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Common use of Cancellation Penalty Clause in Contracts

Cancellation Penalty. Should the cancellation referred to in 2 above come into effect before the termination date referred to a penalty equal to the rental of 60 days or until the termination date or until the premises is rented out to a third party, whichever is the shorter, will apply. It is agreed that the 60 day period is a reasonable time for the Lessor to secure a new occupant.

Appears in 4 contracts

Samples: Lease Agreement, Lease Agreement, Lease Agreement