Break Option definition

Break Option has the same meaning as given to it in Clause 3.1.1.
Sample 1Sample 2
Break Option means the Landlords right to terminate the Lease(s) pursuant to Clause of the Lease(s);
Sample 1
Break Option the ability to end the Lease early – exercisable by one or either party (depending on what was negotiated at Heads of Terms stage). Irritancy: refers to the premature termination of the Lease by the Landlord where the Tenant has failed to comply with one or more of its obligations under the lease. The grounds for irritancy will almost always be set out in the Lease; they include non-payment of rent, breach of one or more of the conditions under the Lease or the Tenant's insolvency. Irritancy is the Scottish equivalent of the English right of forfeiture.
Sample 1

Examples of Break Option in a sentence

  • If a Category D Landlord requires ELL to vacate a Category D Premises on the last day of the Review Suspension Period it shall be entitled to deliver to ELL a Notice to Vacate (together with any additional notice(s) as may be required by law to constitute a valid surrender, forfeiture or irritancy as the case may be) provided that the Notice to Vacate must be served giving not less than 90 days’ notice to that effect, and terminating the Category D Lease on the Mutual Break Option Date.

  • If ELL wishes to cease occupation of the relevant Category C Premises on the last day of the Review Suspension Period, it may deliver to the relevant Category C Landlord a Notice to Quit provided that the Notice to Quit must be served giving not less than 90 days’ notice to that effect, and terminating the Category C Lease on the Mutual Break Option Date.

  • If ELL wishes to cease occupation of the relevant Category B Premises on the last day of the Review Suspension Period, it may deliver to the relevant Category B Landlord a Notice to Quit provided that the Notice to Quit must be served giving not less than 90 days’ notice to that effect, and terminating the Category B Lease on the Mutual Break Option Date.

  • If a Category C Landlord requires ELL to vacate a Category C Premises on the last day of the Review Suspension Period it shall be entitled to deliver to ELL a Notice to constitute a valid surrender, forfeiture or irritancy as the case may be) provided that the Notice to Vacate must be served giving not less than 90 days’ notice to that effect, and terminating the Category C Lease on the Mutual Break Option Date.

  • If ELL wishes to cease occupation of the relevant Category D Premises on the last day of the Review Suspension Period, it may deliver to the relevant Category D Landlord a Notice to Quit provided that the Notice to Quit must be served giving not less than 90 days’ notice to that effect, and terminating the Category D Lease on the Mutual Break Option Date.

  • If a Category B Landlord requires ELL to vacate a Category B Premises on the last day of the Review Suspension Period it shall be entitled to deliver to ELL a Notice to Vacate (together with any additional notice(s) as may be required by law to constitute a valid surrender, forfeiture or irritancy as the case may be) provided that the Notice to Vacate must be served giving not less than 90 days’ notice to that effect, and terminating the Category B Lease on the Mutual Break Option Date.

  • Term99 YearsRent:Initial rent-free period of 10 years, followed by an annual rent of £10,000 pa with rent increasing by £10,000 every 25 years.Demise:Edged Red on the attached planBreak Clause:Mutual Break Option in the event that the Building is no longer used for the Permitted UsePermitted UseSui Generis but limited to a mix of café, licensed bar, studio spaces for arts, crafts and fitness, shared offices / desk space and opportunities for classes / workshops.

  • If the current level of interest in sustained, it is likely that the demand for the current scheme may exceed available resources to the end of programme.

  • In the event of the AUTHORITY exercising the Break Option in accordance with Clause 11.2 the AUTHORITY shall pay to the CONTRACTOR the Termination Charge as specified in Part 7 of Schedule 12 on or before the date specified in the notice for the Break Option to take effect.

  • In the event that the Council exercises a Break Option the Parties agree that the Payment and/or the Services Specification will be reviewed as a Business Plan Review.


