BREAK OPTION. The Lessee may terminate this Lease on the expiration of the twelfth year of the term thereof, that is, on the 30th day of November 2012 (hereinafter referred to as "the Termination Date") on the payment by the Lessee to the Lessor of the amount provided for at Sub-Clause 8.4 hereof subject strictly to the following terms and conditions:-
8.1 In relation to the Termination Date, the Lessee shall serve on the Lessor a. Notice in writing (hereinafter called the Termination Date Notice") at least twelve months' prior to the expiry of the Termination Date (but in any event not prior to the expiry of the tenth year of the term hereby demised);
8.2 In relation to the Termination Date Notice, time shall be of the essence;
8.3 In relation to the Termination Date Notice, the Lessee shall send with same to the Lessor a bank draft payable to the Lessor in an amount equivalent to six months of the then current annual rent payable by the Lessee to the Lessor under this Lease at the date of the Termination Date Notice. Should the Lessee not comply with this condition the Termination Date Notice shall be invalid and of no effect;
8.4 Notwithstanding the payment by the Lessee to the Lessor pursuant to Sub-Clause 8.3 hereof, the Lessee shall continue to be responsible for the rent and all outgoings payable on foot of this Lease in relation to the demised premises up to the Termination Date;
8.5 The Lessee shall, on or prior to the Termination Date deliver to the Lessor the original of this Lease, together with all related title documentation (inc1uding a release or discharge of all mortgages, charges and other encumbrances, whether registered or not) and shall as beneficial owner deliver duly executed~1 and stamped a Transfer or Surrender of this Lease and if applicable, shah procure the cancellation of the registration of this Lease in the Land Registry;
8.6 The Lessee shall be responsible for all Value Added Tax payable on Surrender of the Lease and the Lessor's legal costs and expenses in relation thereto;
8.7 Any such termination of this Lease, on the Termination Date, shall be without prejudice to any antecedent breach by either the Lessor or the Lessee of any their respective covenants or conditions herein contained.
BREAK OPTION. 21.9.1 The Tenant may terminate this lease at any time after the first year of the Term on giving not less than twelve (12) months’ prior written notice to the Landlord provided that on expiry of any notice given by the Tenant to the Landlord the Tenant has:
(a) paid the rents reserved by, and other sums due under, this lease and any VAT on them up to the date of expiration of the notice;
(b) vacated the Property and returned all keys to the Landlord and left the Property in a clean, tidy and broom swept condition and having removed all tenant’s fixtures, fittings and effects and made good any damage caused; PROVIDED ALWAYS that the Landlord may at its sole discretion waive any or all of the conditions above mentioned and upon the expiration of the said notice period given by the Tenant the Term will immediately cease and determine
21.9.2 The Landlord may terminate this lease at any time if the Tenant has ceased to use the Property for the Permitted use for a continuous period of three months (excluding as a result of damage by an Insured Risk) on giving to the Tenant not less than one month’s written notice
21.9.3 Any termination of the lease in accordance with clause 21.9.1 or 21.9.2 is without prejudice to the continuing liability of the Tenant for any sums due under this lease or for a breach of covenant or condition that occurs before expiry of the notice.
BREAK OPTION. A tenant only option to determine the lease on the 5th anniversary of the term commencement date, subject to service of 6 months prior written notice, and other market standard break conditions - to be a Lease Code compliant break.
BREAK OPTION. The Lessee and the Lessor have agreed a one-off break option after 3 (three) years (on 1 January 2019). The Lessee is therefore entitled to give notice to terminate its lease of the Leased Property no later than 31 December 2017. In that case, the rental period shall terminate on 31 December 2018.
BREAK OPTION. 11.2.1 Without prejudice to the AUTHORITY’s other rights to terminate this Agreement (or any part of the Services pursuant to Clause 11.9) or otherwise at law or in equity, the AUTHORITY shall have the right to exercise the Break Option at any time after the Commencement Date by service on the CONTRACTOR of twelve (12) Month(s) prior written notice exercising the Break Option in accordance with the provisions of Clause 8.3. Upon service of notice in accordance with this Clause the performance of all Additional Services which the CONTRACTOR has not at that time commenced performance shall automatically be cancelled irrevocably as at the date of the notice.
