LEASE AGREEMENT 313: AGREEMENT TO TERMINATE EXISTING LEASE IN DEFAULT CONDITIONED UPON A NEW LEASE FOR OTHER SMALLER SPACE $49.95
CONDITIONAL LEASE TERMINATION AGREEMENT
THIS CONDITIONAL LEASE TERMINATION AGREEMENT ("Termination Agreement") is made as of the ___ of ___________ by and between COMMERCIAL LANDLORD, LLC, a ____________ limited liability company ("Landlord") and RESPECTABLE TENANT, a ____________ corporation ("Tenant").
A. Landlord and Tenant are parties to that certain lease dated as of __________ (the "Lease") relating to approximately _______ rentable square feet (the "Premises") which consist of the entirety of the building commonly known as Building _, located at ___________, ________________, ___________ (the "Building"), all as more particularly described in the Lease.
B. The Term is scheduled to expire on __________ (the "Stated Termination Date"), and Tenant desires to terminate the Lease prior to the Stated Termination Date. Landlord has agreed that, if Landlord and Tenant enter into that certain a new Office Lease Agreement (the "New Lease") on or before _________ for approximately _________ rentable square feet (the "New Premises"), then Landlord shall agree to the early termination of the Lease on the terms and conditions contained in this Termination Agreement.
NOW, THEREFORE, in consideration of the above recitals which by this reference are incorporated herein, the mutual covenants and conditions contained herein and other valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Landlord and Tenant agree as follows:
1. If Landlord enters into the New Lease (defined in Recital B above) as provided in Recital B above, then Landlord shall send Tenant a notice terminating the Lease (the "Termination Notice"), in which event, the Lease shall be deemed terminated in accordance with, and subject to, the terms and conditions of this Termination Agreement effective as of __________ (the "Early Termination Date"). Upon delivery of the Termination Notice, and subject to the satisfaction of the conditions contained in this Termination Agreement, the Lease shall be deemed terminated effective as of the Early Termination Date, subject to the agreements, representations, warranties and indemnities contained in this Termination Agreement, including, without limitation, payment of the Termination Fee described below and the amounts due to Landlord described below.
2. On or before __________, Tenant shall have delivered to Landlord an executed New Lease together with the sum of $___,___ which represents Base Rent (as such term is defined in the New Lease) for the first three (3) months of the Term (as such term is defined therein) and the sum of $___,___ which represents the Security Deposit (as such term is defined in the New Lease) owing under the New Lease.
3. The parties hereto acknowledge and agree that Tenant has failed to tender payment of Base Rent, Additional Rent and all other amounts due under the Lease which failure commenced on or about _______ and such failure has continued and will continue through and including the Early Termination Date, resulting in a total delinquent amount past due to Landlord as of ___________ equal to $___,___. Pursuant to the provisions of the Lease, such failure constitutes an event of default by Tenant. Simultaneously with the execution of this Termination Agreement, Tenant shall have delivered to Landlord by cashier's or certified check or by wire transfer of immediately available funds to an account designated by Landlord an amount equal to $___,___. On or before _________, Tenant shall have delivered to Landlord by cashier's or certified check or by wire transfer of immediately available funds to an account designated by Landlord an amount equal to $___,___ ("Partial Payment II").
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