Common use of Quitclaim of Interest upon Termination Clause in Contracts

Quitclaim of Interest upon Termination. Upon termination of this Lease for any reason whatsoever in accordance with the terms of the Lease, Tenant shall execute, acknowledge, and deliver to County, within five (5) business days, a good and sufficient deed, in a form as approved by the County, whereby all right, title, and interest of Tenant in the Premises is quitclaimed back to County (“Tenant/County Quitclaim Deed”). The Tenant/County Quitclaim Deed shall then be recorded by County to remove any cloud on title created by this Lease. In the event that the Tenant fails to provide such Tenant/County Quitclaim Deed within five (5) additional business days after written demand by the County, the Parties agree that the County will be damaged and entitled to compensation for those damages. Such actual damages will, however, be extremely difficult to ascertain. Therefore, if the Tenant does not provide the required Tenant/County Quitclaim Deed after such notice and cure period, in addition to any other remedy provided by law or equity, the Tenant shall pay the County $2,000 per day for every day that passes until a Tenant/County Quitclaim Deed is delivered, which amount shall be deemed to constitute a reasonable estimate of County’s damages and not a penalty. Such amount shall become due and payable by Tenant to County for each calendar day that passes beyond the cure period. Notwithstanding the foregoing, if the Tenant has disputed the termination of the Lease by County, upon a final determination by a court of competent jurisdiction that the Lease has not been terminated, Tenant shall not be subject to payment of the foregoing damages.