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Real Estate

  Real Estate   |   Terms
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  • October 8, 2021
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Break Option

A provision that is contained in a specific type of leases whereby the tenant can terminate the lease on non-fault grounds. This option can be exercised upon parties meeting certain conditions precedent as agreed in the contract. If the conditions are not met, the break option cannot be exercised and the lease will continue. Examples of such conditions include 1) serving a notice at the time and in the form set out in the lease contract, 2) paying specific amounts should rent fall due before the break date, 3) delivering vacant possession of the leased property on the break date, and 4) complying with the covenants set by the tenant.


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