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 Rupee 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 favour of Tenant, as of Termination Date, all of its right, title and interest in and to Leased Premises and Lease….
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