11.2.2 The Agreement (or any part of the Services pursuant to Clause 11.9) shall terminate on the date specified in the notice served in accordance with Clause 11.2.1.
11.2.3 In the event of the notice being served pursuant to Clause 11.2.1 the AUTHORITY shall on termination hereof pay to the CONTRACTOR the Termination Charge (specified in Schedule 12). Such payment shall be in full and final settlement of all claims, demands, suits, actions or liabilities of any nature relating to the termination of this Agreement including all representations made prior thereto.
11.2.4 The CONTRACTOR shall use all reasonable efforts to ensure that any contracts it enters into with a Subcontractor, landlord of property or other third party in connection with or for the purposes of the provision of the Services, the occupation of property in connection with the provision of the Services or otherwise in connection with this Agreement shall provide the CONTRACTOR with rights equal to those pertaining to the AUTHORITY under this Clause 11.2.
BREAK OPTION. 28.1 Either the Landlord or the Tenant may terminate this lease by serving a Break Notice on the other party .
28.2 A Break Notice served by the Tenant shall be of no effect if, at the Break Date:
(a) the Tenant has not paid any part of the Annual Rent, or any VAT in respect of it, which was due to have been paid; or
(b) vacant possession of the whole of the Property is not given; or
(c) there is a subsisting material breach of any of the tenant covenants of this lease relating to the state of repair and condition of the Property.
28.3 Subject to clause 28.2 following service of a Break Notice this lease shall terminate on the Break Date.
28.4 Termination of this lease on the Break Date shall not affect any other right or remedy that either party may have in relation to any earlier breach of this lease.
28.5 If this lease terminates in accordance with clause 28.3 then, within 14 days after the Break Date, the Landlord shall refund to the Tenant the proportion of the Annual Rent, and any VAT paid in respect of it, for the period from and excluding the Break Date up to and excluding the next Rent Payment Date, calculated on a daily basis.
BREAK OPTION. The Lessee is to have the benefit of a break option at the end of the 10th year. No less than 3 months’ notice in writing is to be given by the Tenant to exercise the option. The break option is conditional upon the Tenant not being in material breach of any of the lease covenants and completion of the refurbishment works.
BREAK OPTION. The Lessee shall be entitled to terminate the Agreement at the fifth (5th) anniversary of the Commencement date, provided that the Lessee delivers a written notice no less than twelve (12) months before the fifth (5th) anniversary of the Commencement date. In such a case, Lessee shall be obliged to repay to the Lessor the outstanding amount of the total costs expended by the Lessor on performance of the Requested Changes in accordance with Article 12.6.4 hereof.
BREAK OPTION. The Landlord hereby affords to the Tenant the option to determine the present Lease on the following dates: 1st day of September 2006 or 1st day of September 2006 (herein collectively known as “the Break Option Date”). If the Tenant shall be desirous of determining this present Lease on the 1st day of September 2004 or 1st day of September 2005 then he shall deliver to the Landlord or leave for him or send to him by registered post at his last known place of address at least six months prior to the relevant Break Option Date written notice of such intention to determine the present Lease which said notice shall specify the relevant Break Option Date upon which this Lease will absolutely cease and determine. Notwithstanding the foregoing the Tenant shall continue to pay all rent and perform and observe all the covenants and conditions hereinafter contained and on his part to be performed and observed up to the relevant Break Option Date. Then and in the event of the exercise of such option to determine immediately on the 1st day of September 2006 or 1st day of September 2007, whichever is specified, this Lease shall cease and be void but without prejudice to any claim by either the Landlord or the Tenant against the other in respect of any antecedent breach of any covenant or condition hereinafter contained.
BREAK OPTION. Notwithstanding Clause 2.1, either party shall have the option to terminate the Lease on the Option Dates by giving not less than 6 months’ prior notice in writing to the other party to that effect; Provided always that the Tenants shall not be entitled to terminate the Lease by notice as aforesaid where the Tenants are in breach of any of the monetary obligations incumbent upon them in terms of this Lease and the Tenants’ option to terminate as aforesaid shall in every case be subject and without prejudice to the whole obligations on the Tenants whether in respect of dilapidations or otherwise relating to removal on expiry or earlier termination of the Lease hereinafter contained.
