Lease Commencement Clause Samples
The Lease Commencement clause defines the exact date when the lease agreement officially begins and the tenant’s rights and obligations start. This date may be tied to a specific calendar day, the completion of certain conditions (such as the landlord delivering possession of the premises), or the occurrence of an event like the issuance of a certificate of occupancy. By clearly establishing when the lease term starts, this clause ensures both parties know when rent payments, maintenance responsibilities, and other contractual duties commence, thereby preventing disputes over timing and obligations.
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Lease Commencement. 5.1 The Lease will commence on the Commencement Date provided that:
a. the Schedule is duly executed by ▇▇▇▇▇▇▇▇ and received by IBM on or prior to the Validity Date and is accepted by IBM;
b. Customer has satisfied all of the Conditions Precedent; and
c. no Default has occurred. If any of the foregoing conditions are not satisfied, IBM shall have no obligation or liability with respect to the Agreement or the Product, including any obligation to pay the purchase price of the Product. However, IBM, in its sole discretion, may commence the Lease or issue a new Schedule to Customer. If the Commencement Date occurs after the end of the Planned Commencement Month, IBM is entitled to change the Rent. Such change shall become effective upon IBM’s notification to the Customer.
5.2 Provided that the conditions in Section 5.1 above have been satisfied, the Commencement Date for a Lease will be:
a. for Equipment and Program Licenses supplied by IBM, the shipment date of such Equipment and the date of delivery for Program Licenses, unless Customer notifies IBM in writing that it has not accepted the Equipment and/or Program License within ten (10) days of receipt thereof by Customer. If services are included in the Schedule the Commencement Date is the start date of the service, as stated in the Supply Agreement, provided the Customer has not, as described above, notified IBM of its rejection of the Equipment and/or Program Licenses;
b. for any other leased Product, the date Customer accepted the Product as specified by Customer on a duly executed Certificate of Acceptance, provided that such Certificate of Acceptance is returned to IBM within ten days after the date specified on the Certificate of Acceptance as the acceptance date.
Lease Commencement. 24 44. NOTICES:...............................................................24 45.
Lease Commencement. This Agreement will commence upon your acceptance of the applicable Equipment. When you receive the Equipment, you agree to inspect it and verify your acceptance by telephone or, at our request, by delivery of written evidence of acceptance satisfactory to us. Upon acceptance, your obligations under this Agreement will become absolute and unconditional, and are not subject to cancellation, reduction or setoff for any reason whatsoever. You agree to pay us the amounts payable under the terms of this Agreement each period by the due date in accordance with the Term and Payment schedule set forth on page 1 of this Agreement. Payments shall be delivered to our address or to such other address as we may designate in writing. For any payment that is not received by its due date, you agree to pay a late charge equal to the higher of 10% of the amount due or $22 (not to exceed the maximum allowed by law).
Lease Commencement. The commencement of a lease occurs when State Fleet makes payment to the dealer for a vehicle, on the 15th of a month, and this normally is up to 30 days after the vehicle is received by the Lessee. The Lessee, in effect, has up to a month of vehicle use without incurring a lease invoice. This can be offset by a period at the end of the lease, between when a Lessee relinquishes a vehicle for disposal and the disposal contractor receives the vehicle in saleable condition.
Lease Commencement. Notwithstanding anything contained herein to the contrary, if Lessor, for any reason whatsoever, including Lessor's negligence except as provided for in Article 27(b), cannot deliver possession of the Premises, as provided for in Article 27(a), to Lessee at the commencement of the agreed Term as set forth in Article 2, this Lease shall not be void or voidable, nor shall Lessor be liable to Lessee for any loss or damage resulting therefrom, but in that event, the Term shall be for the full term as specified above to commence from and after the date Lessor shall have delivered possession of the Premises to Lessee or from the date Lessor would have delivered possession of the Premises to Lessee but for Lessee's failure to timely supply to Lessor such drawings and/or information required by Exhibit C or for any other reason attributable to Lessee (herein the "Commencement Date") and to expire midnight of the day immediately preceding Term anniversary of the Commencement Date, and if requested by Lessor, Lessor and Lessee shall, ratify and confirm said Commencement and Expiration Dates by completing and signing Exhibit G attached hereto and made a part hereof.
