A lease surrender agreement applies when a Tenant vacates the Premises prior to the expiration of the term. This may occur for several reasons. For example, the Tenant may be relocating to another space in the building, or the Tenant may be going out of business and exercising a good guy guaranty. Regardless of the circumstances, the surrender agreement will typically address any rent or additional rent in arrears, the vacate date, the security deposit, the condition in which the Premises must be left, and any other deal specific terms.
*Thank you for taking the time to read this article. This article is part of our “Commercial Leasing for Non-Lawyers,” a Blog Series on Commercial Leasing. Other aspects of commercial leasing transactions in New York are discussed in other Parts of this series.
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