Common use of BREAK OPTION Clause in Contracts

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. 2.1 The Lessee Tenant may terminate this the Lease on either the expiration last day of the twelfth third year of the term thereof, that is, Term or the last day of the fifth year of the Term (either a “Break Date”) subject to serving a notice in writing on the 30th day of November 2012 Landlord exercising the right to terminate the Lease (hereinafter referred to as "the Termination Date"“Break Notice”) 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 not less than six (hereinafter called the Termination Date Notice"6) at least twelve months' months prior to the expiry of the Termination Break Date (but and 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, this regard 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 2.2 The Tenant shall continue to be responsible for the rent Initial Rent and all outgoings payable on foot of this other payments which fall due for payment under the Lease in relation to the demised premises up to and including the Termination relevant Break Date;. 8.5 2.3 The Lessee shall, Tenant shall on or prior to the Termination Break Date deliver vacant possession of the Demised Premises to the Lessor Landlord together with the original of this Lease, together with the Lease and all related title documentation (inc1uding including a release or discharge of all mortgages, charges and other encumbrancesencumbrances affecting the Demised Premises, whether registered or not) ), and shall (if requested by the Landlord) as beneficial owner deliver duly executed~1 executed and stamped a Transfer transfer or Surrender of this Lease and if applicable, shah procure the cancellation surrender of the registration of this Lease in Lease. 2.4 The Tenant shall take all steps as may be necessary to terminate, on or before the Land Registry; 8.6 The Lessee shall be responsible for Break Date, all Value Added Tax payable on Surrender of sub-leases (if any) that may have been permitted pursuant to the Lease and shall deliver to the Lessor's legal costs and expenses in relation thereto; 8.7 Any such termination of this Lease, Landlord on the Termination Break Date vacant possession of the Demised Premises. 2.5 In the event that the Tenant exercises its option to terminate the Lease on the expiration of the third year of the Term, it shall pay to the Landlord an amount equivalent to six months’ rent, service charge, insurances, rates and other outgoings payable under the Lease and shall deliver a bank draft in this amount to the Landlord on the Break Date, . 2.6 Any termination pursuant to this paragraph 2 shall be without prejudice to any right or remedy of either party in respect of any antecedent breach by either the Lessor or the Lessee other party of any of their respective covenants or conditions herein containedcontained in the Lease.

BREAK OPTION. 2.1 The Lessee Tenant may terminate this the Lease on the expiration of the twelfth year of the term thereof, that is, either 5 December 2015 or 5 December 2017 (either a “Break Date”) subject to serving a notice in writing on the 30th day of November 2012 Landlord exercising the right to terminate the Lease (hereinafter referred to as "the Termination Date"“Break Notice”) 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 not less than six (hereinafter called the Termination Date Notice"6) at least twelve months' months prior to the expiry of the Termination Break Date (but and 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, this regard 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 2.2 The Tenant shall continue to be responsible for the rent Initial Rent and all outgoings payable on foot of this other payments which fall due for payment under the Lease in relation to the demised premises up to and including the Termination relevant Break Date;. 8.5 2.3 The Lessee shall, Tenant shall on or prior to the Termination Break Date deliver vacant possession of the Demised Premises to the Lessor Landlord together with the original of this Lease, together with the Lease and all related title documentation (inc1uding including a release or discharge of all mortgages, charges and other encumbrancesencumbrances affecting the Demised Premises, whether registered or not) ), and shall (if requested by the Landlord) as beneficial owner deliver duly executed~1 executed and stamped a Transfer transfer or Surrender of this Lease and if applicable, shah procure the cancellation surrender of the registration of this Lease in Lease. 2.4 The Tenant shall take all steps as may be necessary to terminate, on or before the Land Registry; 8.6 The Lessee shall be responsible for Break Date, all Value Added Tax payable on Surrender of sub-leases (if any) that may have been permitted pursuant to the Lease and shall deliver to the Lessor's legal costs and expenses in relation thereto; 8.7 Any such termination of this Lease, Landlord on the Termination Break Date vacant possession of the Demised Premises. 2.5 In the event that the Tenant exercises its option to terminate the Lease on 5 December 2015, it shall pay to the Landlord an amount equivalent to six months’ rent, service charge, insurances, rates and other outgoings payable under the Lease and shall deliver a bank draft in this amount to the Landlord on the Break Date, . 2.6 Any termination pursuant to this paragraph 2 shall be without prejudice to any right or remedy of either party in respect of any antecedent breach by either the Lessor or the Lessee other party of any of their respective covenants or conditions herein containedcontained in the Lease.

BREAK OPTION. The Lessee may terminate Notwithstanding anything else contained in this Lease, if the Tenant wishes to determine 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 date which is the expiry of five years from the Termination Term Commencement Date (but in any event not prior “the Break Option Date”) it shall be entitled to do so PROVIDED THAT: 11.1 it gives to the expiry Landlord not less than 12 calendar months prior notice in writing in respect of the tenth year of the term hereby demised); 8.2 In relation to the Termination Date Notice, which time shall be of the essence;; 21 Table of Contents 8.3 In relation 11.2 it pays 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, Landlord on or prior to the Termination Break Option Date deliver a sum equivalent to 6 months rent, rates, service charges and insurance premiums payable hereunder as at the Break Option Date; 11.3 it discharges all rents and other payments due under this Lease up to the Lessor Break Option Date; 11.4 it performs and observes the covenants on its part and conditions herein contained; 11.5 it delivers up to the Landlord on the Break Option Date vacant possession of the Demised Premises; and 11.6 it hands back to the Landlord the original of this Lease, together with Lease free from encumbrances and all related title documentation licences (inc1uding a release or discharge of all mortgages, charges and other encumbrances, whether registered or notif any) and shall as beneficial owner deliver duly executed~1 executes and stamped stamps a Transfer or Surrender deed of this Lease and if applicable, shah procure the cancellation of the registration surrender of this Lease in the Land Registry; 8.6 The Lessee shall be responsible for all Value Added Tax payable on Surrender favour of the Lease and Landlord. Upon compliance with all of the Lessor's legal costs and expenses in relation thereto; 8.7 Any such termination foregoing, all future liabilities of this Lease, on the Termination Date, parties hereto shall be cease but without prejudice to the respective rights of either party to the other in respect of any antecedent breach by either the Lessor or the Lessee of any their respective covenants or conditions herein containedcovenant.