OCCUPATION AND INTEREST Clause Samples

The 'Occupation and Interest' clause defines when a tenant is permitted to take possession of leased premises and when their obligation to pay rent or other charges begins. Typically, this clause specifies the date or conditions under which the tenant can occupy the property, such as after completion of certain works or upon lease commencement, and clarifies when interest may accrue on overdue payments. Its core function is to establish clear timelines for both occupation and financial responsibilities, thereby preventing disputes over access and payment obligations.
OCCUPATION AND INTEREST. 4.1 It is anticipated that the Property will be ready for occupation on the date stipulated in 1.18 (subject to the issuing of the Occupancy Certificate for the Property by the relevant Authority). 4.2 If, however, the Seller is of the opinion that, for whatever reason, the property will not be sufficiently complete for beneficial occupation by the date specified in 1.18 then: - 4.2.1 the Seller shall notify the Purchaser in writing of such fact at least 30 (thirty) days before such date and shall specify in such notice the later date that the property shall be complete for the purposes of beneficial occupation (which date shall not be more than 6 (six) calendar months after the date specified in 1.18 and such later date shall be deemed for all purposes to be the date of occupation; 4.2.2 if the property is not sufficiently complete for beneficial occupation within six calendar months of the date specified in 1.18 (or within such extended time period as provided for in 4.2.1), the Purchaser shall have the right, on notice to the Seller, to resile from this contract provided that such notice is received by the Seller within 14 (fourteen) days of the expiry of the aforesaid six calendar month period (or any extension thereof). In the event of the Purchaser so resiling, the Purchaser shall be entitled to receive a refund of the amount paid to the Seller / Conveyancers and the Purchaser shall have no claim of whatsoever nature or howsoever arising against the Seller for failing for any reason to give possession and occupation of the property to the Purchaser timeously. 4.3 If, however, the Seller is of the opinion that the Property will be sufficiently completed for beneficial occupation prior to the date specified in 1.18 then the Seller shall be entitled to anticipate the new date of occupation on 30 (thirty) days written notice to the Purchaser provided that such new anticipated date shall not be more than 90 (ninety) days earlier than the date stated in 1.18. Should the Seller bring the date of occupation forward by giving the Purchaser the written notice as aforesaid, such new date shall be regarded as the date of occupation for the purpose of this contract. 4.4 Any dispute between the Seller and the Purchaser, as to whether the property is ready for occupation shall be referred to the architect who, acting as an expert and not as an arbitrator, shall determine such dispute, his decision in this regard being final and binding on the parties. 4.5 From the ...
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OCCUPATION AND INTEREST. 4.1 Occupation will be from the first of the month, that the follow the month in which the Occupational Certificate was issued by the Council. Occupational rent will be R 5 000 pm.
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OCCUPATION AND INTEREST. 4.1. The seller does not warrant that the buildings will be ready for occupation on the anticipated date of occupation. Should the property not be available for occupation on such date, the purchaser shall have no claim of any kind against the seller arising from such late occupation. 4.2. The seller shall deliver to the purchaser not less than one calendar month’s notice in writing of the date upon which the property will be available for occupation by the purchaser, and the purchaser shall be obliged to take occupation on the date stipulated by the said written notice, which date shall be referred to as “the occupation date” hereafter. Should such notice not be given to the purchaser then occupation will be given to the purchaser on registration of transfer. Notice to take occupation may be given prior to the estimated occupation date. 4.3. From the occupation date until registration, the purchaser shall pay the occupational interest. Such interest shall be payable: 4.3.1. on the occupation date for the period from the occupation date until the last day of the month in which the occupation date falls; 4.3.2. thereafter monthly in advance on the first day of each and every succeeding month; 4.3.3. Calculated on the purchase price. 4.4. The purchaser shall be liable for occupational interest irrespective of whether or not he takes occupation. 4.5. If a dispute arises between parties as to whether the property is occupiable on the occupation date, the dispute shall be resolved by the architect of the cluster scheme, which decision shall be final. 4.6. The Seller nominates The Agent to collect the Occupational Interest on his behalf. Such amounts will be billed as part of the monthly levy statement and will appear on this statement to be paid as part of the monthly contribution towards the HOA. These amounts will carry interest at the same rate as the outstanding levy amounts and need to be paid before a levy clearance will be issued at any time in the future.
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OCCUPATION AND INTEREST. 4.1 The Purchaser will take occupation of the Unit on the Occupation Date. 4.2 From the Occupation Date until the date of Transfer (or until the Purchase Price is paid in full, whichever is the later) the Purchaser shall pay to the Seller occupational interest on the Purchase Price. The occupational interest shall be: 4.2.1 calculated at the Effective Interest Rate monthly in advance on the Purchase Price; 4.2.2 paid to the Seller on or before the first calendar day of each month; and 4.2.3 pro-rated if the Occupation Date or the date of payment of the Purchase Price falls on a date other than the last day of a calendar month. 4.3 In addition to the occupational interest, the Purchaser shall be liable for and shall from the Occupation Date pay when due the water and electricity charges for the Unit and the estimated monthly levy. 4.4 Any interest calculated in terms of 4.2 and not paid on the due date shall be capitalised forthwith and thereafter form part of the Purchase Price. 4.5 The Purchaser shall be liable for the occupational interest from the Occupation Date irrespective of whether the Purchaser takes occupation of the Section or not. 4.6 If a dispute arises between the parties as to whether the Section is occupiable on the Occupation Date, the dispute shall be resolved by the Architect, whose decision shall be final and binding on the parties.
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OCCUPATION AND INTEREST. 5.1 Subject to the purchaser having paid the deposit referred to in clause 2.15, and subject to guarantees being furnished by the date referred to in terms of clause 2.26 and further provided occupational interest, levies, legal costs and any other amounts due by the purchaser in terms of this agreement have been paid or secured, occupation of the section shall be given to and taken by the purchaser on a date as determined by the architect. 5.2 The seller does not warrant that the unit will be ready for occupation on the occupation date. Should the unit not be available for occupation on such date the purchaser shall have no claim of any kind against the seller arising from a delay in the granting of occupation. 5.3 From the occupation date until registration of transfer, the purchaser shall pay occupational interest at the rate of 1 % (one percent) of the purchase price of the unit per month. Such interest shall be reckoned: 5.3.1 on the occupation date for the period from the occupation date until the last day of the month in which the occupation date falls; 5.3.2 thereafter monthly in advance on the first day of each and every succeeding month; and 5.4 If a dispute arises between the parties as to whether the unit is occupiable on the occupation date, the dispute shall be referred to the architect, whose decision shall be final.
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Related to OCCUPATION AND INTEREST

