Common use of Lock-in Period Clause in Contracts

Lock-in Period. Except as provided in this Deed, the LESSEE and the LESSOR shall not be entitled to terminate the Lease for an initial period of Sixty (60) months from the Rent Commencement Date (hereinafter referred to as “Lock-In Period”). In the event of the LESSEE being desirous to terminate the Lease during the Lock-In Period for reasons other than the breach on the part of the LESSOR, or the LESSOR terminating the Lease due to the default of the LESSEE, the LESSEE will become liable to pay the Rent with respect to the Scheduled Premises for the remainder of the Lock-In Period. If a termination is caused due to breach by the Lessor of its obligation under this Deed, the Lessee will not be required to pay any amounts for the remainder of the Lock-in period. If the LESSEE does not propose to continue the Lease at any time after the expiry of the Lock-In Period then in that event the LESSEE shall give three (03) months’ advance written notice to the LESSOR.