More Definitions of Break Option

Break Option. At Ten Years Initial Rent:IR(pound sterling)141,298 p.a. exclusive Initial Licence Fee (car spaces) (pound sterling)12,000 p.a. exclusive (subject to review as herein provided) A & L Goxxxxxx, 0, Xxxxxxxxx Xxxxxx, Xxxxx Xxxxxx, Xxxxxx 0. DJLE3001.07X\SD
Sample 1
Break Option. Tenant has an option of terminating the lease on 1st August 2027. Repair: Interior repairing and insuring and proportion of exterior repairs by way of service charge. Management Fee: Tenant pays agent management fees calculated at 5% + VAT of the annual rent. *A copy of the lease can be provided to interested parties who undertake an accompanied viewing. Rates NAV: £22,000 Rate in £ (2022-2023): 0.551045 Rates Payable: £12,123 per annum *We recommend that you contact Land & Property Services to verify these figures (Tel: 0000 000 0000). Price £65,000 for the benefit of the lease, equipment, fixtures and fittings. VAT All figures quoted are exclusive of VAT, which may be payable. Viewing Strictly by appointment with the sole selling agents- Xxxxxx Xxxx T: 028 9023 3111 E: xxxx@xxxxxxxxxx.xx.xx 7 1 BOTAN I C AVEN U E , B ELFAS T BT 7 1 X X For further information please contact: Xxxxx Xxxx M: 07885 739063 E: xxxxx@xxxxxxxxxx.xx.xx Xxxx Xxxxxx M: 07957 388147 E: xxxxxxx@xxxxxxxxxx.xx.xx Telfair House, 87/00 Xxxxxxxx Xxxxxx, Xxxxxxx, XX0 0XX T: 028 9023 3111 F: 028 9024 4859 E: xxxx@xxxxxxxxxx.xx.xx W: xxx.xxxxxxxxxx.xx.xx EPC Disclaimer Xxxxxx Xxxx LLP for themselves and for the vendors of this property whose agents they are, give notice that (I) The particulars are set out as a general outline for the guidance of intending purchasers or lessees, and do not constitute part of an offer or contract; (ii) All descriptions, dimensions, references to condition and necessary permissions for use and occupation, and other details are given in good faith and are believed to be correct, but any intending purchasers or tenants should not rely on them as statements or representations of fact but must satisfy themselves by inspection or otherwise as to the correctness of each of them; (Iii) No person in employment of Xxxxxx Xxxx LLP has any authority to make or give representations or warranty whatever in relation to this property.
Sample 1
Break Option has the meaning given to that term in the Option Agreements.
Sample 1
Break Option means the exercise of the Owner’s right to terminate this Agreement pursuant to Section 2.2;
Sample 1

Related to Break Option

  • Stock Option means a contractual right granted to an Eligible Person under Section 6 hereof to purchase shares of Common Stock at such time and price, and subject to such conditions, as are set forth in the Plan and the applicable Award Agreement.

  • Reload Option means any Option granted under Section 6(a)(iv) of the Plan.

  • 3(i) Option means an Option granted pursuant to Section 3(i) of the Ordinance to any person who is Non- Employee.

  • Incentive Option means an option which satisfies the requirements of Code Section 422.

  • SAR means a stock appreciation right granted under the Plan.

  • Nonqualified Option means any Option that is not an Incentive Stock Option.

  • Top-Up Option has the meaning set forth in Section 1.04(a).

  • Employee Option means an Option granted pursuant to Section 5.

  • Share Option means a Nonqualified Share Option or an Incentive Share Option.

  • Nonstatutory Stock Option means an Option not intended to qualify as an Incentive Stock Option.

  • Director Option means an Option granted pursuant to Section 6.

  • Option means a stock option granted pursuant to the Plan.

  • Company Stock Option means each option to purchase shares of Company Common Stock outstanding under the Company Stock Plans.

  • Shoe Option means the Initial Purchasers’ option to purchase up to seventy five million dollars ($75,000,000) aggregate principal amount of additional Notes as provided for in the Purchase Agreement.

  • Option Grant Date means, as to any Stock Option, the latest of:

  • Parent Stock Option means any option to purchase Parent Common Stock.

  • Appreciation Right means a right granted pursuant to Section 5 of this Plan, and shall include both Tandem Appreciation Rights and Free-Standing Appreciation Rights.

  • NSO means a stock option not described in sections 422 or 423 of the Code.

  • Tandem Appreciation Right means an Appreciation Right granted pursuant to Section 5 of this Plan that is granted in tandem with an Option Right.

  • Stock Options means the collective reference to "Incentive Stock Options" and "Other Stock Options".

  • Option Right means the right to purchase Common Shares upon exercise of an option granted pursuant to Section 4 of this Plan.

  • NQSO means any Option that is not an ISO.

  • Stock Option Plan means any stock option plan now or hereafter adopted by the Company or by the Corporation, including the Corporate Incentive Award Plan.

  • SARS means the South African Revenue Service.

  • Incentive Share Option means an Option that is intended to meet the requirements of Section 422 of the Code or any successor provision thereto.

  • Optioned Stock means the Common Stock subject to an Option.