  • Payments and Interest Payments required of PURCHASER by this contract or modifications of this contract, other than those in Sections 13 and 42, shall be received by STATE within the time period stated on the instrument requesting payment from PURCHASER. Payments received after the due date stated on the billing instrument may be subject to an interest charge. The interest rate applied to overdue payments shall be the prime interest rate in effect on the day the payment became delinquent, as established by U.S. Bank, ▇▇▇▇ and ▇▇▇▇ Branch, plus 4 percent. Interest shall be calculated from the date of the original billing to the date payment is received by the State Forester.

  • Taxes and Interest (1) Except as hereinafter provided, all interest earned on the Settlement Amount in the Trust Account shall accrue to the benefit of the Settlement Classes and shall become and remain part of the Trust Account. (2) Subject to Section 3.2(3), all taxes payable on any interest which accrues on the Settlement Amount in the Trust Account or otherwise in relation to the Settlement Amount shall be paid from the Trust Account. Siskinds LLP or the Claims Administrator, as appropriate, shall be solely responsible to fulfill all tax reporting and payment requirements arising from the Settlement Amount in the Trust Account, including any obligation to report taxable income and make tax payments. All taxes (including interest and penalties) due with respect to the income earned by the Settlement Amount shall be paid from the Trust Account. (3) The Settling Defendants shall have no responsibility to make any filings relating to the Trust Account and will have no responsibility to pay tax on any income earned on the Settlement Amount or pay any taxes on the monies in the Trust Account, unless this Settlement Agreement is not approved, is terminated, or otherwise fails to take effect for any reason, in which case the interest earned on the Settlement Amount in the Trust Account or otherwise shall be paid to the Settling Defendants who, in such case, shall be responsible for the payment of all taxes on such interest not previously paid by Siskinds LLP or the Claims Administrator.

