Notice to vacate the rented property before Lock-in Period
Hi,
I have rented a residential property in Pune. The agreement was signed on 7th August 2016. It says there is a Lock-in period of 5 Months and a notice period of 1 Month in clause 13. The Lock-in period gets over on January 7th 2017.
My question is can I give notice on Dec 7th to vacate on January 7th i.e. right after Lock-in period? Or do I have to wait till Jan 7th to give notice and vacate only on or after Feb 7th? Please advice. Here is the Clause 13 from the agreement.
13. The Licensee and the Licensor may terminate this agreement by giving one month’s notice in writing to other party of its intension to terminate the said Agreement except during the first Five months of this Agreement, which shall be known as “Lock-in” period. However, in the event of termination of this Agreement during the “Lock-in” period by either of the party, the party choosing to exercise its option to terminate this Agreement shall pay a penalty of Rs. 56000 to the other party.
Thanks,
Umesh