Surrender – Leases Clause Samples
The Surrender clause in leases outlines the process and conditions under which a tenant may voluntarily give up their rights to the leased property before the end of the lease term. Typically, this clause specifies the requirements for formal notice, any necessary approvals from the landlord, and the obligations the tenant must fulfill, such as restoring the premises or paying outstanding rent. Its core function is to provide a clear, agreed-upon mechanism for ending the lease early, thereby reducing uncertainty and potential disputes between landlord and tenant.
Surrender – Leases. Before the Option Effective Date relating to a Retained Optional Contract that is a Lease, the Bridge Bank will (i) surrender and cease occupancy of any property subject to such Lease, (ii) arrange for the removal of all furniture, equipment and personalty owned, or leased under separate contract by the Bridge Bank and located on the property subject to the such Lease, and (iii) surrender such property in the condition and as required by the Receiver.
Surrender – Leases. A Receiver may grant, or accept surrenders of, any leases or tenancies affecting any Property and may grant any other interest or right over any Property on any terms, and subject to any conditions, that he thinks fit.