Common use of COMMENCEMENT, DURATION AND TERMINATION OF LEASE Clause in Contracts

COMMENCEMENT, DURATION AND TERMINATION OF LEASE. 3.1 The Lease has been granted for a period of months/ years, effective from (commencement date) to (termination date). However, the said period can be further extended as mutually agreed between the parties subject to an increase of % in monthly rent on each subsequent renewal at the last rent paid otherwise the premises shall be vacated by the Lessee after the expiry of the said lease period.