Surrender Of Sublease & Premises, By Tenant
Surrender of SubLease and Premises, by SubTenant
This Surrender of SubLease (“Agreement”) dated ______________, by and between _______________(“Tenant”) and _____________ (“SubTenant”).
Whereas by a lease (“Lease”) dated ________, and premises described in the attached Exhibit 1 (“Leased Premises”) for a term __________ 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 SubTenant has surrendered the Leased Premises and the Lease to the Tenant as of ___________, (“Termination Date”) in order that the estate, term and interest of the SubTenant 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. SubTenant surrenders to Tenant, 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 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 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.
________________ _________________
Tenant SubTenant
________________
Witness
Enc. Exhibit 1: Description of Leased Premises
Exhibit 1: Description of Leased PremisesSurrender of SubLease and Premises by SubTenant
Review ListThis review list is provided to inform you about this document in question and assist you in its preparation. This document finalizes an old Tenant/SubTenant/Lease situation and extinguishes the liabilities between the parties. It is not always done but is a helpful form of legal well care.
1. Keep signed copies with the original Lease it relates to. This is normally your last legal dealing with the Lease in question so you can put these final papers in permanent storage, as a rule, after this document is completed and signed off on by both parties. If you are the Tenant, this document may have some value for a New SubTenant in this space. Otherwise, it is rarely used in an active capacity after signature.
Frequently Asked Questions
What is a Surrender of Sublease and Premises by SubTenant?
A Surrender of Sublease and Premises by SubTenant is a legal agreement between a Tenant and a SubTenant that formally terminates the sublease and returns the leased premises to the Tenant. It is used when the SubTenant has completely paid the rents reserved in the sublease and both parties agree to end the sublease as of a specified Termination Date. The agreement allows the SubTenant's estate, term, and interest in the premises to merge and be extinguished.
When should a Surrender of Sublease be used?
A Surrender of Sublease should be used when the SubTenant has completely paid the rents due under the sublease and both the Tenant and SubTenant agree to terminate the sublease. It is appropriate when the parties want to formally document the surrender of the leased premises and the sublease as of a specific Termination Date. This agreement ensures that the SubTenant's interest in the premises is merged and extinguished.
What are the key elements of a Surrender of Sublease agreement?
The key elements include the identification of the Tenant and SubTenant, the date of the original lease, a description of the leased premises, the term of the lease, and confirmation that rents have been completely paid. It also specifies the Termination Date on which the surrender takes effect and includes a recital that the parties agree the SubTenant has surrendered the premises and the lease to the Tenant. The agreement typically includes a nominal consideration of one dollar and a statement that the recitals are true.
What does it mean that the SubTenant's estate, term, and interest will merge and be extinguished?
It means that upon the Termination Date, the SubTenant's leasehold estate and all rights and interests in the leased premises are absorbed back into the Tenant's larger estate. This merger eliminates the SubTenant's separate legal interest in the property, effectively ending the sublease relationship. The clause ensures that the SubTenant no longer holds any estate, term, or interest in the premises.
What is the Termination Date in a Surrender of Sublease?
The Termination Date is the specific date on which the surrender of the sublease and premises becomes effective. It is inserted into the agreement by the parties and marks the point at which the SubTenant's estate, term, and interest merge and are extinguished. This date is typically agreed upon after the SubTenant has completely paid all rents due under the sublease.
What consideration is required for a Surrender of Sublease?
The agreement states that the consideration includes the premises, the terms and conditions set forth, other good and valuable consideration, and the sum of one dollar paid by each party to the other. The receipt and sufficiency of this consideration are acknowledged by the parties. This nominal consideration helps formalize the agreement.
What happens to the sublease after the Surrender of Sublease is signed?
After the Surrender of Sublease is signed, the sublease is terminated as of the Termination Date, and the SubTenant's estate, term, and interest in the leased premises merge and are extinguished. The SubTenant no longer has any rights to the premises under the sublease. The Tenant regains full possession and control of the leased premises.
Who are the parties involved in a Surrender of Sublease?
The parties are the Tenant, who holds the original lease, and the SubTenant, who holds a sublease from the Tenant. The agreement is made by and between these two parties. Their names are inserted into the agreement at the beginning.
What recitals are included in a Surrender of Sublease?
The recitals include the date of the original lease, a description of the leased premises in an attached Exhibit 1, the term of the lease in years, and a statement that the rents reserved in the lease have been completely paid. They also state that the parties have agreed that the SubTenant has surrendered the leased premises and the lease to the Tenant as of the Termination Date. The recitals further explain that the purpose is to merge and extinguish the SubTenant's estate, term, and interest.
Is a Surrender of Sublease a legally binding document?
Yes, a Surrender of Sublease is a legally binding agreement once signed by both the Tenant and SubTenant, as it contains mutual promises and consideration. It formally documents the termination of the sublease and the surrender of the premises. However, it is advisable to consult with an attorney to ensure it complies with applicable laws.
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