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Form #1144Agreement to Cancel Lease
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Agreement to cancel
lease.
_________ is Landlord under the Lease Agreement, and
_________ Corp. ("Retailer") is the successor in interest to tenant;
and
Retailer has ceased operating the premises and is
desirous of obtaining a release from all of its obligations under the Lease
Agreement; and
Landlord is willing to release Retailer from all of
its obligations under the Lease Agreement upon the terms and conditions set
forth herein.
Therefore, in consideration of the premises and other
good and valuable consideration, the parties hereby agree as follows:
1. Landlord agrees to execute, acknowledge and deliver
at closing to Retailer: (i) a Surrender of Lease in the form annexed hereto and
made a part hereof as Exhibit "A"; and (ii) Assignment of Lease and
Assumption Agreements in the form annexed hereto and made a part hereof.
2. Retailer agrees at closing to: (i) deliver to
Landlord its check in the amount of $_____; (ii) execute, acknowledge and
deliver to Landlord a Bargain and Sale Deed with Covenant Against Grantor's
Acts in the form annexed and made a part hereof for property located at
_________ Avenue, _________, _________ and more particularly described. As of
the date of closing, title shall be good and marketable and such as would be
insured by _________ Title Insurance Company, at regular rates, free and clear
of all liens and encumbrances or objections except those set forth in Exhibit
annexed hereto and made a part hereof; (iii) execute, acknowledge and deliver
to Landlord an assignment of all of Retailer's right, title and interest as
lessee in and to that certain lease dated _________[year], by and
between _________ and _________, as lessor, and _________, as lessee, in the
form annexed hereto and made a part hereof, for property located at _________
Avenue, _________, _________, and more particularly described in such lease, a
copy of which has been delivered to Landlord, and receipt of which is hereby
acknowledged; and (iv) execute, acknowledge and deliver to Landlord an
assignment of all of Retailer's right, title and interest as Landlord in and to
that certain lease dated _________[year], by and between Landlord, and
_________, tenant, for property located at _________ Avenue, _________,
_________, and more particularly described in such lease, a copy of which has
been delivered to Landlord, and receipt of which is hereby acknowledged,
together with the sum of $_____ representing the security delivered by tenant
to Landlord on the making of the lease.
3. Adjustments for each of the properties shall be
made as of the date of closing and adjustments shall be made, where applicable,
for real estate taxes, fuel and rents.
4. The closing shall be held at 10:00 a.m. on
_________[year] at the office of _________ Corporation, _________ Drive,
_________, _________.
5. In the event that Landlord shall, on the tender by
Retailer of all of the items required to be delivered by it pursuant to
Paragraph 2, fail to execute, acknowledge and deliver the Surrender of Lease as
provided in Paragraph 1 hereof, then Retailer shall be released of all of its
obligations under the Lease Agreement as of the closing date provided for
herein.
6. In the event that Retailer shall fail to tender all
of the items required of it pursuant to Paragraph 2 hereof then Landlord shall
have the right to (i) sue for specific performance or (ii) cancel this
Agreement and the parties hereunder shall have no further rights or obligations
to each other with respect to this Agreement.
7. With respect to the property located at _________
Avenue, _________, _________, Landlord agrees to accept the premises in its as
is condition as of the date hereof.
8. This Cancellation Agreement is subject to the
approval of the Bank of _________, and no rights or obligations shall accrue
hereunder until the Bank's approval has been secured provided, however, that
unless such approval is obtained within ten (10) days from the date hereof
Retailer shall have the right to terminate this Cancellation Agreement upon the
giving of fifteen (15) days' notice and from and after the date specified in
said notice this Cancellation Agreement shall be null and void and of no
further force and effect.
9. This Cancellation Agreement contains the entire
agreement between the parties with respect to the matters contained herein and
cannot be changed, modified or amended unless in writing and executed by the
party against whom the enforcement of the change, modification or amendment is
sought.
10. This Cancellation Agreement shall be binding upon
the parties hereto and their respective successors and assigns.
11. Any notices required to be given hereunder shall
be in writing and shall be deemed given if sent by registered or certified
mail, return receipt requested, postage prepaid, (a) to Landlord at the address
hereinabove set forth, or such other address as Landlord may designate by
notice to Retailer, or (b) to Retailer in duplicate under separate cover, one
copy to the attention of the President of Retailer, and one copy to the
attention of the Vice-President in charge of real estate, at the address of
Retailer set forth above, or such other address as Retailer may designate by
notice to Landlord. During the period of any postal strike or other
interference with the mails, personal delivery shall be substituted for
registered or certified mail.
In witness whereof, the parties hereto have caused
this Agreement to be executed on the date first above written.
[Signatures]
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These forms are provided to assist business owners and others in understanding important
points to consider in different transactions. They are offered with the understanding
that no legal advice, accounting, or other professional service is being offered
by these documents or on this website. Laws vary in the different states. Agreements
acceptable in one state may not be enforced the same way under the laws of another
state. Also, agreements should relate specifically to the particular facts of each
situation. Therefore, it is important to consult legal counsel whenever utilizing
these forms. The Forms are not a substitute for legal advice YourFreeLegalForms.com
is not engaged in recommending or referring members on the site or making claims
about the competence, character or qualifications of its participating members.
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Keywords: Agreement to Cancel Lease, Real Estate, Lease, contract form
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