Completion of Construction. 11.1 The Vendor/ Xxxxxxxxx agrees to deliver the Scheduled Flat completed in all respects on or before the date mentioned in Annexure-A with a further grace period of 6 months. In case of delay beyond the date of delivery and after a further grace period of 6 months the Purchaser shall be entitled to compensation for delay in completion at the rate of Rs. 8/- per sft per month, being the average expected rent for the Schedule Flat. The Purchaser shall be entitled to such a compensation for delay in completion, if and only if, the Purchaser has paid the entire sale consideration to the Vendor. The Purchaser agrees to limit their claims for delay in completion to the said amount. 11.2 The Vendor/ Developer shall not be responsible for delay in completion in case of delay in payment by the Purchaser. In case of delay in payment of installments by the Purchaser to the Vendor, then the delay in payment in no. of days for each installment the payment has been delayed shall be added to the date of completion mentioned in Annexure – A. 11.3 That upon completion of construction of the Scheduled Flat the Vendor/ Developer shall intimate to the Purchaser the same at his last known address and the Purchaser shall be obliged to take possession thereof, subject to the condition that he has fulfilled all his obligations including payment of the entire consideration hereunder according to the terms hereof strictly. After such intimation, the Vendor/ Developer shall not be liable or responsible for any loss, theft, breakage, damages, trespass and the like and the Purchaser shall also be obliged to pay monthly maintenance charges to the Vendor or the respective society or Association. The Vendor shall be entitled to recover such dues, if any, from the Purchaser. 11.4 That from the intimation as to possession or completion of the Scheduled Flat or date of receipt of possession of the flat, whichever is earlier the Purchaser shall be responsible for payment of all taxes, levies, rates, dues, duties charges, expenses, etc. that may be payable with respect to the Schedule Flat including municipal taxes, water and electricity charges either assessed/charged individually or collectively and such other taxes, monthly maintenance charges payable to the Owners Association, etc. payable to the Government or other local bodies or any other concerned body or authority, etc. The Vendor shall be entitled to recover such dues, if any, from the Purchaser. 11.5 The Housing Project is proposed to be completed in phases and the schedule date of completion of the entire Housing Project may not have been specified. The Vendor/ Developer proposes to complete the Scheduled Flat as given above along with the basic common amenities and utility services. The Purchaser shall not raise any objection to the non-completion or delay in completion of other flats or blocks of flats as long as the Purchaser is able to enjoy possession of the Scheduled Flat without any reasonable let or hindrance. 11.6 The Vendor/ Developer at his discretion may withhold the final finishing works like last coat of paint, floor polish, installation of CP and sanitary ware, etc. till such time the Purchaser confirms his readiness to take possession of the Schedule Flat. However, for the purposes of determining the date of completion such final works which may not be completed shall not be considered. Further, it is agreed that the final finishing works shall be withheld to ensure that the completed flat is handed over to the Purchaser in a brand new condition.
Appears in 2 contracts
Samples: Sale Agreement, Agreement of Sale
Completion of Construction. 11.1 The Vendor/ Xxxxxxxxx agrees As set forth above, Landlord anticipates that the Final Condition Date will be May 21, 2018 and that Final Condition will constitute the “Completion of Construction” (“Current CofO Date”). All Construction Delay Payments which are attributable to deliver the Scheduled Flat completed period prior to the Current CofO Date will be at Landlord’s sole cost and expense. If the “Completion of Construction” (as defined in all respects on or before the date mentioned in Annexure-A with a further grace period of 6 months. In case of delay beyond the date of delivery and after a further grace period of 6 months the Purchaser shall be entitled to compensation for delay in completion at the rate of Rs. 8/- per sft per month, being the average expected rent Xxxxx 00 Xxxxxxxx Xxxxxxxxx) for the Schedule Flat. The Purchaser Buildings in at least the Initial Required Square Footage does not occur by June 15, 2018 solely as a result of any Tenant Delay (i.e., Landlord would otherwise have achieved Completion of Construction of at least the Initial Required Square Footage by such date, but for such Tenant Delay), then Tenant shall be entitled pay to such a compensation for delay in completionLandlord, if and only ifwithin five (5) business days of written request from Landlord setting forth the amount due, the Purchaser has Construction Delay Payment required to be paid the entire sale consideration to the VendorFocil as a consequence of Landlord having failed to achieve such Completion of Construction by such date. The Purchaser agrees to limit their claims for delay in completion to the said amount.
11.2 The Vendor/ Developer shall not be responsible for delay in completion in case of delay in payment by the Purchaser. In case of delay in payment of installments by the Purchaser to the VendorThereafter, then the delay in payment in no. of days for each installment the payment has been delayed shall be added to the date of completion mentioned in Annexure – A.
11.3 That upon completion of construction of the Scheduled Flat the Vendor/ Developer shall intimate to the Purchaser the same at his last known address and the Purchaser shall be obliged to take possession thereof, subject to the condition that he has fulfilled all his obligations including payment of the entire consideration hereunder according to the terms hereof strictly. After such intimation, the Vendor/ Developer shall not be liable or responsible for any loss, theft, breakage, damages, trespass and the like and the Purchaser shall also be obliged to pay monthly maintenance charges to the Vendor or the respective society or Association. The Vendor shall be entitled to recover such dues, if any, from the Purchaser.
