Common use of EARLY TERMINATION CLAUSE Clause in Contracts

EARLY TERMINATION CLAUSE. If Owner terminates the management agreement before the end of a lease or an extension thereof, the Owner shall be obligated to pay the Agent at once two times the yearly commissions on the lease plus all commissions due and unpaid at that time and all monies of any nature expended by the Agent on the Owner’s behalf. The security deposit will be released upon a properly signed and executed release agreement entered into by the tenant, Owner and Agent in form and language approved by the Agent. Owner may prematurely terminate this agreement if Agent fails to rent the property within four months of the date hereof, provided that Owner pays Agent for all accumulated charges.