The Law of Surrenders of Leases
May 13, 2008 | Article
Written by Natalie Vukovich
(Shopping Centre Legal Update, Vol. 28, Issue 1)
A surrender of a lease is the yielding or delivery up of a real property by one who leases the property (the lessee) to he who has the next higher estate (the lessor). When a lease is surrendered, the lease ends (and along with it, the rental and other obligations under the lease). Following the surrender date, all lease obligations (and rights) cease to exist; however, unfulfilled obligations prior to the surrender date remain actionable (subject to any limitation periods).
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