OPTION TO DETERMINE Clause Samples
The "Option to Determine" clause grants one or both parties the right to end a contract or lease before its scheduled expiration by providing notice. Typically, this clause outlines the conditions under which the option can be exercised, such as the required notice period and any specific dates or events that trigger the right. Its core practical function is to provide flexibility, allowing parties to adapt to changing circumstances or exit an agreement without breaching its terms.
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OPTION TO DETERMINE. 5.1 If the Premises (or any part) or any part of the Common Parts or External Areas required for the use of the Premises and the exercise of the rights granted to the Tenant in accordance with this Lease, are destroyed or damaged by an Insured Risk and the Landlord has not commenced rebuilding or reinstating the Premises and/or any such Common Parts and/or External Areas within two years of the damage or destruction occurring for any reason beyond the control of the Landlord either the Landlord or the Tenant may terminate this Lease with immediate effect by giving to the other written notice to that effect at any time after the expiry of the period of 2 years,
5.2 If at the date of expiry of the period from time to time insured for loss of the Yearly Rent all destruction or damage by an Insured Risk to the Premises or any of the Common Parts or External Areas required for the use of the Premises and the exercise of the rights granted to the Tenant in accordance with this Lease have not been reinstated and made good and the Premises are still unfit for occupation and use and/or inaccessible, the Landlord or the Tenant may by written notice to the other given at any time within six months after such date and whilst the Premises are still unfit for occupation and use and/or inaccessible determine the Term with immediate effect.
5.3 Any determination of this Lease under this paragraph will be without prejudice to any claim in respect of any antecedent breach of the obligations under this Lease.
OPTION TO DETERMINE. If upon the expiry of a period of one (1) year commencing as from the date of the damage or destruction rebuilding or reinstatement shall not have been commenced either the Lessee or the Manager (as the case may be) may by notice served on the other at any time within twelve (12) months thereafter invoke the provisions of paragraph 8 but only: where the commencement of such rebuilding or reinstatement has been prevented by Supervening Events; where the Supervening Events still subsist; and where the Lessee or the Manager has used all reasonable efforts to remove the Supervening Events.
OPTION TO DETERMINE. 10.1 If the Tenant wishes to determine this Lease at the expiration of the tenth or fifteenth years of the Term (each of which such dates is hereinafter called ‘Termination Date’) and shall give to the Landlord not less than nine months prior notice in writing expiring on a Termination Date and shall in respect of the period up to the time of determination pay the rents reserved by this Lease (provided in the case of any sums due other than the yearly rent the Tenant shall have received a written demand for the same not less than fourteen days prior to the relevant Termination Date) then without limiting clause 10.2 upon the expiry of such notice the Term shall immediately cease and determine but without prejudice to the rights of either party in respect of any antecedent claim or breach of covenant
10.2 The Tenant shall give vacant possession of the Premises on the relevant Termination Date and in the event the Tenant determines this Lease on the Termination Date being at the expiry of the tenth year of the Term the Tenant shall pay to the Landlord a sum equivalent to nine months of the Rent payable immediately prior to such Termination Date together with any VAT payable on such sums to be paid in addition to and not in substitution for any other sum payable under this Lease
10.3 The Landlord shall pay to the Tenant within twenty-one days of the termination of this Lease a sum equivalent to any Rent or other sums paid by the Tenant in respect of an period occurring after the Termination Date IN WITNESS of which this Lease has been executed and is delivered as a deed on the date appearing as the date of this Lease The schedule annexed to this Lease headed “The First Schedule”
1. Part 1 - The Rights
OPTION TO DETERMINE. If the Tenant shall desire to terminate the Term and to quit the Premises on the date of expiry of the fifth year of the Term and shall give to the Landlord not less than twelve months previous notice in writing to that effect (in respect of which notice time shall be of the essence) then upon the expiration of such notice the term of years created by this underlease shall forthwith cease and determine but without prejudice to any remedy of either party against the other in respect of any antecedent claims or breach of covenant contained in this Lease and the Tenant shall deliver up vacant possession of the Premises
OPTION TO DETERMINE. 6.8.1 If the Tenant
6.8.1.1 wishes to determine the Term on the Early Termination Date;
6.8.1.2 gives to the Landlord prior written notice of not less than twelve months and one day to that effect;
6.8.1.3 shall up to the Early Termination Date have paid the rents hereby reserved and there shall not be subsisting either at the time the notice is served or at the Early Termination Date any material breach by the Tenant of the covenants and obligations on the part of the Tenant contained in this lease, and
6.8.1.4 gives vacant possession of the Demised Premises to the Landlord then at 11.59 pm on the Early Termination Date this lease and everything contained in it shall cease and be void____