11.4 That from the intimation as to possession or completion of the Scheduled Flat or date of receipt of possession of the flat, whichever is earlier the Purchaser Tenant shall be responsible for payment a Construction Delay Payment (i) in the case of all taxesthe Initial Required Square Footage, leviesfor any subsequent six-month period, ratesand (ii) in the case of the Minimum Square Footage, duesas of December 15, duties charges2020 and any six-month period thereafter, expenses, etc. that may be payable if Landlord fails to achieve Completion of Construction with respect to the Schedule Flat including municipal taxesInitial Required Square Footage or the Minimum Square Footage, water and electricity charges either assessed/charged individually as the case may be, solely as a result of any Tenant Delay occurring within each such six-month period in the case of the Initial Required Square Footage or collectively and such other taxeson or before December 15, monthly maintenance charges payable to 2020 or within each six-month period thereafter in the Owners Association, etc. payable to case of the Government or other local bodies or Minimum Square Footage At any other concerned body or authority, etc. The Vendor shall be entitled to recover such duestime, if anyLandlord determines in its reasonable discretion that it will be more cost effective to make the “First Phase Final Payment” and/or the “Second Phase Final Payment” (as defined in the Block 40 Purchase Agreement), from Landlord shall notify Tenant in writing thereof, which written notice shall include the Purchaser.
11.5 The Housing Project is proposed to be completed calculation set forth in phases and the schedule date of completion Section 25.6.1 or 25.6.2, as applicable, of the entire Housing Project may not have been specified. The Vendor/ Developer proposes Xxxxx 00 Xxxxxxxx Agreement, and Tenant shall pay to complete the Scheduled Flat as given above along with the basic common amenities and utility services. The Purchaser shall not raise any objection to the non-completion or delay in completion of other flats or blocks of flats as long as the Purchaser is able to enjoy possession of the Scheduled Flat without any reasonable let or hindrance.
11.6 The Vendor/ Developer at his discretion may withhold the final finishing works like last coat of paint, floor polish, installation of CP and sanitary ware, etc. till such time the Purchaser confirms his readiness to take possession of the Schedule Flat. However, for the purposes of determining Landlord within five (5) business days following the date of completion such final works which may not be completed shall not be considered. Furthernotice, it the portion of such amount that is agreed that allocable to Tenant as a consequence of the final finishing works shall be withheld to ensure that delay in Completion of Construction solely caused by the completed flat is handed over to the Purchaser in a brand new conditionTenant Delay.
Appears in 2 contracts
Samples: Lease Agreement (Dropbox, Inc.), Lease Agreement (Dropbox, Inc.)
Completion of Construction. 11.1 The Vendor/ Xxxxxxxxx Tenant agrees to deliver that Substantial Completion of the Scheduled Flat completed Improvements, in accordance with the Plans, and furnishing of the Improvements for occupancy under Permitted Leases shall occur on or before July 31, 2016 (the “Substantial Completion Date”), and thereafter Tenant shall complete the construction and furnishing of the Improvements in accordance with all respects provisions of this Lease. If Substantial Completion and the fixturing and furnishing of the Improvements, in accordance with the Plans, have not occurred on or before the date mentioned Substantial Completion Date for any reason, including but not limited to a Force Majeure Event, Tenant shall, at Tenant’s expense, provide suitable housing approved by Landlord in Annexureits reasonable discretion, for all Student Residents with whom Tenant has entered into Permitted Residential Leases and who cannot occupy the Improvements, until Substantial Completion and the fixturing and furnishing of the Improvements have occurred. Landlord agrees that it will cooperate with Tenant to house any such Student Residents, including renting rooms in Existing University Housing (to the extent that the University has vacancies in Existing University Housing at the beginning of the 2016-A with 2017 Academic Year which the University does not reasonably expect to be occupied by a further grace period full-time resident during the 2016-2017 Academic Year) to Tenant at the student rental rate that the University charges for the 2016-2017 Academic Year for the facility at which Tenant houses any such Student Resident. Notwithstanding the foregoing or anything set forth in Article 28 to the contrary, if Substantial Completion of 6 months. In case the Improvements has not occurred by the Substantial Completion Date due to the occurrence of delay beyond a Force Majeure Event, the date by which Tenant must achieve Substantial Completion of delivery and after a further grace period of 6 months the Purchaser Improvements shall be entitled to compensation for delay in completion at extended by the rate number of Rs. 8/- per sft per month, being the average expected rent for the Schedule Flat. The Purchaser shall be entitled to such a compensation for delay in completion, if and only if, the Purchaser has paid the entire sale consideration days equal to the Vendor. The Purchaser agrees to limit their claims for delay in completion to the said amount.
11.2 The Vendor/ Developer shall not be responsible for delay in completion in case of delay in payment by the Purchaser. In case of delay in payment of installments by the Purchaser to the Vendor, then the delay in payment in no. number of days for each installment the payment has been Tenant is delayed shall be added to the date of completion mentioned in Annexure – A.
