Common use of Canceled Clause in Contracts

Canceled. A. The lessor undertakes subject to the conditions of the present contract to rent the property object of the rental starting from May 15, 1997 and until May 14, 1999 (midnight) (hereinafter "the rental period"). B. In spite of the terms of art. 5 A. above, concerning the rental period, the tenant shall have an option given by the lessor to extend the rental period for two additional rental periods (each one of them with 12 months), that is, starting from May 15, 1999 and until May 14, 2000 (midnight) and another period from May 15, 2000 until May 14, 2001 (midnight). In order to dispel any doubts, in case the tenant exercises the option subject to the conditions of the present contract, then said option shall apply to the whole year of rental (of 12 months). The first extended rental period shall start from May 15, 1999 and end on May 14, 2000 (midnight) and the second extended rental period shall start on May 15, 2000 and end on May 14, 2001 (midnight), all according to the express condition that the tenant has fulfilled all his undertakings as detailed below: 1) The tenant has faithfully fulfilled all the instructions of rental in that he has not breached a fundamental breach of the contract during the rental period and has also made all the payments to the different authorities as required by the present contract. 2) It is agreed between the parties that the option to extend the rental period shall be exercised automatically for 12 full months of rental unless the tenant advises the lessor at least 75 days before the end of the rental period or the extended rental period in writing according to the address above that it is not its intention to extend the rental period as described in art. 5 B. above. C. The lessor shall be entitled to cancel the rental contract and bring it to an end, providing it has given advance notice about this in writing 60 days whenever the tenant has breached or does not fulfill in due time a fundamental condition of the present rental contract (hereinafter "fundamental breach"). In spite of the terms of this article, the tenant is given the possibility to repair the breach within 30 days from the day of delivery of said notice by the lessor and in case the breach is not repaired then the terms of the present article shall be fully valid. A. The tenant undertakes to pay to the lessor for each month of the rental period of the property object of the rental the amount of US$ 2,497 + VAT as against a tax invoice, equivalent to NIS 8,420 + VAT + linkage differentials. This amount includes payment for 4 uncovered parking spaces on the roof that will be for the use of the tenant, the places of the parking will be according to the attached parking plan marked with the Hebrew letter "Aleph 1" and their places are marked in the plan as 169, 170, 171 and 172. In order to dispel any doubts, the rental payment in dollars shall be translated into NIS according to the basic exchange rate known on the day of signature of the contract, that is, on March 25, 1997 and that is the representative rate of exchange of NIS 3.372 per US$1 and in total NIS 8,420 + VAT as required by law. The monthly rental payment shall be paid once every 3 months in advance until the end of the rental period, that is, May 14, 1999 (midnight) while pegged to the Cost-of-Living Index. 1) It is agreed by the parties that the said monthly rental payments shall be linked to the Consumer Price Index as defined in the following detailed definition, and they shall be according to the payment conditions the tenant undertakes to pay the linkage differences to the Consumer Price Index immediately with the demand from the lessor together with VAT according to the law as it applies during the demand for payment. 2) For purposes of the present contract, the following terms shall have the following interpretation: "Payment linked to the Consumer Price Index" - if it becomes clear from the Consumer Price index published from time to time before any payment is due from the tenant according to the present contract (hereinafter "the new index") that the new index rose compared to the index published on March 16, 1997 (hereinafter "the basic index") the payment due from the tenant according to the present contract shall be paid with the increase in the same proportion of the raise of the new index compared to the basic index, but not less than the basic index, that is, 145.4 points. 3) Consumer Price Index" - The Consumer Price index includes fruit and vegetables, and it is set by the Central Bureau of Statistics and the Research Department, or by any other Government body, or any official index coming in its place, whether it comes or not, if another index comes, the index shall be according to the proportion set by the said Bureau between it and the exchanged index. In case said Bureau during 3 months from the day of publishing of the other index does not set the above proportion - the said proportion shall be set in consultation with economics experts, in such a way that each party to the contract appoint one economics expert on its behalf. If the two said experts do not reach agreement they shall appoint a third expert and the decision of the third expert shall bind the parties for all purposes. The dates of the payments mentioned in the present contract are a fundamental condition of the contract and breach of one of these conditions shall be considered a fundamental breach of the contract. In spite of the terms of the present article, it is agreed between the parties that a delay of up to 7 days in the payment of rental by the tenant to the lessor shall not be considered a fundamental breach of the conditions of the contract. C. On the occasion of signature of the contract