Surrender Of Lease & Premises, By Tenant
Surrender of Lease and Premises, by Tenant
This Surrender of Lease (“Agreement”) dated ______________, by and between _______________(“Landlord”) and _____________ (“Tenant”).
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 Tenant has surrendered the Leased Premises and the Lease to the Landlord as of ___________, (“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.
________________ _________________
Landlord Tenant
________________
Witness
Enc. Exhibit 1: Description of Leased Premises
Exhibit 1: Description of Leased PremisesSurrender of Lease and Premises by Tenant
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 Landlord/Tenant/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 Landlord, this document may have some value for a New Tenant in this space. Otherwise, it is rarely used in an active capacity after signature.
Frequently Asked Questions
What is a surrender of lease and premises by tenant?
A surrender of lease and premises by tenant is a legal agreement between a landlord and tenant that terminates the tenant's lease and returns the leased premises to the landlord. In this agreement, the tenant surrenders the lease and premises as of a specified termination date, so that the tenant's estate, term, and interest merge and are extinguished. The agreement typically includes recitals confirming that rents have been paid and the terms of the surrender.
When does a surrender of lease take effect?
A surrender of lease takes effect on the termination date specified in the agreement. This date is when the tenant surrenders the leased premises and the lease to the landlord, and the tenant's interest merges and is extinguished. The termination date is a key term that must be clearly stated in the surrender agreement.
What is the role of consideration in a surrender of lease?
In a surrender of lease, consideration is often a nominal sum, such as one dollar, paid by each party to the other. This consideration acknowledges the mutual promises and terms of the agreement. The receipt and sufficiency of this consideration are typically acknowledged by both parties in the agreement.
What happens to the tenant's interest upon surrender of lease?
Upon surrender of lease, the tenant's estate, term, and interest in the leased premises merge and are extinguished. This means the tenant no longer has any rights to the premises as of the termination date. The landlord regains full possession and control of the leased premises.
What are the recitals in a surrender of lease agreement?
The recitals in a surrender of lease agreement typically state the date of the original lease, a description of the leased premises, the term of the lease, and confirm that rents have been completely paid. They also express the parties' agreement that the tenant has surrendered the premises and lease as of the termination date. The parties acknowledge, confirm, and agree that these recitals are true in substance and in fact.
What is the effect of a surrender of lease on the original lease?
A surrender of lease terminates the original lease as of the termination date. The tenant's interest in the lease is extinguished, and the lease is no longer in effect. The landlord and tenant agree that the lease has been surrendered and the premises returned.
Who are the parties involved in a surrender of lease?
The parties involved in a surrender of lease are the landlord and the tenant. The landlord is the party who originally leased the premises, and the tenant is the party who leased the premises and is now surrendering them. Both parties must agree to the terms of the surrender.
What is the termination date in a surrender of lease?
The termination date in a surrender of lease is the date on which the tenant surrenders the leased premises and the lease to the landlord. It is specified in the agreement and marks the end of the tenant's interest in the premises. On this date, the tenant's estate, term, and interest merge and are extinguished.
What is the purpose of a surrender of lease and premises?
The purpose of a surrender of lease and premises is to formally terminate the lease and return the premises to the landlord before the natural expiration of the lease term. It allows the tenant to be released from future obligations under the lease, and the landlord to regain possession. The agreement ensures that the tenant's interest is extinguished and the parties' rights are clearly defined.
What are the key terms typically included in a surrender of lease agreement?
Key terms in a surrender of lease agreement include the date of the agreement, the names of the landlord and tenant, the date of the original lease, a description of the leased premises, the term of the lease, and the termination date. It also includes a statement that rents have been paid and the consideration paid by each party. The agreement may also include provisions for the merger and extinguishment of the tenant's interest.
