Surrendered Premises definition
Examples of Surrendered Premises in a sentence
Tenant may request Landlord’s review of Preliminary Space Plans or Preliminary Drawings before Tenant’s notification to Landlord of Tenant’s election to remove Surrendered Premises from the Leased Premises to facilitate Tenant’s understanding of the potential approximate costs associated therewith.
For the purposes of this Section 7.2 only, the term “Premises” shall mean (a) from the Execution Date through April 19, 2011, the Original Premises (eleven thousand seven hundred twenty-seven (11,727) square feet of Rentable Area) and (b) from and after April 20, 2011, the Original Premises less the Surrendered Premises (eleven thousand thirty-four (11,034) square feet of Rentable Area).
For greater certainty, the parties confirm and agree that the Lease remains in full force and effect with respect to the Remaining Premises and is discharged and surrendered with respect to the Surrendered Premises only.
In further consideration of the Landlord agreeing to the surrender by the Tenant of the Surrendered Premises, the Tenant covenants and agrees to pay to the Landlord a surrender payment of $992,291.11 plus GST (the "Post Feb 1/03 Surrender Payment") on or before February 1, 2003.
Such Additional Surrender Option shall be exercised, if at all, by sending to Landlord not less than twenty (24) months prior written notice, which notice shall contain a detailed description of the Additional Surrendered Premises (“Tenant’s Additional Surrender Notice”).