the tenant shall pay the lessor the amount of NIS 25,260 together with VAT as required by law on account of rental for the period May 15, 1997 - August 14, 1997 and the signature of the lessor on the present rental contract shall serve as proof for the receipt of the said amount. The balance of rental payments for the above period starting from August 15, 1997 shall be paid to the lessor according to art. 6 B. above. D. It is agreed between the parties that in case the tenant wishes to exercise the option mentioned in art. 5 B. above, then the rental period shall be extended by 12 additional months for each rental period extension and all subject to the terms of art. 5 B. 2) while the rental payment stays subject to the conditions of the contract as mentioned in art. 6 B. above. In order to dispel any doubts, the payment of VAT shall be made by postdated check to the 15 of the month of the reported month, that is, 15 of the month after the date of actual payment of the rental payment. In order to dispel any doubts, the rental payments paid during the period of option will be of a month of rental in the amount of NIS 8,420 together with VAT while this amount is pegged to the basic index to be published by the Central Bureau of Statistics on March 16, 1997, that is, 145.4 points compared to the index to be known on the day of actual payment of each and every payment. E. It is hereby agreed between the parties that if the check/note given by the tenant to the lessor as rental payment as above is not honored, this shall be considered also as a breach of other laws as non-payment of the conditions of rental contract with all this means from the articles of the present contract and then the lessor shall have the right to enter the property object of the rental , to change locks and to hold it to remove chattels belonging to the tenant and depositing them on account of the tenant, and the tenant shall have no claims against the lessor for this action and this only after it is sent to the tenant a written notice by registered mail by the lessor that the tenant does not stand by the conditions of the contract and 15 passed from the day of delivery of the notice to the post office. F. It is hereby agreed that non payment of a check and/or note given by the tenant in due time shall cause that the tenant shall bear fees for lack of honoring the check and/or note with banking interests for overdrafts at the rate acceptable at the Union Bank of Israel Ltd.

Canceled. A. The lessor undertakes subject to the conditions of the present contract to rent the property object of the rental starting from May 15April 5, 1997 1998 and until May 14April 4, 1999 2001 (midnight) (hereinafter "the rental period"). B. In spite of the terms of art. 5 A. above, concerning the rental period, the tenant shall have an option given by the lessor to extend the rental period for two additional rental periods (each one of them with 12 months), that is, starting from May 15April 5, 1999 2001 and until May 14April 4, 2000 2003 (midnight) and another period from May 15inclusive by the tenant. [Stamp: I, 2000 until May 14, 2001 ▇▇▇▇▇ & Co. Ltd [Stamp Memory Devices Dar-Eli (midnight). M.D.) (1996) Ltd. 51 - Construction and Investment 240389-0] Co. Ltd.] In order to dispel any doubts, in case the tenant exercises the option subject to the conditions of the thal present contract, then said option shall apply to the whole year of rental (of 12 months). The first extended rental period shall start from May 15April 5, 1999 2001 and end on May Apri'l 14, 2000 2002 (midnight) and the second extended rental renta.1 period shall start on May April 15, 2000 2002 and end on May 14April 4, 2001 2003 (midnight), all according to the express condition that the tenant has fulfilled all his undertakings as detailed below: 1) The tenant has faithfully fulfilled all the instructions of rental in that he has not breached breactic-d a fundamental breach of the contract during the rental period and has also made all the payments to the different authorities as required rquired by the present contract. 2) It is agreed between the parties that the option to extend the rental period shall be exercised automatically for 12 full months of rental unless the tenant advises the lessor at least 75 days before the end of the rental period peniod or the extended rental period in writing according to the address above that it is not its intention to extend the rental period as described de~,critbed in art. 5 B. above. C. The lessor shall be entitled to cancel the rental contract and bring it to an end, providing it has given advance notice about this in writing 60 days whenever the tenant has breached or does not fulfill in due time a fundamental condition of the present rental contract (hereinafter "fundamental breach"). In spite of the terms of this article, the tenant is given the possibility to repair the breach within 30 days from the day of delivery of said notice by the lessor and in case the breach is not repaired then the terms of the present article shall be fully valid. In order to dispel doubts it is agreed between the parties that in case the lessor breaches a fundamental breach then the tenant shall have the right to cancel the present rental contract according to the mechanism mentioned in item 5C above. A. The tenant undertakes to pay to the lessor for each month of the rental period of the property object objecl of the rental the amount of US$ 2,497 + VAT as against a tax invoice:, equivalent to NIS 8,420 8,934 + VAT + linkage differentials. This amount includes Includes payment for 4 uncovered parking spaces on the roof that will be for )or the use of the tenant, the places of the parking will be according to the attached parking plan marked with the Hebrew letter "Aleph 1I" and their places are marked in the plan as 169122, 170123, 171 124 and 172125 in continuity. In order to dispel any doubts, the rental payment in dollars shall be translated into NIS according to the basic exchange rate known on the day of signature of the contractcontTact, that is, on March 25February 8, 1997 1998 and that is the representative rate of exchange of NIS 3.372 3.578 per US$1 l and in total NIS 8,420 8,934 + VAT as required by law. , B. The monthly rental payment shall shall. be paid once every 3 months in advance until the end of the rental period, that is, May 14April 4, 1999 2001 (midnight) while pegged linked to the Cost-of-Living Index. 