Surrender Plan Sample Clauses
The Surrender Plan clause outlines the procedures and requirements for relinquishing rights or interests in a property, asset, or contract. Typically, it details the steps a party must follow to formally notify the other party of their intent to surrender, any conditions that must be met before surrender is accepted, and the timeline for completing the process. For example, in a lease agreement, this clause might specify how a tenant should return the premises and what condition it must be in. The core function of this clause is to provide a clear, structured process for ending an agreement or returning property, thereby minimizing disputes and ensuring both parties understand their obligations during surrender.
Surrender Plan. At least nine (9) months prior to the expiration date of this Lease (or in the event of an earlier termination of this Lease, as soon as reasonably possible following such termination), Tenant shall deliver to Landlord a narrative description of the actions proposed (or required by any Governmental Authority) to be taken by Tenant in order to surrender the Premises (including any Installations permitted by Landlord to remain in the Premises) at the expiration or earlier termination of the Term in accordance with Section 15.2 (the "Surrender Plan"). Such Surrender Plan shall be accompanied by a current listing of (i) all Hazardous Materials licenses and permits held by or on behalf of any Tenant Party with respect to the Premises, and (ii) all Hazardous Materials used, stored, handled, treated, generated, released or disposed of from the Premises, and shall be subject to the review and approval of Landlord's environmental consultant. In connection with the review and reasonable approval of the Surrender Plan, upon the request of Landlord, Tenant shall deliver to Landlord or its consultant such additional non-proprietary information concerning Tenant HazMat Operations as Landlord shall reasonably request. Prior to the expiration date (or in the event of an earlier termination of this Lease, as soon as reasonably possible following such termination), Tenant shall deliver to Landlord evidence that the approved Surrender Plan shall have been satisfactorily completed (which evidence may be the Environmental Assessment provided pursuant to Section 15.3) and Landlord shall have the right, subject to reimbursement at Tenant's expense as set forth below, to cause Landlord's environmental consultant to inspect the Premises and perform such additional procedures as may be deemed reasonably necessary to confirm that the approved Surrender Plan shall have been satisfactorily completed. If such inspection by Landlord's environmental consultant reveals that Tenant failed to satisfactorily complete the approved Surrender Plan in any material respect, Tenant shall reimburse Landlord, as Additional Rent, for the actual out-of pocket expense incurred by Landlord for Landlord's environmental consultant to review and approve the Surrender Plan and to visit the Premises and verify satisfactory completion of the same, which cost shall not exceed $5,000. Landlord shall have the unrestricted right to deliver such Surrender Plan and any report by Landlord's environmental consultant ...
Surrender Plan. Effective as of the Effective Date of this First Amendment, Paragraph 32.9 of the Lease hereby is deleted in its entirety and replaced with the following:
Surrender Plan. At least sixty (60) days prior to the expiration of the Term (or such earlier time that Tenant intends to remove any furnishings, fixtures or equipment from the Premises), Tenant shall provide to Landlord a detailed list and narrative description of its plan of surrender (“Surrender Plan”) that implements the terms of Sections 20.1. 20.2, and 20.3 including a detailed listing and description of the items in the Premises that Tenant intends to remove. Landlord shall have the right to make reasonable objections to or modifications of such Surrender Plan, and Tenant shall satisfy Landlord’s reasonable objections prior to the expiration of the Term (or any earlier date that Tenant intends to begin removing items). Tenant’s surrender of the Premises and removal and repair thereof shall follow in all respects the Surrender Plan, as the same may have been modified to reasonably satisfy Landlord, and on all of the other terms and conditions of this Lease. Landlord shall have the right to have a representative observe all aspects of Tenant’s vacation of the Premises to ensure compliance with this Lease and the Surrender Plan.
Surrender Plan. At least one hundred twenty (120) days prior to the expiration of the Term (or such earlier time that Sub-Tenant intends to remove any furnishings, fixtures or equipment from the Sub-Premises), Sub-Tenant shall provide to Sub-Landlord a detailed list and narrative description of its plan of surrender (“Surrender Plan”) that implements the terms of Sections 20.1 and 20.2, including a detailed listing and description of the items in the Sub-Premises that Sub-Tenant intends to remove. Sub-Landlord shall have the right to make reasonable objections to or modifications of such Surrender Plan, and Sub-Tenant shall satisfy Sub-Landlord’s objections at least thirty (30) days prior to the expiration of the Term (or any earlier date that Sub-Tenant intends to begin removing items). Sub-Tenant’s surrender of the Sub-Premises shall follow in all respects the Surrender Plan, as the same may have been modified to satisfy Sub-Landlord, and on all of the other terms and conditions of this Sublease. Sub-Landlord shall have the right to have a representative observe all aspects of Sub-Tenant’s vacation of the Sub-Premises to ensure compliance with this Sublease and the Surrender Plan.
Surrender Plan. At least one hundred twenty (120) days prior to the expiration of the Term (or such earlier time that Sub-Tenant intends to remove any furnishings, fixtures or equipment from the Sub-Premises), Sub-Tenant shall provide to Sub-Landlord a detailed list and narrative description of its plan of surrender (“Surrender Plan”) that implements the terms of Sections 20.1 and 20.2, including a detailed listing and description of the items in the Sub-Premises that Sub-Tenant intends to remove. Sub-Landlord shall have the right to make reasonable objections to or modifications of such Surrender Plan, and Sub-Tenant shall satisfy Sub-Landlord’s objections at least thirty (30) days prior to the expiration of the Term (or any earlier date that Sub-Tenant intends to begin removing items). Sub-Tenant’s surrender of the Sub-Premises shall follow in all respects the Surrender Plan, as the same may have been modified to satisfy Sub-Landlord, and on all of the other terms and conditions of this Sublease. Sub-Landlord shall have the right to have a representative observe all aspects of Sub-Tenant’s vacation of the Sub-Premises to ensure compliance with this Sublease and the Surrender Plan.