Surrendered Leases

When I going through the East documents for declarations (Landex search), found a bunch of Surrenders in Fall, 2009.  The most puzzling part of it was that about the same time, several of the surrendered properties were included in declared Units.  I did buy one of the surrenders and stamped on it was "Original Lease Not Recorded".   Any ideas as to what was going on?

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Replies to This Discussion

Permalink Reply by Ann Ticopa on December 17, 2010 at 5:01am

East.

Permalink Reply by Brian V. on December 17, 2010 at 5:50am

Original Lease not recorded may mean that there was a memorandum of lease recorded and not the lease itself. I'm not sure why companies file memorandums and not leases but my guess would be they don't want all the lease terms available to be read by anyone that would want to.

Permalink Reply by David Stewart on December 19, 2010 at 2:18pm

I have seen a number of those surrendered leases also and if there is a unit filed about the same time you will propably find that the surrendered lease is a an extension of an existing lease that did not expire before they declared the unit.  Since the original lease is held by production they surrender the second lease

Permalink Reply by Ann Ticopa on December 20, 2010 at 1:03am

Was looking for Surrenders in the same time period in 2010 and decided to note the number of them and other categories.  Not "proof" and anything in particular, except that East did get a bunch of leases during their "sweep" and things have really slowed down. 

2010                 Sept              Oct               Nov           Dec

Memorandum    181    179    110    208    102    89    47
Declaration           5         6      14        5      13      1      9
Right-of-Way        6        31      73     12      10      0      0   
Surrender           15         9         5       0      15      3      3
Total                 220     217     204    238   152  103    70   

2010, Sept. 1 through Dec. 15, in half-month periods.
(From the 1st of the month through the 15th and the 16th through the end of the month.)
Souce:  Landex Webstore search on EAST*, Tioga Co., and Other.  Counts not guaranteed 100% accurate, but close.
Other document categories found were: Amendment, Agreement, Assignment, Consent, Ratification, and Release.


Permalink Reply by Robin Jackson on February 18, 2011 at 4:24pm
Yes I have seen those too..I also saw that those surrendered usually ended up in a Unit.

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