  • Payment and Interest The amount determined payable pursuant to the decision, less any portion already paid, normally should be paid without awaiting Contractor action concerning appeal. Such payments shall be without prejudice to the rights of either party. Interest on amounts ultimately determined to be due to a Contractor shall be payable at the Statutory rate applicable to judgments against the State under Chapter 662, HRS from the date of receipt of a properly certified final written statement of actual adjustment required until the date of decision; except, however, that if an action is initiated in circuit court, interest under this Section 7.25, DISPUTES AND CLAIMS (§3-126-31 HAR) shall only be calculated until the time such action is initiated. Interest on amounts due the Department from the Contractor shall be payable at the same rate from the date of issuance of the Project Manager’s notice to the Contractor. Where such payments are required to be returned by a subsequent decision, interest on such payments shall be paid at the statutory rate from the date of payment.

  • Expenses and Interest If, after a Change in Control of the Company, (a) a dispute arises with respect to the enforcement of the Executive’s rights under this Agreement or (b) any legal or arbitration proceeding shall be brought to enforce or interpret any provision contained herein or to recover damages for breach hereof, in either case so long as the Executive is not acting in bad faith, then the Company shall reimburse the Executive for any reasonable attorneys’ fees and necessary costs and disbursements incurred as a result of the dispute, legal or arbitration proceeding (“Expenses”), and prejudgment interest on any money judgment or arbitration award obtained by the Executive calculated at the rate of interest announced by U.S. Bank National Association, Minneapolis, Minnesota, from time to time at its prime or base lending rate from the date that payments to him or her should have been made under this Agreement. Within ten days after the Executive’s written request therefore (but in no event later than the end of the calendar year following the calendar year in which such Expense is incurred), the Company shall reimburse the Executive, or such other person or entity as the Executive may designate in writing to the Company, the Executive’s reasonable Expenses.

  • Payments of Principal and Interest (a) The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, the Class A-4 Notes and the Class B Notes shall accrue interest during each Interest Period at the Class A-1 Rate, the Class A-2 Rate, the Class A-3 Rate, the Class A-4 Rate and the Class B Rate, respectively, and such interest shall be payable on each related Payment Date as specified in such Notes, pursuant to Section 5.06 of the Sale and Servicing Agreement and Section 3.01 hereof. Any installment of interest or principal payable on any Note that is punctually paid or duly provided for by the Issuer on the applicable Payment Date shall be paid to the Person in whose name such Note (or one or more Predecessor Notes) is registered on the Record Date by wire transfer in immediately available funds to the account designated by such Person. (b) The principal of each Note shall be payable in installments on each Payment Date pursuant to Section 5.06 of the Sale and Servicing Agreement and subject to the availability of funds therefor. All principal payments on each Class of Notes shall be made pro rata to the Noteholders of such Class entitled thereto. In accordance with Section 10.01, the Indenture Trustee shall notify the Person in whose name a Note is registered at the close of business on the Record Date preceding the Payment Date on which the final installment of principal of and interest on such Note will be paid. Such notice shall be mailed or transmitted by facsimile not less than 15 nor more than 30 days prior to such final Payment Date, shall specify that such final installment will be payable only upon presentation and surrender of such Note and shall specify the place where such Note may be presented and surrendered for payment of such installment. (c) In the event that any withholding tax is imposed on the Trust’s payment (or allocations of income) to the Noteholders, such tax shall reduce the amount otherwise distributable to the Noteholders in accordance with this Section. The Issuer will instruct the Indenture Trustee regarding the imposition of such withholding tax and, upon receiving such instruction, the Indenture Trustee is hereby authorized and directed to retain from amounts otherwise distributable to the Noteholders sufficient funds for the payment of any tax that is legally owed by the Trust (but such authorization shall not prevent the Indenture Trustee from contesting any such tax in appropriate proceedings, and withholding payment of such tax, if permitted by law, pending the outcome of such proceedings). The amount of any withholding tax imposed with respect to the Noteholders shall be treated as cash distributed to the Noteholders at the time it is withheld by the Trust and remitted to the appropriate taxing authority. If there is a possibility that withholding tax is payable with respect to any distribution (such as any distribution to a Non-U.S. Person), the Indenture Trustee may in its sole discretion withhold such amounts in accordance with this paragraph (c). In the event that any Noteholder wishes to apply for a refund of any such withholding tax, the Indenture Trustee shall reasonably cooperate with the Noteholder in making such claim so long as the Noteholder agrees to reimburse the Indenture Trustee for any out-of-pocket expenses incurred.