11.3 That upon completion of construction achieving Substantial Completion of the Scheduled Flat the Vendor/ Developer Improvements as a result of such Force Majeure Event; provided that in no event shall intimate to the Purchaser the same at his last known address and the Purchaser shall be obliged to take possession thereof, subject to the condition that he has fulfilled all his obligations including payment Substantial Completion of the entire consideration hereunder according to the terms hereof strictly. After such intimationImprovements occur later than July 31, the Vendor/ Developer shall not be liable or responsible for any loss, theft, breakage, damages, trespass and the like and the Purchaser shall also be obliged to pay monthly maintenance charges to the Vendor or the respective society or Association. The Vendor shall be entitled to recover such dues, if any, from the Purchaser2017.
11.4 That from the intimation as to possession or completion of the Scheduled Flat or date of receipt of possession of the flat, whichever is earlier the Purchaser shall be responsible for payment of all taxes, levies, rates, dues, duties charges, expenses, etc. that may be payable with respect to the Schedule Flat including municipal taxes, water and electricity charges either assessed/charged individually or collectively and such other taxes, monthly maintenance charges payable to the Owners Association, etc. payable to the Government or other local bodies or any other concerned body or authority, etc. The Vendor shall be entitled to recover such dues, if any, from the Purchaser.
11.5 The Housing Project is proposed to be completed in phases and the schedule date of completion of the entire Housing Project may not have been specified. The Vendor/ Developer proposes to complete the Scheduled Flat as given above along with the basic common amenities and utility services. The Purchaser shall not raise any objection to the non-completion or delay in completion of other flats or blocks of flats as long as the Purchaser is able to enjoy possession of the Scheduled Flat without any reasonable let or hindrance.
11.6 The Vendor/ Developer at his discretion may withhold the final finishing works like last coat of paint, floor polish, installation of CP and sanitary ware, etc. till such time the Purchaser confirms his readiness to take possession of the Schedule Flat. However, for the purposes of determining the date of completion such final works which may not be completed shall not be considered. Further, it is agreed that the final finishing works shall be withheld to ensure that the completed flat is handed over to the Purchaser in a brand new condition.
Appears in 1 contract
Samples: Lease Agreement
Completion of Construction. 11.1 The Vendor/ Xxxxxxxxx agrees Seller shall have completed (without any defect or deficiency): (i) the construction and development of the Improvements in accordance with: (A) the plans and specifications for the Shopping Center previously delivered to deliver Buyer as part of Seller’s Deliveries; (B) the Scheduled Flat completed terms and conditions of the Leases (excluding Dress Barn, Maurice’s and Amish Furniture); and (C) the requirements of all applicable governmental authorities, as evidenced by a certificate of completion from the project architect for the Shopping Center; and (D) any Seller obligations for Tenant Inducement Costs, leasing commission and all valid punch list items delivered by Tenants to the Seller with respect to Tenants leased premises pursuant to the Leases; provided however, with respect to the Improvements relating to the space occupied by Dress Barn, Maurice’s, and Amish Furniture, Buyer shall complete and pay for all costs to complete the same aforementioned matters contained in all respects this Section 8.1(h). Notwithstanding any of the terms and conditions to the contrary contained in this Agreement, in the event Seller fails to send to Buyer within Five (5) Business days prior to the Closing Date fully executed lease agreements with Dress Barn and Maurice’s leasing space at the Property on terms and conditions approved by Buyer in writing on or prior to the expiration of the Investigation Period, then Buyer shall have the right to terminate this Agreement by providing Seller written notice of such termination at any time on or prior to one (1) day prior to the Closing Date. In the event Buyer does not provide Seller written notice of such termination within said time period, then Buyer will be deemed to have waived this condition and such right to terminate this Agreement as set forth in this Section 8.1(h) and shall proceed to close on the Property subject to the remaining terms and conditions of this Agreement. Buyer may waive any of the conditions set forth in this Section 8.1 by delivery of written notice to Seller on or before the date mentioned Closing. Without limiting the foregoing, Escrow Agent shall assume that each of the conditions set forth in Annexure-A with a further grace period Section 8.1(b) shall have been satisfied as of 6 months. In case of delay beyond the date of delivery and after a further grace period of 6 months the Purchaser Closing Date, unless Buyer shall be entitled to compensation for delay in completion at the rate of Rs. 8/- per sft per month, being the average expected rent for the Schedule Flat. The Purchaser shall be entitled to such a compensation for delay in completion, if and only if, the Purchaser has paid the entire sale consideration have given written notice to the Vendor. The Purchaser agrees contrary to limit their claims for delay in completion to Escrow Agent on or before the said amountClosing Date.
11.2 The Vendor/ Developer shall not be responsible for delay in completion in case of delay in payment by the Purchaser. In case of delay in payment of installments by the Purchaser to the Vendor, then the delay in payment in no. of days for each installment the payment has been delayed shall be added to the date of completion mentioned in Annexure – A.
11.3 That upon completion of construction of the Scheduled Flat the Vendor/ Developer shall intimate to the Purchaser the same at his last known address and the Purchaser shall be obliged to take possession thereof, subject to the condition that he has fulfilled all his obligations including payment of the entire consideration hereunder according to the terms hereof strictly. After such intimation, the Vendor/ Developer shall not be liable or responsible for any loss, theft, breakage, damages, trespass and the like and the Purchaser shall also be obliged to pay monthly maintenance charges to the Vendor or the respective society or Association. The Vendor shall be entitled to recover such dues, if any, from the Purchaser.
