Rental income that is lost due to expiry/ expiration of a lease contract, exercise of a break option, an agreed surrender or in the event of insolvency. For example, a tenant holding a break option can terminate the lease on non-fault grounds. Break option will operate subject to meeting certain conditions by the parties to a contract. Otherwise, the break option cannot be exercised and the lease will continue.
In a different context, take-back is the act of repossessing a residential building by its owner. It is when an owner takes back a rental unit.
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