Term and Termination
1 Term: The initial Agreement Term and all subsequent Renewal Terms shall constitute the “Term”.
2 Lock-in Period: As specified in your Membership Agreement. This Agreement will continue until terminated by this Agreement.
3 No Cancellation Before Monthly Usage Charge Start Date by You: You cannot terminate this Agreement before the Monthly Usage Charge Start Date.
4 Termination by You: You may terminate this Agreement by delivering to us written notice of the period agreed under the Membership Agreement and the termination will be effective on the later of the last Regular Business Day of the Termination Effective Month and the expiration of the Lock-in Period. If you terminate this Agreement before the end of the Lock-in Period, your Monthly Membership Fee obligations for the remaining Lock-in Period shall become immediately due. In addition to any rights, claims, and remedies we choose to pursue at our discretion, your Interest-Free Refundable Security Deposit shall be forfeited immediately as a result of your breach.
5 Termination or Suspension by Us: We may withhold Services or immediately terminate this Agreement.
i) Upon breach of this Agreement by you;
ii) Upon termination, expiration, or material loss of our rights on the Premises;
iii) If any outstanding fees continue to remain payable beyond 15 days from the date on which it became due;
iv) At any other time, when we, in our sole discretion, see fit to do so. You will remain liable for past due amounts, and we may exercise our rights to collect due payment, despite termination or expiration of this Agreement.
6 Removal of property upon Termination: Upon termination/expiry of this Agreement, you shall hand over the peaceful vacant possession of the Workspace after removing all your property. You hereby authorize us to dispose of in any property left behind by you upon termination/expiry of this Agreement, in any manner as may be deemed fit by us at your cost and expense. Following the termination or expiration of this Agreement, we will not forward or hold mail or other packages delivered to us.
7 Interest-Free Refundable Security Deposit (IFRSD): The IFRSD will be held as a retainer for the performance of all your obligations under the Agreement, including the Membership Fee Obligations, and is not intended to be a reserve from which Membership Fees or any other fees may be paid. The same shall be returned upon termination/expiry of this Agreement, subject to such deductions and adjustments as may be deemed fit by us for recovering any amount that has become due and payable by you under this Agreement.
8 Delay in Handover of Workspace: Parties have agreed that occupation charges shall be levied from you for unauthorized occupation at the rate which is twice the Membership Fee in case possession of the workspace is not handed over on the date of termination/expiry of this Agreement. You understand and agree that though it is a genuine pre-estimate of damages caused to us due to such unauthorized occupation, it does not give any right to continue such unauthorized occupation and we shall be entitled to seek appropriate legal remedy for recovery of possession of the workspace.