11.4 That from the intimation as to possession or completion of the Scheduled Flat or date of receipt of possession of the flat, whichever is earlier the Purchaser shall be responsible for payment of all taxes, levies, rates, dues, duties charges, expenses, etc. that may be payable with respect to the Schedule Flat including municipal taxes, water and electricity charges either assessed/charged individually or collectively and such other taxes, monthly maintenance charges payable to the Owners Association, etc. payable to the Government or other local bodies or any other concerned body or authority, etc. The Vendor shall be entitled to recover such dues, if any, from the Purchaser.
11.5 The Housing Project is proposed to be completed in phases and the schedule date of completion of the entire Housing Project may not have been specified. The Vendor/ Developer proposes to complete the Scheduled Flat as given above along with the basic common amenities and utility services. The Purchaser shall not raise any objection to the non-completion or delay in completion of other flats or blocks of flats as long as the Purchaser is able to enjoy possession of the Scheduled Flat without any reasonable let or hindrance.
11.6 The Vendor/ Developer at his discretion may withhold the final finishing works like last coat of paint, floor polish, installation of CP and sanitary ware, etc. till such time the Purchaser confirms his readiness to take possession of the Schedule Flat. However, for the purposes of determining the date of completion such final works which may not be completed shall not be considered. Further, it is agreed that the final finishing works shall be withheld to ensure that the completed flat is handed over to the Purchaser in a brand new condition.
Appears in 1 contract
Completion of Construction. 11.1 A. The Vendor/ Xxxxxxxxx agrees commencement date of the Lease for the Original Premises shall be the earlier of July 1, 1997 or the date upon which Landlord causes the construction of the Original Premises to be substantially complete (as hereinafter defined) in accordance with the plans and specifications referenced on Exhibit "B", attached hereto and incorporated herein by reference, which Exhibit "B" shall supersede in all respects the Exhibit "B" attached to the Original Lease. As used herein, the construction of the Original Premises shall be deemed to be "substantially complete" when the construction of the Original Premises is completed to the extent (i) that a certificate of occupancy has been issued therefor, (ii) Landlord has tendered possession thereof to Tenant and (iii) otherwise in accordance with plans and specifications referenced on Exhibit "B", as certified by Landlord's architect, with only minor punch list items to be completed, the lack of completion of which will not impair Tenant's occupancy of or conduct of Tenant's usual business from the Premises. Following such substantial completion of the Original Premises, Landlord shall have a reasonable period, not to exceed thirty (30) days, to complete and remedy any items shown on the punch list that Landlord and Tenant shall mutually agree upon within the first ten (10) days after Tenant takes occupancy of the Original Premises.
B. In the event that Landlord fails to deliver the Scheduled Flat completed in all respects Original Premises to Tenant substantially complete on or before the date mentioned in Annexure-A with a further grace period of 6 months. In case of delay beyond the date of delivery and after a further grace period of 6 months the Purchaser July 1, 1997, then Tenant shall be entitled to compensation a credit against all rent payable under the Lease for the period of such delay in an amount equal to one hundred fifty percent (150%) of the daily rent payable under the Lease, computed on a daily basis for each day of such delay, commencing on July 1, 1997 and continuing until Landlord has delivered the Original Premises to Tenant substantially complete. Such credit shall be taken and withheld by Tenant against the first installments of rent due hereunder until fully recovered by Tenant, at which time full rental shall recommence. (By way of example, in the event that Landlord fails to deliver the Original Premises substantially complete until July 3, 1997, then Tenant's rent shall be abated until July 6, 1997.) Notwithstanding the foregoing, Tenant shall have no right to the credit as specified in this subparagraph B as the result of (i) Tenant's request for materials, finishes or other installations or change orders other than Landlord's standard and other than those reflected on Exhibit "B", which request causes an actual delay in Landlord's substantial completion at as a result of unavailability, additional time to complete or other factors causing an actual delay of which Landlord gives Tenant notice immediately upon such request by Tenant, (ii) any delay in performance or completion as a result of any party employed by Tenant including any delay resulting from failure of the rate plans provided by Sxxxx Xxxxx to comply with governmental requirements ((i) - (ii) are hereinafter collectively referred to as "Tenant Delays") or (iii) delay in substantial completion caused by civil commotion, war, war-like operations, invasion, rebellion, hostilities, military or usurped power, sabotage, governmental regulations or controls (but only to the extent such regulations are not now in existence, or, if now in existence, are arbitrarily imposed or delayed by public officials over which Landlord has no control), fire or other casualty or Act of Rs. 8/- per sft per monthGod after the date of the First Amendment (provided that weather delays shall only constitute Acts of God to the extent such weather occurs after the date of this First Amendment and actually prevents the delivery or installation of materials, being supplies or workers to the average expected rent Original Premises (hereinafter collectively referred to as "Force Majeure Delays").
C. The commencement date of the Lease for the Schedule FlatAdditional Premises shall be the earlier of September 1, 1997 or the day upon which Landlord causes the construction of the Additional Premises to be substantially complete (as defined above) in accordance with the plans and specifications referenced on Exhibit "B". The Purchaser Following substantial completion of the Additional Premises, Landlord shall have a reasonable period, not to exceed thirty (30) days, to complete and remedy any items shown on the punch list that Landlord and Tenant shall mutually agree upon within the first ten (10) days after Tenant (or Tenant's permitted sublessee) takes occupancy of the Additional Premises.
