Free Surrender Agreement Template

Surrender Agreement

This Surrender Agreement (the "Agreement") is entered into on this 5th day of January 2050 by and between:

Party 1: [Your Company Name]
Address: [Your Company Address]
(hereinafter referred to as "Surrendering Party")

AND

Party 2: Eco-Real Estate Inc.
Address: 456 Greenway Drive, Chicago, IL, 60602
(hereinafter referred to as "Receiving Party")

RECITALS

WHEREAS, the Surrendering Party has agreed to voluntarily surrender certain rights and obligations under a commercial lease agreement dated March 15, 2045, concerning office space located at 123 Innovation Park, Springfield, IL;


AND WHEREAS, the Receiving Party agrees to accept the surrender of the aforementioned office space and its associated rights and obligations by the terms outlined in this Agreement.

NOW, THEREFORE, in consideration of the mutual covenants and promises contained herein, the parties agree as follows:

1. Surrender of Property/Obligations/Rights

The Surrendering Party agrees to surrender to the Receiving Party the following:

  • The commercial office space is located at 123 Innovation Park, Suite 201, Springfield, IL, including all keys, access cards, and related assets.

  • All rights, obligations, and responsibilities under the lease agreement for the above office space, including rental payments, maintenance, and utility obligations, are being surrendered as of the effective date.

2. Effective Date

The surrender will be effective as of January 31, 2050.

3. Conditions of Surrender

  • The Surrendering Party affirms that the office space is in good condition and free from any known structural issues, with all property removed, except for those items explicitly agreed upon for surrender.

  • The Surrendering Party agrees to return all keys, security passes, and access cards to the Receiving Party on or before the effective date.

  • The Surrendering Party agrees to conduct a joint inspection of the premises with a representative of the Receiving Party before the effective date to ensure proper condition.

4. Consideration

The Receiving Party agrees to compensate the Surrendering Party as follows:

  • A one-time payment of $50,000 as consideration for the early termination of the lease agreement and surrender of the office space.

5. No Further Claims

Upon execution of this Agreement and the effective date, the Surrendering Party agrees to waive any future claims, actions, or lawsuits related to the lease agreement and the surrendered property.

6. Indemnification

Each party agrees to indemnify and hold the other harmless from any claims, damages, and liabilities arising from the breach of this Agreement or any actions that occur after the effective date.

7. Miscellaneous

  • Governing Law: This Agreement will be governed by and construed following the laws of the State of Illinois.

  • Dispute Resolution: Any disputes under this Agreement shall be resolved through binding arbitration in Springfield, Illinois.

  • Entire Agreement: This Agreement constitutes the entire understanding between the parties and supersedes all prior discussions or agreements relating to the subject matter hereof.

8. Signatures

IN WITNESS WHEREOF, the parties hereto have executed this Surrender Agreement as of the day and year first above written.

Surrendering Party
Name: [Your Name]
Title: CEO, [Your Company Name]
Date: January 5, 2050

Receiving Party
Name: Rachel Green
Title: President, Eco-Real Estate Inc.
Date: January 5, 2050

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