What Does Option To Terminate Mean?
Terminating a lease means canceling the agreement before the end of the specified lease term. This is just an option to terminate the asset, the lessee is not obligated to terminate the asset during the lease term.
Lease termination options can include notice requirements, termination penalties, and adjustments to previously established rental terms, among others.
Termination Fee
A termination fee is any fee associated with exercising the termination option. Toggling 'yes' will reveal a field to enter the fee amount.