D. In the event that Landlord fails to deliver the Additional Premises to Tenant substantially complete on or before September 15, 1997, then Tenant shall be entitled to a credit against the base rent payable under the Lease for the Additional Premises for the period of such a compensation for delay in completionan amount equal to one hundred fifty percent (150%) of such daily rent, if computed on a daily basis for each day of such delay, commencing September 15, 1997 and only ifcontinuing until Landlord has delivered the Additional Premises to Tenant substantially complete. Such credit shall be taken and withheld by Tenant against the next incurring installments of rent due under the Lease until fully recouped by Tenant, at which time full rental shall recommence. Notwithstanding the Purchaser has paid the entire sale consideration foregoing, Tenant shall have no right to the Vendor. The Purchaser agrees to limit their claims for delay credit as specified in completion to the said amountimmediately preceding sentences as a result of Tenant Delays or Force Majeure Delays.
11.2 The Vendor/ Developer shall not be responsible for delay in completion in case of delay in payment by the Purchaser. In case of delay in payment of installments by the Purchaser to the Vendor, then the delay in payment in no. of days for each installment the payment has been delayed shall be added to the date of completion mentioned in Annexure – A.
11.3 That upon completion of construction of the Scheduled Flat the Vendor/ Developer shall intimate to the Purchaser the same at his last known address and the Purchaser shall be obliged to take possession thereof, subject to the condition that he has fulfilled all his obligations including payment of the entire consideration hereunder according to the terms hereof strictly. After such intimation, the Vendor/ Developer shall not be liable or responsible for any loss, theft, breakage, damages, trespass and the like and the Purchaser shall also be obliged to pay monthly maintenance charges to the Vendor or the respective society or Association. The Vendor shall be entitled to recover such dues, if any, from the Purchaser.
11.4 That from the intimation as to possession or completion of the Scheduled Flat or date of receipt of possession of the flat, whichever is earlier the Purchaser shall be responsible for payment of all taxes, levies, rates, dues, duties charges, expenses, etc. that may be payable with respect to the Schedule Flat including municipal taxes, water and electricity charges either assessed/charged individually or collectively and such other taxes, monthly maintenance charges payable to the Owners Association, etc. payable to the Government or other local bodies or any other concerned body or authority, etc. The Vendor shall be entitled to recover such dues, if any, from the Purchaser.
11.5 The Housing Project is proposed to be completed in phases and the schedule date of completion of the entire Housing Project may not have been specified. The Vendor/ Developer proposes to complete the Scheduled Flat as given above along with the basic common amenities and utility services. The Purchaser shall not raise any objection to the non-completion or delay in completion of other flats or blocks of flats as long as the Purchaser is able to enjoy possession of the Scheduled Flat without any reasonable let or hindrance.
11.6 The Vendor/ Developer at his discretion may withhold the final finishing works like last coat of paint, floor polish, installation of CP and sanitary ware, etc. till such time the Purchaser confirms his readiness to take possession of the Schedule Flat. However, for the purposes of determining the date of completion such final works which may not be completed shall not be considered. Further, it is agreed that the final finishing works shall be withheld to ensure that the completed flat is handed over to the Purchaser in a brand new condition.
Appears in 1 contract
Completion of Construction. 11.1 The Vendor/ Xxxxxxxxx agrees to deliver the Scheduled Flat completed in all respects on or before the date mentioned in Annexure-A with a further grace period of 6 months. In case of delay beyond the date of delivery and after a further grace period of 6 months the Purchaser shall be entitled to compensation for delay in completion at the rate of Rs. 8/- per sft per month, being the average expected rent for the Schedule Flat. The Purchaser shall be entitled to such a compensation for delay in completion, if and only if, the Purchaser has paid the entire sale consideration to the Vendor. The Purchaser agrees to limit their claims for delay in completion to the said amount.
11.2 The Vendor/ Developer A. Tenant shall not be responsible permitted to, and shall not, open for delay business in completion in case of delay in payment by the PurchaserPremises until the “Opening Requirements” set forth below are met. In case of delay order that Landlord shall have assurance that the Premises shall be in payment of installments by a good and safe condition, in compliance with all laws, that adequate insurance has been obtained, that the Purchaser Premises has been constructed in accordance with the Final Working Drawings and that Tenant’s obligations under the Lease have been performed, the following requirements (the “Opening Requirements”) shall be satisfied:
1. At least five (5) days prior to the Vendoropening of the Premises for business, then Tenant shall deliver to Landlord (a) insurance certificates evidencing Tenant’s compliance with Article XI of the delay Lease; (b) a permanent certificate of occupancy or its equivalent; and (c) all evidence typically required in payment in nothe jurisdiction where the Development is located to provide evidence of compliance with all applicable building and fire codes and all other government requirements.
2. Tenant shall give Landlord at least five (5) days’ notice of days for each installment the payment has been delayed shall be added to the date of completion mentioned of Tenant’s Work in Annexure – A.
