Explanation:

Article 56 {Term of office of President}: The President shall hold office for a term of five years from the date on which he enters upon his office: Provided that -the President may, by writing under his hand addressed to the Vice-President, resign his office;the President may, for violation of the Constitution, be removed from office by impeachment in the manner provided in article 61.the President shall, notwithstanding the expiration of his term, continue to hold office until his successor enters upon his office. Hence option 1st is correct.