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Form #1144

Agreement to Cancel Lease

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This is an Agreement to Cancel Lease Form that is free for download and use.

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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]

Contributed by
Asian Investment Advisers
 
Name of Firm Asian Investment Advisers
Total Forms Contributed 61
 

See All Asian Investment Advisers's Forms
 

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Terms Of Use

Submissions to this site, including any legal or business forms, posts, responses to questions or other communications by contributors are not intended as and should not be construed as legal advice. You are strongly encouraged to consult competent legal council before engaging in any action based upon content contained on this site.

These downloadable forms are only for personal use. Retransmission, redistribution, or any other commercial use is prohibited. This includes reposting forms from this site to another site offering free legal or other document forms for download.

Please note that the donator may have included different usage terms regarding this form, and you agree to abide by these terms. It is highly recommended that you have a licensed attorney review any legal documents for which you are searching in order to make sure that your needs are being properly and completely satisfied.

Your use of this site constitutes your acceptance of our terms of use and your agreement to hold this site, its officers, employees and any contributors to this site harmless for any damage you might incur from your use of any submissions contained on this site. If you do not agree to the above terms, please do not proceed.

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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