Lease Commencement. The term of this Lease shall commence on September 10, 2007 (the “Commencement Date”), or the date possession of the Premises is delivered to Tenant in accordance with this Lease or any riders attached hereto.
Lease Commencement. Notwithstanding anything contained herein to the contrary, if Lessor, for any reason whatsoever, including Lessor's negligence except as provided for in Article 28(b), cannot deliver possession of the Premises, as provided for in Article 28(a), to Lessee at the commencement of the agreed Term as set forth in Article 2, this Lease shall not be void or voidable, nor shall Lessor be liable to Lessee for any loss or damage resulting therefrom, but in that event, the Term shall be for the full term as specified above to commence from and after the date Lessor shall have delivered possession of the Premises to Lessee or from the date Lessor would have delivered possession of the Premises to Lessee but for Lessee's failure to timely supply to Lessor such drawings and/or information required by Exhibit C or for any other reason attributable to Lessee (herein the "Commencement Date") and to expire midnight of the day immediately preceding Term anniversary of the Commencement Date, and if requested by Lessor, Lessor and Lessee shall within thirty (30) days , by a writing signed by the parties, ratify and confirm said Commencement. Expiration Dates, and Fixed Basic Rent due hereunder in the form attached hereto as Exhibit F. So long as this Lease is fully-executed by October 1, 1997 and notwithstanding anything contained herein to the contrary, if Lessor shall not have completed the tenant improvements within the Premises on or before the Commencement Date as set forth in paragraph 7 of the Preamble and provided the reason therefor has not been as a result of Lessee's acts or omissions, then, and in such event, Lessee may cancel this Lease upon thirty (30) days notice to Lessor, which notice may be given on or after the thirtieth (30th) day after the Commencement Date as set forth in paragraph 7 of the Preamble. Thereafter, unless Lessor delivers possession of the Demised Premises within thirty (30) days after Lessee's notice to Lessor, this Lease shall terminate upon the expiration of said thirty (30) day period and the parties shall be released from obligation under this Lease except that Lessor shall reimburse to Lessee any prepaid rent, security deposit and any and all amounts paid by Lessee for improvements pursuant to Exhibit C. However, in the event Lessor's ability to complete the tenant improvements within the Premises is delayed because of long-lead and/or non-standard Building items ordered by Lessee, then the Commencement Date shall not be delayed as a re...
Lease Commencement. The duration of the period of this Lease (the “Term”) shall commence on the date that Landlord executes and delivers this Lease to Tenant (the “Commencement Date”) as outlined in Exhibit A and shall, subject to the right of the Tenant reserved hereunder to extend that duration, run for a period of TWENTY TWO (22) years therefrom until April 30, 2040. Notwithstanding the foregoing, in the event Landlord is delayed in the delivery of the Premises to Tenant due to a delay caused by Tenant or for any other reason outside of Landlord’s control, the Commencement Date shall not be changed or modified.
Lease Commencement. The duration of the period of this Lease (the “Term”) shall commence on the date of delivery of possession of the Premises (the "Lease Commencement Date") as outlined in Exhibit A and shall, subject to the right of the Tenant reserved hereunder to extend that duration, run for a period of two hundred forty (240) months therefrom. Notwithstanding the foregoing, in the event the Landlord is delayed in the delivery of the Premises to Tenant due to a Tenant Delay, the Commencement Date shall be deemed to have occurred on the date on which the Landlord would have been able to deliver the Premises to the Tenant absent the Tenant caused delay.
Lease Commencement. Commencement of Term. The term of this Lease and the payment of rent and other performances in accordance with the terms of this Lease shall commence on the date hereof.