I am very new to this, My husband and I are trying to get a new place/warehouse for our business. We found one, however we think that the contract is just for the benefit of the LEESOR. Is there any standard form of pre-termination in accordance to the law? We really like the place and the rental is ok for us. but this specific clause made us stop for a bit.
Should the LESSEE pre-terminate this contract before the expiration of the five (5)
year term, the LESSEE shall be liable for payment of the following amounts by way of
liquidated damages.
If pre-terminated within the first two (2) years of contract , penalty equivalent to 2 months deposit and 22 months accelerated rental or a total of 24 months;
If pre-terminated within three (3) to four (4) years of contract, penalty equivalent to 2 months deposit and 10 months accelerated rent or a total of 12 months;
If pre-terminated on the fifth year, forfeiture of two (2) months deposit.
I hope you can help me mam/sir. Thank you in advance! God Bless!