11.3 That upon completion of construction the Premises, and Landlord shall have inspected the Premises to determine whether Tenant’s Work is complete in accordance with the requirements of the Scheduled Flat the Vendor/ Developer Lease and Landlord shall intimate to the Purchaser the same at his last known address and the Purchaser shall be obliged to take possession thereof, subject to the condition that he has fulfilled have approved all his obligations including payment of the entire consideration hereunder according to the terms hereof strictlysuch work. After such intimationLandlord’s inspection of Tenant’s Work in the Premises, Landlord shall issue a punch list indicating those items not in compliance with the Vendor/ Developer shall not be liable or responsible for any loss, theft, breakage, damages, trespass and the like and the Purchaser shall also be obliged to pay monthly maintenance charges to the Vendor or the respective society or AssociationStandards. The Vendor shall be entitled to recover such dues, if any, from the Purchaser.
11.4 That from the intimation as to possession or completion of the Scheduled Flat or date Within fifteen (15) business days of receipt of possession said punch list, Tenant or Xxxxxx’s General Contractor shall perform such work and notify Landlord of its completion.
3. Tenant shall pay Landlord all Minimum Annual Rental and Additional Rent which has then accrued under the Lease. No approval by Landlord shall make Landlord responsible for the condition of the flatPremises or constitute a representation by Landlord of compliance with any applicable requirements or constitute a waiver of any rights and remedies that Landlord may have under this Lease or at law or in equity. If Tenant shall open the Premises in violation of the requirements of this Article VIII, whichever is earlier such action by Tenant shall constitute a material default under this Lease. On the Purchaser date Tenant opens for business in the Premises, Tenant shall be responsible for payment deemed to have accepted the Premises and agrees that it is in the condition, with respect to any of all taxesLandlord’s obligations, levieswhich is required under this Lease. The Opening Requirements shall apply not only to Tenant’s initial construction, ratesbut to any subsequent opening after any temporary closure, duescasualty, duties chargesdamage or permitted alterations.
B. Within fifteen (15) days after completion of Tenant’s Work, expensesTenant shall deliver to Landlord the following:
1. Xxxxxx’s final notarized original affidavit that Xxxxxx’s Work has been completed to Xxxxxx’s satisfaction and in strict accordance with the Final Working Drawings and Tenant’s Construction Requirements, etc. that which affidavit may be payable relied on by Landlord. Any deliberate or negligent misstatement, or any false statement made by Tenant therein, shall constitute a breach of this Lease.
2. The final notarized original affidavit of Xxxxxx’s General Contractor performing Xxxxxx’s Work stating that Xxxxxx’s Work has been completed in accordance with the Final Working Drawings and that all subcontractors, laborers and material suppliers engaged in furnishing materials or rendering services for Tenant’s Work have been paid in full.
3. A final notarized original, unconditional waiver of lien with respect to the Schedule Flat including municipal taxesPremises executed by Xxxxxx’s General Contractor and, water if requested by Xxxxxxxx, final notarized original, unconditional waiver of liens executed by each subcontractor, laborer and electricity charges either assessedmaterial supplier engaged in or supplying materials or services for Tenant’s Work. All waiver of lien documents must, in every circumstance, be totally unconditional releases. ROS/charged individually or collectively Impossible Kicks B-7 Form Rev. 08/11/2021 This Exhibit D is hereby attached to and such other taxes, monthly maintenance charges payable made a part of the Lease between Landlord and Tenant. During the Term and subject to the Owners Associationterms and conditions set forth in the Lease, etc. payable to Tenant shall pay Landlord an annual ventilating and air conditioning Service Charge (“Annual VAC Service Charge”) for conditioned air furnished by Landlord for ventilating and cooling the Government or other local bodies or any other concerned body or authorityPremises via variable air volume boxes furnished and installed by Tenant in accordance with the provisions of Exhibit B, etcthe Tenant Criteria Manual and Engineering Design Criteria. The Vendor initial estimated Annual VAC Service Charge is set forth on the Data Sheet.
I. The Annual VAC Service Charge shall be entitled to recover such dues, if any, from the Purchasercalculated as follows: (TVACF/Sum of all Tenant TVACF’s) X LOMC.
11.5 The Housing Project II. Tenant shall pay Landlord the Annual VAC Service Charge, as Additional Rent, in twelve (12) equal consecutive monthly installments in the same manner and at the place provided in the Lease.
III. If Tenant desires to receive conditioned air service before or after the hours during which such service is proposed normally furnished, such service will be furnished at a charge to be completed in phases and the schedule date of completion of the entire Housing Project may not have been specified. The Vendor/ Developer proposes to complete the Scheduled Flat as given above along with the basic common amenities and utility services. The Purchaser shall not raise any objection to the non-completion or delay in completion of other flats or blocks of flats as long as the Purchaser is able to enjoy possession of the Scheduled Flat without any reasonable let or hindrancedetermined by Landlord.
11.6 The Vendor/ Developer at his discretion may withhold the final finishing works like last coat of paint, floor polish, installation of CP and sanitary ware, etcIV. till such time the Purchaser confirms his readiness to take possession of the Schedule Flat. However, for the For purposes of determining this Exhibit D only, the date of completion such final works which may not be completed following terms shall not be considered. Further, it is agreed that have the final finishing works shall be withheld to ensure that the completed flat is handed over to the Purchaser in a brand new condition.following meanings:
Appears in 1 contract
Samples: Lease Agreement (Impossible Kicks Holding Company, Inc.)
