the 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 the 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 the 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