Surrender Ownership and Removal of Trade Fixtures Clause Samples
The "Surrender; Ownership and Removal of Trade Fixtures" clause defines the tenant's rights and obligations regarding the removal of trade fixtures and the condition in which the leased premises must be returned at the end of the lease. Typically, it allows tenants to remove items they have installed for business purposes, such as shelving or specialized equipment, provided they repair any damage caused by the removal. This clause ensures clarity over what property remains with the landlord and what the tenant can take, preventing disputes and facilitating a smooth transition at lease termination.
Surrender Ownership and Removal of Trade Fixtures. 15.1 SURRENDER OF PREMISES. No act or thing done by Landlord or any agent or employee of Landlord during the Lease Term shall be deemed to constitute an acceptance by Landlord of a surrender of the Premises unless such intent is specifically acknowledged in a writing signed by Landlord. The delivery of keys to the Premises to Landlord or any agent or employee of Landlord shall not constitute a surrender of the Premises or effect a termination of this Lease, whether or not the keys are thereafter retained by Landlord, and notwithstanding such delivery Tenant shall be entitled to the return of such keys at any reasonable time upon request until this Lease shall have been properly terminated. The voluntary or other surrender of this Lease by Tenant, whether accepted by Landlord or not, or a mutual termination hereof, shall not work a merger, and at the option of Landlord shall operate as an assignment to Landlord of all subleases or subtenancies affecting the Premises.
Surrender Ownership and Removal of Trade Fixtures