Completion of Construction. 11.1 The Vendor/ Xxxxxxxxx agrees to deliver the Scheduled Flat completed in all respects on or before the date mentioned in Annexure-A with a further grace period of 6 months. In case of delay beyond the date of delivery and after a further grace period of 6 months the Purchaser shall be entitled to compensation for delay in completion at the rate of Rs. 8/- per sft per month, being the average expected rent for the Schedule Flat. The Purchaser shall be entitled to such a compensation for delay in completion, if and only if, the Purchaser has paid the entire sale consideration to the Vendor. The Purchaser agrees to limit their claims for delay in completion to the said amount.
11.2 The Vendor/ Developer A. Tenant shall not be responsible permitted to, and shall not, open for delay business in completion the Premises until the “Opening Requirements” set forth below are met. In order that Landlord shall have assurance that the Premises shall be in a good and safe condition, in compliance with all laws, that adequate insurance has been obtained, that the Premises has been constructed in accordance with the Final Working Drawings and that Tenant's obligations under the Lease have been performed, the following requirements (the “Opening Requirements”) shall be satisfied:
1. At least five (5) days prior to the opening of the Premises for business, Tenant shall deliver to Landlord (a) insurance certificates; (b) mechanics' or construction lien waivers as the case of delay in payment may be, as required by the Purchaser. In case Lease including this Exhibit B; (c) a permanent certificate of delay in payment occupancy or its equivalent; (d) certificate by Tenant's Architect certifying that the construction of installments by the Purchaser to the Vendor, then the delay in payment in no. of days for each installment the payment Premises has been delayed completed in accordance with all plans and specifications approved by Landlord; and (e) all evidence typically required in the jurisdiction where the Shopping Center is located to provide evidence of compliance with all applicable building and fire codes and all other government requirements.
2. Tenant shall be added to give Landlord at least five (5) days' notice of the date of completion mentioned of Tenant’s Work in Annexure – A.the Premises, and Landlord shall have inspected the Premises to determine whether Tenant's Work is complete in accordance with the requirements of the Lease and Landlord shall have approved all such work;
11.3 That upon 3. Tenant shall pay Landlord all Minimum Annual Rental and Additional Rent which has then accrued under the Lease. No approval by Landlord shall make Landlord responsible for the condition of the Premises or constitute a representation by Landlord of compliance with any applicable requirements or constitute a waiver of any rights and remedies that Landlord may have under this Lease or at law or in equity. If Tenant shall open the Premises in violation of the requirements of this Article VIII, such action by Tenant shall constitute a material default under this Lease. On the date Tenant opens for business in the Premises, Tenant shall be deemed to have accepted the Premises and agrees that it is in the condition, with respect to any of Landlord's obligations, which is required under this Lease. The Opening Requirements shall apply not only to Tenant’s initial construction, but to any subsequent opening after any temporary closure, casualty, damage or permitted alterations.
B. Upon completion of construction Xxxxxx's Work, Tenant shall deliver to Landlord the following:
1. Xxxxxx’s final notarized original affidavit that Xxxxxx's Work has been completed to Xxxxxx's satisfaction and in strict accordance with the Final Working Drawings and Tenant's Construction Requirements, which affidavit may be relied on by Landlord. Any deliberate or negligent misstatement, or any false statement made by Tenant therein, shall constitute a breach of the Scheduled Flat the Vendor/ Developer shall intimate to the Purchaser the same at his last known address and the Purchaser shall be obliged to take possession thereof, subject to the condition that he has fulfilled all his obligations including payment of the entire consideration hereunder according to the terms hereof strictly. After such intimation, the Vendor/ Developer shall not be liable or responsible for any loss, theft, breakage, damages, trespass and the like and the Purchaser shall also be obliged to pay monthly maintenance charges to the Vendor or the respective society or Associationthis Lease.
2. The Vendor shall be entitled to recover such duesfinal notarized original affidavit of Xxxxxx's General Contractor performing Xxxxxx's Work stating that Xxxxxx's Work has been completed in accordance with the Final Working Drawings and that all subcontractors, if any, from the Purchaserlaborers and material suppliers engaged in furnishing materials or rendering services for Tenant's Work have been paid in full.
11.4 That from the intimation as to possession or completion 3. A final notarized original, unconditional waiver of the Scheduled Flat or date of receipt of possession of the flat, whichever is earlier the Purchaser shall be responsible for payment of all taxes, levies, rates, dues, duties charges, expenses, etc. that may be payable lien with respect to the Schedule Flat including municipal taxes, water and electricity charges either assessed/charged individually or collectively and such other taxes, monthly maintenance charges payable to the Owners Association, etc. payable to the Government or other local bodies or any other concerned body or authority, etc. The Vendor shall be entitled to recover such duesPremises executed by Xxxxxx's General Contractor and, if anyrequested by Xxxxxxxx, from the Purchaserfinal notarized original, unconditional waiver of liens executed by each subcontractor, laborer and material supplier engaged in or supplying materials or services for Xxxxxx's Work. All waivers of lien documents must, in every circumstance, be totally unconditional releases.
11.5 The Housing Project is proposed to be completed in phases and the schedule date of completion of the entire Housing Project may not have been specified. The Vendor/ Developer proposes to complete the Scheduled Flat as given above along with the basic common amenities and utility services. The Purchaser shall not raise any objection to the non-completion or delay in completion of other flats or blocks of flats as long as the Purchaser is able to enjoy possession of the Scheduled Flat without any reasonable let or hindrance.
