I signed lease agreement on January 01, 2015for one year. I want to cancel the agreement as business is not profitable. Agreement was signed in my name.
Can I cancel the agreement in any way?
The cancellation clause is as follows:
1.3 AUTOMATIC RENEWAL: THIS AGREEMENT LASTS FOR THE PERIOD
STATED IN IT AND
THEN WILL BE EXTENDED AUTOMATICALLY FOR
SUCCESSIVE PERIODS EQUAL TO THE CURRENT TERM BUT NO LESS
THAN 3 MONTHS
(UNLESS LEGAL RENEWAL TERM LIMITS APPLY) UNTIL
TERMINATED BY THE CLIENT OR BY THE PROVIDER PERSUANT TO
SECTION 1.4. UNTIL BROUGHT TO AN END BY THE CLIENT OR BY THE
PROVIDER. ALL PERIODS SHALL RUN TO THE LAST DAY OF THE MONTH IN
WHICH THEY WOULD OTHERWISE EXPIRE. THE FEES ON ANY RENEWAL
WILL BE AT THE THEN PREVAILING MARKET RATE.
1.4
CANCELLATION:
EITHER THE PROVIDER OR THE CLIENT CAN
TERMINATE THIS AGREEMENT AT THE END DATE STATED IN IT, OR AT
THE END OF ANY EXTENSION OR RENE
WAL PERIOD, BY GIVING AT LEAST
THREE MONTHS WRITTEN NOTICE TO THE OTHER. HOWEVER, IF THIS
AGREEMENT, EXTENSION OR RENEWAL IS FOR THREE MONTHS OR LESS
AND EITHER THE PROVIDER OR THE CLIENT WISHES TO TERMINATE IT,
THE NOTICE PERIOD IS TWO MONTHS
OR (IF TWO MONTHS OR SHORTER)
ONE WEEK LESS THAN THE PERIOD STATED IN THIS AGREEMENT.
1.5 Ending this agreement immediately: To the maximum extent permitted
by applicable law, the Provider may put an end to this agreement
immediately by giving the Client notice and without need to follow any
additional procedure if (a) the Client
becomes insolvent, bankrupt, goes into
liquidation or becomes unable to pay its debts as they fall due, or (b) the
Client is in breach of one of its obligations which cannot be put right or which
the Provider have given the Client notice to put right and which the Client
has failed to put right within fourteen (14) days of that notice, or (c) its
conduct, or that of someone at the Center with its permission or invitation, is
incompatible with ordinary office use .
If the Provider puts an end to this agreement for any of these reasons it
does not put an end to any outstanding obligations, including additional
services used and the monthly office fe
e for the remainder of the period for
which this agreement would have lasted if the Provider had not ended it.
