Common use of Cancellation of Lease Clause in Contracts

Cancellation of Lease. The Lessee and/or Lessor may cancel the lease at any time during the Lease period by giving the Lessee or Lessor 30 business day’s notice in writing, provided that the Lessee shall, in any such event, be liable to pay to the Lessor on or before the date upon which the lease shall end in terms of the yearly termination, a penalty fee of R , which the Lessee agrees to be reasonable in the circumstances. The Lessee will still be liable for the monthly rent during the 30-day notice period. The deposit will not be utilized for payment during the cancellation notice period under any circumstances.

Cancellation of Lease. The Lessee and/or Lessor may cancel the lease at any time during the Lease period by giving the Lessee or Lessor 30 business day’s notice in writing, provided that the Lessee shall, in any such event, be liable to pay to the Lessor on or before the date upon which the lease shall end in terms of the yearly termination, a penalty fee of R R_________, which the Lessee agrees to be reasonable in the circumstances. The Lessee will still be liable for the monthly rent during the 30-day notice period. The deposit will not be utilized for payment during the cancellation notice period under any circumstances.