TERMINATION OF
LEASE
AND
SURRENDER, ACCEPTANCE AND RELEASE
THIS TERMINATION OF LEASE AND SURRENDER,
ACCEPTANCE AND RELEASE ("Termination Agreement")
is made this 16 day of October,
2009, (the "Effective Date") by and between Boca Town
Partners, LLC, a Florida limited liability company having a
principal place of business at 800 Yamato Road, Suite 100 Boca
Raton, Florida 33431 ("Landlord") and Anchor Funding
Services, LLC, a North Carolip limited liability company having a
principal place of business at 10801 Johnston Road,
Charlotte, North Carolina 28226
("Tenant).
WHEREAS, Landlord and Tenant entered into a Lease
Agreement dated April 16, 2007 (which with all assignments,
modifications and extensions now in effect is hereinafter referred
to as the "Lease"); covering premises commonly known as 800
Yamato Road, Suite IO2, Boca Raton, Florida 33431 and being more
particularly described in the Lease (the
"Premises");
WHEREAS, the term of the Lease is to expire on May 31,
2012;
WHEREAS , Landlord and Tenant desire to cancel and
terminate the Lease, including all option periods and all
obligations of the Tenant, effective as of the Termination Date, as
herein defined: and
NOW, THEREFORE, for and in consideration of the premises and the
sum of Ten and 00/100 ($10.00) Dollars, and other good and valuable
consideration paid by Landlord to Tenant, the receipt and
sufficiency of which is hereby acknowledged, Landlord and Tenant
hereby mutually covenant and agree as follows:
FIRST: The foregoing recitals shall be deemed as
material representations of the parties which are incorporated
herein by this reference with the same force and effect as if set
forth at length.
SECOND : Simultaneously with the full execution of this
Termination Agreement and the payment of Ninety One Thousand
Three Hundred Seventy-Five (5(91,375.00) Dollars in good
funds and the clearance of the same ("Termination
Fee"), the Lease shall be deemed canceled and terminated upon
the Tenant's vacation of Premises on or before October 31, 2009
(the "Termination Date"). In addition to the
Termination Fee, one half (1/2) of the Security Deposit in the
amount of $8,625.00 shall be deemed forfeited by the Tenant to the
Landlord, and Landlord shall have all rights to retain the same for
its exclusive use. Furthermore, rent for the complete month of
October 2009, notwithstanding the actual date that Tenant vacates
the Prem - ises, shall be paid by Tenant to Landlord's by
Landlord's application of the other one half (1/2) of the Security
Deposit in the amount of $8,625,00.
THIRD: Effective on the Termination Date, Tenant by
these presents does give, grant and surrender unto Landlord, its
successors and assigns, the Lease and all the Premises demised
thereby, and all the estate, right, title, interest, term of years,
property, claim and demand whatsoever of Tenant of, in, to or out
of the same or any part or parcel thereof. Landlord does hereby
agree to accept the surrender of the Lease and the Premises in
their present condition, reasonable wear and tear excepted, and
does hereby release Tenant from the performance of all covenants
and obligations contained in the Lease and in all prior leases,
contracts and agreements (if any) of every kind and nature
whatsoever affecting the Premises or the property of which the
Premises are a part, including, without limitation, the performance
of all covenants to pay annual minimum rent, additional rent,
percentage rent, real estate taxes, or any other sums, charges or
rent . Notwithstanding the foregoing, all the terms and conditions
of the Lease which survive vacation of the Premises by the Tenant,
including but not limited to any continuing responsibilities for
environmental contamination and liability indemnification shall
remain unaffected and shall specifically survive the execution of
this Termination Agreement and shall survive the Termination Date.
In addition to the Premises, on the Termination Date, Tenant by
these presents
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