Common use of Termination and Rescission Clause in Contracts

Termination and Rescission. 1. In case the office space shall be partially destroyed or damaged due to any cause stated above or those beyond the control of the LESSOR, either party may cancel this contract in order to effect the repairs or construction without incurring any liability therefor. This contract shall likewise be rescinded in the event that the office space should be totally destroyed or damaged due to any cause beyond the control of the LESSEE. In any of these cases, the LESSEE shall pay the rental due as of the date on which the partial or total destruction should have occurred. 2. This contract may be pre-terminated by either party for a cause provided by law, or for failure of any party to comply with its obligation/s as specified herein; Provided that an advance notice is served to the other party sixty (60) days before pre-termination, stating therein the reason for such pre- termination. The LESSEE, being the government institution, may also terminate this contract for the convenience of the Government, if there exists conditions that would make the lease impractical and/or unnecessary, such as but not limited to changes in law and national government policies. 3. In the event that the LESSEE should fail to surrender the office space to the LESSOR after the end of the term of this contract and continues to occupy the same, in part or in whole, without any written mutual agreement as to the renewal or extension thereof, the relevant provisions of this contract shall continue to be in full force and effect in a month-to-month basis.

Termination and Rescission. 1. In case the office space shall be partially destroyed or damaged due to any cause stated above or those beyond the control of the LESSOR, either party may cancel this contract Contract in order to effect the repairs or construction without incurring any liability therefor. This contract Contract shall likewise be rescinded in the event that the office space should be totally destroyed or damaged due to any cause beyond the control of the LESSEE. In any of these cases, the LESSEE shall pay the rental due as of the date on which the partial or total destruction should have occurred. 2. This contract Contract may be pre-terminated by either party for a cause provided by law, or for failure of any party to comply with its obligation/s as specified herein; Provided that an advance notice is served to the other party sixty (60) days before pre-termination, stating therein the reason for such pre- termination. The LESSEE, being the government institution, may also terminate this contract Contract for the convenience of the Government, if there exists conditions that would make the lease impractical and/or unnecessary, such as but not limited to changes in law and national government policies. 3. In the event that the LESSEE should fail to surrender the office space to the LESSOR after the end of the term of this contract Contract and continues to occupy the same, in part or in whole, without any written mutual agreement as to the renewal or extension thereof, the relevant provisions of this contract Contract shall continue to be in full force and effect in a month-to-month basis, provided the term of an annual increase of (8%) Eight percent still effect.