Break Option definition

Break Option has the same meaning as given to it in Clause 3.1.1.
Sample 1Sample 2
Break Option has the meaning given to that term in the Option Agreements.
Sample 1
Break Option. Tenant has an option of terminating
Sample 1

Examples of Break Option in a sentence

  • Term99 YearsRent:Initial rent-free period of 10 years, followed by an annual rent of £10,000 pa with rent increasing by £10,000 every 25 years.Demise:Edged Red on the attached planBreak Clause:Mutual Break Option in the event that the Building is no longer used for the Permitted UsePermitted UseSui Generis but limited to a mix of café, licensed bar, studio spaces for arts, crafts and fitness, shared offices / desk space and opportunities for classes / workshops.

  • The reference terms to be used by the Technical Expert in preparing the Evaluation Report, the preparation and the agreement or determination of any breach of any Covenant and any consequent adjustment to be made to the Break Fee calculation shall be agreed between the Buyer and the Seller no later than three (3) months prior to the Break Option Completion Date.

  • Unit 233 is let to Contract Flooring Supplies Limited on the following summary lease terms TENANT Demise (Sq .Ft.) Lease Start Term (Yrs) Break Option New Rent Review Lease Expiry Current Rent pa Contract Flooring Supplies Ltd 8,037 18.02.1991 35 n/a Feb 2021 17.02.2026 €75,500 Covenant Contract flooring Supplies is an Irish owned company founded in 1971.

  • The Lease of the Attic Area is to be on the same terms and conditions as this Lease including for the avoidance of doubt the Break Option in Clause 9 above but except as to the Initial Rent and the Tenants Insurance Rent and to demise a right of way on foot only over the shared stairs edged yellow on Plan A2.

  • DescriptionTenure – Freehold Letting Schedule Ground Floor – Valley CIDS (Christians in Derbyshire Schools)15 year lease, which began November 2008£18,000 pax plus VAT First Floor – Acorn Training Consultants Ltd5 year lease, which began November 2014£8,000 pax plus VATAnnual Tenant Only Break Option on the anniversary date of the commencement of the contractual term in each year.The property comprises of a 14 year old brick and tile, 2 storey retail and office unit.

  • The covenants in this Clause 16 shall only apply until the earlier of (a) the Break Option Date and (b) the Enforcement Option Completion Date.

  • Break Option 20 In the absence of mutually agreed arrangements for terminating the Minute of Agreement, each of the Parties may terminate the agreement at 31 March each calendar year on giving not less than one year's prior notice of such intention in like manner as a notice served under Section 190 of the Local Government (Scotland) Act 1973.

  • In operating this Break Option the Council will have to consider compensating the applicant in order to repay grants to third parties and any capital expenditure incurred.

  • Break Option Mid-landlord effective 01 January 2024, subject to 9 months’ notice to the landlord.Sub-tenant effective 01 January 2024, subject to 10 months’ notice to the mid-landlord.

  • In the event of the AUTHORITY exercising the Break Option in accordance with Clause 11.2 the AUTHORITY shall pay to the CONTRACTOR the Termination Charge as specified in Part 7 of Schedule 12 on or before the date specified in the notice for the Break Option to take effect.


More Definitions of Break Option

Break Option means the exercise of the Owner’s right to terminate this Agreement pursuant to Section 2.2;
Sample 1
Break Option means the Landlords right to terminate the Lease(s) pursuant to Clause of the Lease(s);
Sample 1
Break Option. At Ten Years Initial Rent:IR(pound sterling)141,298 p.a. exclusive Initial Licence Fee (car spaces) (pound sterling)12,000 p.a. exclusive (subject to review as herein provided) A & L Goxxxxxx, 0, Xxxxxxxxx Xxxxxx, Xxxxx Xxxxxx, Xxxxxx 0. DJLE3001.07X\SD
Sample 1
Break Option the ability to end the Lease early – exercisable by one or either party (depending on what was negotiated at Heads of Terms stage). Irritancy: refers to the premature termination of the Lease by the Landlord where the Tenant has failed to comply with one or more of its obligations under the lease. The grounds for irritancy will almost always be set out in the Lease; they include non-payment of rent, breach of one or more of the conditions under the Lease or the Tenant's insolvency. Irritancy is the Scottish equivalent of the English right of forfeiture.
Sample 1

Related to Break Option

  • Stock Option means a contractual right granted to an Eligible Person under Section 6 hereof to purchase shares of Common Stock at such time and price, and subject to such conditions, as are set forth in the Plan and the applicable Award Agreement.

  • Reload Option means any Option granted under Section 6(a)(iv) of the Plan.

  • 3(i) Option means an Option granted pursuant to Section 3(i) of the Ordinance to any person who is Non- Employee.

  • Incentive Option means an Option which by its terms is to be treated as an “incentive stock option” within the meaning of Section 422 of the Code.

  • SAR means a stock appreciation right granted under the Plan.

  • Nonqualified Option means any Option that is not an Incentive Stock Option.

  • Top-Up Option has the meaning set forth in Section 1.04(a).

  • Employee Option means an Option granted pursuant to Section 5.

  • Share Option means a Nonqualified Share Option or an Incentive Share Option.

  • Nonstatutory Stock Option means an Option not intended to qualify as an Incentive Stock Option.

  • Director Option means an Option granted pursuant to Section 6.

  • Option means a stock option granted pursuant to the Plan.

  • Company Stock Option means any option to purchase one or more shares of the Company’s Common Stock granted under any of the Company Stock Plans.

  • Shoe Option means the Initial Purchasers’ option to purchase up to seventy five million dollars ($75,000,000) aggregate principal amount of additional Notes as provided for in the Purchase Agreement.

  • Option Grant Date means, as to any Stock Option, the latest of:

  • Parent Stock Option means any option to purchase Parent Common Stock granted under any Parent Stock Plan.

  • Appreciation Right means a right granted pursuant to Section 5 of this Plan, and shall include both Tandem Appreciation Rights and Free-Standing Appreciation Rights.

  • NSO means a stock option not described in sections 422 or 423 of the Code.

  • Tandem Appreciation Right means an Appreciation Right granted pursuant to Section 5 of this Plan that is granted in tandem with an Option Right.

  • Stock Options means the collective reference to "Incentive Stock Options" and "Other Stock Options".

  • Option Right means the right to purchase Common Shares upon exercise of an option granted pursuant to Section 4 of this Plan.

  • NQSO means any Option that is not an ISO.

  • Stock Option Plan means any stock option plan now or hereafter adopted by the Company or by the Corporation, including the Corporate Incentive Award Plan.

  • SARS means the South African Revenue Service.

  • Incentive Share Option means an Option that is intended to meet the requirements of Section 422 of the Code or any successor provision thereto.

  • Optioned Stock means the Common Stock subject to an Option.