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 ...
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.
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.
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.
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.