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6.C.(2) Lease Termination Agreement (SASCO)
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09/18/09 Meeting
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6.C.(2) Lease Termination Agreement (SASCO)
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9/15/2009 4:11:11 PM
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WHEREAS, the Commission has indicated that it wishes to terminate the Lease as of <br />January 31, 2010 in order to demolish the building located on the Premises despite the rights of <br />the lessee to extend the Lease for the Renewal Terms; and <br />WHEREAS, TCU likewise desires that the Lease terminate prior to the expiration of the <br />Renewal Terms and that, upon such early termination, TCU seeks to be relieved of all further <br />liability and obligations under the Lease and to quit, surrender and vacate the Premises as well as <br />yielding and waiving all rights, benefits and privileges of the Lease upon the early termination <br />thereof. <br />NOW THEREFORE, THE PARTIES AGREE: <br />The above recitals to this Agreement are true and correct and made a part hereof <br />as if set forth verbatim herein. <br />2. The Lease, and all rights, benefits and privileges accruing to both TCU and the <br />Commission thereunder shall terminate as of 12:00 o'clock midnight, local time, January 31, <br />2010 unless extended in writing by both parties (the "Termination Date") and, providing the <br />conditions hereof are satisfied, TCU and the Commission shall each be relieved of all respective <br />liabilities and obligations under the Lease upon the Termination Date. <br />3. TCU agrees to quit, surrender and vacate the Premises on the Termination Date. <br />TCU shall deliver the keys to and relinquish any right of possession of the Premises and the <br />Commission shall accept same as of the Termination Date. <br />4. In partial consideration of this Agreement, (i) all defaults of the Lease occurring <br />prior to the date of the execution of this Agreement shall be deemed waived by the Commission; <br />(ii) TCU shall have no obligation to pay rent accruing prior to the Termination Date; and (iii) any <br />-2- <br />
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