Surrender

A legal mechanism whereby a Lease may be brought to an end before its Contractual Expiry date.
Often linked to the grant of a fresh Lease (aka Surrender and Regrant transactions) and associated
with Lease Regearing, but also where the Landlord and Tenant simply agree an early exit from the
contract (Lease). For example, to permit redevelopment , or where the Tenant has marketed its
interest and the replacement tenant requires a longer term than that available by assignment of the
existing Lease.