1) It is agreed by the parties parti.-s that the said monthly rental payments shall be linked to the Consumer C onsumer Price Index as defined in the following detailed definitiondefin:ition, and they shall be according to the payment conditions the 1he tenant undertakes to pay the linkage differences to the Consumer Ccnsamer Price Index immediately with the demand from the lessor together with VAT according to the law as it applies during the demand for payment. 2) For purposes of the present pr.-sent contract, the following terms shall have the following interpretation: a "Payment linked to the Consumer Price Index" - if If it becomes clear from the Consumer Consuracr Price index published from time to time before any payment is due dite from the tenant according to the present contract (hereinafter "the new index") that the new index rose compared to the index published on March 16January 15, 1997 1998 (hereinafter "the basic index") the payment 1.3wiment due from the tenant according to the present contract shall be paid with the increase in the same proportion of the raise of the new index compared to the basic index, but not less than the basic index, that is, 145.4 153,1 points. 3. [Stamp: I, ▇▇▇▇▇ & Co. Ltd [Stamp Memory Devices Dar-Eli (M.D.) Consumer Price Index" (1996) Ltd. 51 - The Consumer Price index includes fruit Construction and vegetables, and it is set by the Central Bureau of Statistics and the Research Department, or by any other Government body, or any official index coming in its place, whether it comes or not, if another index comes, the index shall be according to the proportion set by the said Bureau between it and the exchanged index. In case said Bureau during 3 months from the day of publishing of the other index does not set the above proportion - the said proportion shall be set in consultation with economics experts, in such a way that each party to the contract appoint one economics expert on its behalf. If the two said experts do not reach agreement they shall appoint a third expert and the decision of the third expert shall bind the parties for all purposes. The dates of the payments mentioned in the present contract are a fundamental condition of the contract and breach of one of these conditions shall be considered a fundamental breach of the contract. In spite of the terms of the present article, it is agreed between the parties that a delay of up to 7 days in the payment of rental by the tenant to the lessor shall not be considered a fundamental breach of the conditions of the contract. C. On the occasion of signature of the contract the tenant shall pay the lessor the amount of NIS 25,260 together with VAT as required by law on account of rental for the period May 15, 1997 - August 14, 1997 and the signature of the lessor on the present rental contract shall serve as proof for the receipt of the said amount. The balance of rental payments for the above period starting from August 15, 1997 shall be paid to the lessor according to art. 6 B. above. D. It is agreed between the parties that in case the tenant wishes to exercise the option mentioned in art. 5 B. above, then the rental period shall be extended by 12 additional months for each rental period extension and all subject to the terms of art. 5 B. 2) while the rental payment stays subject to the conditions of the contract as mentioned in art. 6 B. above. In order to dispel any doubts, the payment of VAT shall be made by postdated check to the 15 of the month of the reported month, that is, 15 of the month after the date of actual payment of the rental payment. In order to dispel any doubts, the rental payments paid during the period of option will be of a month of rental in the amount of NIS 8,420 together with VAT while this amount is pegged to the basic index to be published by the Central Bureau of Statistics on March 16, 1997, that is, 145.4 points compared to the index to be known on the day of actual payment of each and every payment. E. It is hereby agreed between the parties that if the check/note given by the tenant to the lessor as rental payment as above is not honored, this shall be considered also as a breach of other laws as nonInvestment 240389-payment of the conditions of rental contract with all this means from the articles of the present contract and then the lessor shall have the right to enter the property object of the rental , to change locks and to hold it to remove chattels belonging to the tenant and depositing them on account of the tenant, and the tenant shall have no claims against the lessor for this action and this only after it is sent to the tenant a written notice by registered mail by the lessor that the tenant does not stand by the conditions of the contract and 15 passed from the day of delivery of the notice to the post office. F. It is hereby agreed that non payment of a check and/or note given by the tenant in due time shall cause that the tenant shall bear fees for lack of honoring the check and/or note with banking interests for overdrafts at the rate acceptable at the Union Bank of Israel 0] Co. Ltd.]