11.6 The Vendor/ Developer at his discretion may withhold the final finishing works like last coat of paint, floor polish, installation of CP and sanitary ware, etc. till such time the Purchaser confirms his readiness to take possession of the Schedule Flat. However, for the purposes of determining the date of completion such final works which may not be completed shall not be considered. Further, it is agreed that the final finishing works shall be withheld to ensure that the completed flat is handed over to the Purchaser in a brand new condition.
Appears in 1 contract
Samples: Tenancy Agreement
Completion of Construction. 11.1 The Vendor/ Xxxxxxxxx agrees (a) Borrower shall diligently and continuously cause Mortgage Borrower to deliver pursue the Scheduled Flat completed achievement of Completion. Borrower shall cause Mortgage Borrower to cause (i) the Construction Work to be performed, and the Improvements to be constructed, in a good and workmanlike manner, free from all material defects in materials or workmanship, (ii) the Construction Work to conform in all material respects to the Business Plan, the School Unit Purchase Agreement, the Approved Plans and all Legal Requirements, as same may be modified in accordance with the terms of this Agreement and the Mortgage Loan Agreement, (iii) the Construction Work to proceed diligently and Completion of the Construction Work and the Improvements to occur on or before the Completion Date. In the case that there is a Force Majeure event, the Completion Date shall be extended on a day-for-day basis for each calendar day that Mortgage Borrower is unable to complete the Construction Work by the Completion Date, (A) subject to the terms and conditions set forth in Section 4.1 of the Mortgage Loan Agreement and (B) provided that the Completion Date shall in no event be extended beyond November 30, 2021 (the “Outside Completion Date”), TIME BEING OF THE ESSENCE.
(b) Borrower shall cause Mortgage Borrower to achieve each of the following conditions on or before the date mentioned specified therefor (each such condition shall be referred to individually as a “Milestone Construction Hurdle” and the corresponding dates for Mortgage Borrower to achieve such Milestone Construction Hurdle are referred to individually as a “Milestone Deadline”) in Annexureeach case, as such date may be extended due to Force Majeure on a day-A with for-day basis for each day that Mortgage Borrower is unable to achieve the applicable Milestone Construction Hurdle by the applicable Milestone Deadline; provided, however, no Milestone Deadline shall be extended due to a further grace period of 6 months. In case of delay Force Majeure event (i) beyond the date of delivery and after a further grace period of 6 months applicable “Outside Milestone Date” set forth below, or (ii) beyond the Purchaser shall be entitled to compensation for delay in completion at the rate of Rs. 8/- per sft per month, being the average expected rent for the Outside Completion Date: ID (from Construction Timeline) Milestone Construction Hurdle (from Construction Timeline) Schedule Flat. The Purchaser shall be entitled to such a compensation for delay in completion, if and only if, the Purchaser has paid the entire sale consideration to the Vendor. The Purchaser agrees to limit their claims for delay in completion to the said amount.
11.2 The Vendor/ Developer shall not be responsible for delay in completion in case of delay in payment by the Purchaser. In case of delay in payment of installments by the Purchaser to the Vendor, then the delay in payment in no. of days for each installment the payment has been delayed shall be added to the date of completion mentioned in Annexure – A.
11.3 That upon completion of construction of the Scheduled Flat the Vendor/ Developer shall intimate to the Purchaser the same at his last known address and the Purchaser shall be obliged to take possession thereof, subject to the condition that he has fulfilled all his obligations including payment of the entire consideration hereunder according to the terms hereof strictly. After such intimation, the Vendor/ Developer shall not be liable or responsible for any loss, theft, breakage, damages, trespass and the like and the Purchaser shall also be obliged to pay monthly maintenance charges to the Vendor or the respective society or Association. The Vendor shall be entitled to recover such dues, if any, Date (from the Purchaser.
11.4 That from the intimation as to possession or completion of the Scheduled Flat or date of receipt of possession of the flat, whichever is earlier the Purchaser shall be responsible for payment of all taxes, levies, rates, dues, duties charges, expenses, etc. that may be payable with respect to the Schedule Flat including municipal taxes, water and electricity charges either assessed/charged individually or collectively and such other taxes, monthly maintenance charges payable to the Owners Association, etc. payable to the Government or other local bodies or any other concerned body or authority, etc. The Vendor shall be entitled to recover such dues, if any, from the Purchaser.
11.5 The Housing Project is proposed to be completed in phases and the schedule date of completion of the entire Housing Project may not have been specified. The Vendor/ Developer proposes to complete the Scheduled Flat as given above along with the basic common amenities and utility services. The Purchaser shall not raise any objection to the non-completion or delay in completion of other flats or blocks of flats as long as the Purchaser is able to enjoy possession of the Scheduled Flat without any reasonable let or hindrance.
11.6 The Vendor/ Developer at his discretion may withhold the final finishing works like last coat of paint, floor polish, installation of CP and sanitary ware, etc. till such time the Purchaser confirms his readiness to take possession of the Schedule Flat. However, for the purposes of determining the date of completion such final works which may not be completed shall not be considered. Further, it is agreed that the final finishing works shall be withheld to ensure that the completed flat is handed over to the Purchaser in a brand new condition.Construction Timeline) Milestone Deadline Outside Milestone Date
Appears in 1 contract
Samples: Mezzanine Loan Agreement (Trinity Place Holdings Inc.)