6.8.2 The determination of the Term in accordance with sub-clause 6.
8.1 shall not cancel or restrict the rights and remedies of either party against the other in respect of any antecedent claim or breach of covenant____
6.8.3 For the purposes of this sub-clause 6.8 time shall be of the essence____ IN WITNESS whereof this deed has been executed by the parties and has been delivered on the date written at the start of the document____ FIRST SCHEDULE "The Demised Premises"
OPTION TO DETERMINE. 6.10.1 In case of damage to or destruction of the Premises or any part thereof by an Insured Risk, Tenant will promptly give written notice thereof to Landlord. Within twenty (20) days after the date Tenant has knowledge of such damage or destruction by an Insured Risk, Tenant shall provide Landlord with a written certification of the time period within which the Premises can be restored (the "Repair Estimate"). The Repair Estimate shall be subject to Landlord's approval, which approval shall not be unreasonably withheld, conditioned or delayed. If Landlord and Tenant cannot agree on the Repair Estimate, they shall submit the dispute to arbitration in accordance with Schedule 3 ("Arbitration"). If the Premises can be restored within 365 days after the date of such fire or other casualty (as set forth in the Repair Estimate, if approved by Landlord), Tenant shall promptly restore the Property in accordance with this Lease. If such restoration is anticipated to take more than 365 days to complete after the date of such damage or destruction by an Insured Risk (as set forth in the Repair Estimate if approved by Landlord), Tenant may terminate this Lease by providing written notice thereof to Landlord within sixty (60) days after Landlord's approval of Tenant's Repair Estimate.
6.10.2 If the damage or destruction by an Insured Risk occurs during the last two years of the term of this Lease, and if such restoration shall take more than 365 days to complete after the date of such damage or destruction by an Insured Risk (as set forth in the Repair Estimate if approved by Landlord), Tenant may terminate this Lease by providing written notice thereof to Landlord within 20 days after the date of such damage or destruction by an Insured Risk.
6.10.3 If Tenant elects to terminate this Lease, Tenant shall assign to Landlord and Landlord shall be entitled to the full proceeds of any insurance coverage, whether carried by Landlord or Tenant to the extent of its insurable interest.
6.10.4 The obligations contained in clause 6.9 will not apply in relation to those buildings on the Premises which are identified on the schedule attached hereto and titled "Old Buildings"
OPTION TO DETERMINE. 7.13.1 Provided that the rent has been paid up to date the Tenant may determine this Lease on the 24th March 2002 by giving to the Landlord not less than six months prior written notice. Should such notice be given then this Lease shall absolutely cease and determine but without prejudice to any antecedent breach.
7.13.2 Provided that the rent has been paid up to date the Tenant may determine this Lease on the 24th March 2002 by giving to the Landlord not less than six months notice in writing. Should such notice be given this Lease shall absolutely cease and determine but without prejudice to any antecedent breach.
OPTION TO DETERMINE. 7.7.1 The Tenant may terminate the Contractual Term on the date (“the Break Date”) at the end of the fifth year of the Contractual Term by giving to the Landlord not less than six months’ previous notice in writing (a “Break Notice”) expiring on the Break Date;
7.7.2 Any Break Notice shall operate to terminate the Contractual Term only if:
(i) the rents reserved by this Lease have been paid by the time of such termination; and
(ii) the Tenant gives the Landlord vacant possession of the Premises on the Break Date Provided that if the Tenant leaves any chattels in the Premises that shall not be construed as failure to give vacant possession for the purposes of this sub-clause;
7.7.3 If the Tenant gives a Break Notice then upon termination subject to clause 7.7.2 the Contractual Term shall cease on the Break Date but without prejudice to any claim in respect of any prior breach of the obligations contained in this Lease;
OPTION TO DETERMINE. If, during the last three (3) years of the Term, the Demised Premises, the Building, or the Estate shall be so destroyed or damaged by any of the Insured Risks as to render the Demised Premises, the Building or the Estate completely unfit for use or occupation or inaccessible either party may determine this Lease by giving to the other not less than six (6) months' written notice to be given at any time within twelve (12) months after such destruction or damage and such determination shall be without prejudice cc any claim by either party against the other in respect of any antecedent breach of covenant Provided that if this Lease shall be determined then the Landlord shall not be required to lay cut the net proceeds of such insurance and shall be solely entitled to all the insurance moneys
OPTION TO DETERMINE. Either party may determine this Agreement at any time by giving to the other not less than six months prior written notice.