Want to vacate the property but landlord asking to pay a penalty

I want to terminate contract and have given my owner a month notice but according to him we cannot terminate the contract and if we terminate, we will have to pay a penalty fee. Please see the below cause and let me know if I can terminate the contract or not. Clause mentioned in the agreements: 10. Termination of Rental Agreement The rental agreement shall be terminable on the expiry of the rental period as per para 3, by either party by serving on the other party a written one month's advance notice to the effect. On expiry of the notice period THE TENANT/S shall handover the vacant possession of the premises in good condition to the OWNERS immediately. Para 3: That the said Tenants shall be entitled to use the said accommodation for a period of eleven months commencing from the 15th March 2018. After eleven months rental agreement can be renewed at the rent mutually agreed upon.