A negotiated right allowing a tenant (or landlord) to cancel the lease before its scheduled expiration date, usually upon advance notice and payment of a termination fee.
Termination options (sometimes called "kick-out clauses" or "exit rights") provide flexibility for tenants whose space needs may change during a long lease term. They are typically exercisable on a specific date (e.g., the end of year 3 of a 5-year lease) and require the tenant to give 6–12 months' advance written notice and pay a fee — commonly equivalent to unamortized tenant improvement allowance, leasing commissions, and several months of free rent repayment. Lease abstracts must capture the exercise date, notice deadline, and fee calculation precisely, as missing the notice window typically voids the right permanently.
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A legal reference guide to commercial lease renewals and terminations. Covers notice periods, option types, holdover provisions, and negotiation tactics.
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