OCCUPATION, POSSESSION, RISK AND BENEFIT Sample Clauses

OCCUPATION, POSSESSION, RISK AND BENEFIT. 5.1 The Seller shall give occupation of the Section to the Purchaser on the date as reflected in Item H1 of the Schedule of Details. 5.2 In the event that the Purchaser takes occupation of the Section prior to the Date of Transfer then: 5.2.1 Item H2 of the Schedule of Details shall apply; 5.2.2 No tenancy shall thereby be created and under no circumstances will the Purchaser acquire any lien or be entitled to any compensation for any improvements effected to the Section and, should this sale terminate for any reason prior to the Date of Transfer, the Purchaser shall be obliged to vacate the Section immediately upon such termination; 5.2.3 The Purchaser shall be bound by the Act, rules of the Estate, rules of the Body Corporate and the Association’s Constitution, notwithstanding that the Section has not yet been registered in the name of the Purchaser; 5.2.4 the Purchaser shall not be entitled to make any improvements to the Section nor alterations to any existing improvements thereon without prior written consent of the Seller; and 5.2.5 In addition to the sum of occupational rental payable to the Seller, the Purchaser shall, on demand, pay monthly to the Seller the cost of water and electricity consumed at the Section for the period between the occupation date and the Date of Transfer. 5.3 Notwithstanding the above, the Purchaser shall not, under any circumstances, be entitled to occupation of the Section until such time as the full purchase price is secured and the Purchaser has paid to the Conveyancers the costs of transfer. 5.4 The risk in and benefits of the Section shall pass from the Seller to the Purchaser with effect from the Date of Transfer and from which date the Purchaser shall be liable for all contributions, levies, rates and taxes and any other charges levied upon the Section by any competent authority.
Sample 1See All (5)
AutoNDA by SimpleDocs

Related to OCCUPATION, POSSESSION, RISK AND BENEFIT

  • TERMINAL LEAVE Any employee who is separated from State service for any reason including layoff shall receive within seven (7) days a lump sum payment for the number of hours of accrued annual leave at the employee's annualized hourly rate of pay.

  • Synopsis and Benefit to Xxxxxxx County The Agreement continues the contractual relationship between the Oregon State Marine Board and Xxxxxxx County through its Sheriff’s Office. The Sheriff’s Office will be reimbursed for marine law enforcement patrols, boater education, and boat inspections conducted throughout the County.

  • HEALTH AND INSURANCE BENEFITS 22.01 All health and insurance benefit premium costs paid by the Employer shall prorate in accordance with the proration formula under Article 22.12 of this Agreement. Same sex spouse is eligible to be a dependent for insured benefits.

  • Other Payments and Benefits On any termination of employment, including, without limitation, termination due to the Employee’s death or Disability (as defined in Section 10) or for Cause, the Employee shall receive any accrued but unpaid salary, reimbursement of any business or other expenses incurred prior to termination of employment but for which the Employee had not received reimbursement, and any other rights, compensation and/or benefits as may be due the Employee in accordance with the terms and provisions of any agreements, plans or programs of the Company (but in no event shall the Employee be entitled to duplicative rights, compensation and/or benefits).

  • PAY, HOURS AND BENEFITS A. WAGES

  • Quiet Possession Upon Tenant paying the rent reserved hereunder and observing and performing all of the covenants, conditions and provisions on Tenant's part to be observed and performed hereunder, Tenant shall have quiet possession of the Premises for the entire term hereof, subject to all the provisions of this Lease.

  • Landlord’s Termination Right Whether or not the Premises are affected, Landlord may, by notice to Tenant, within 60 days following the date upon which Landlord receives notice of the Taking of all or a portion of the Real Property, the Building or the Premises, terminate this Lease, provided that Landlord elects to terminate leases (including this Lease) affecting at least 50% of the rentable area of the Building.

  • Payment and Benefits In consideration of the promises made in this Release, Employer has agreed to pay Executive the benefits as provided in that certain employment agreement made and entered into as of _________________________, by and between the Parties (the “Employment Agreement”). Executive understands and acknowledges that the benefits described in this Section 2 constitute benefits in excess of those to which Executive would be entitled without entering into this Release. Executive acknowledges that such benefits are being provided by Employer as consideration for Executive entering into this Release, including the release of claims and waiver of rights provided in Section 3 of this Release.

  • Wages and Benefits Wages, performance-sharing opportunities and benefits as identified in this Section 2 are considered to be ongoing obligations and will terminate at the extended expiration of local agreements, rather than at the expiration of this Agreement.

  • Termination Payments and Benefits Regardless of the circumstances of the Executive’s termination, Executive shall be entitled to payment when due of any earned and unpaid base salary, expense reimbursements and vacation days accrued prior to the termination of Executive’s employment, and other unpaid vested amounts or benefits under Company retirement and health benefit plans, and, as applicable, under Equity Agreements in accordance with their terms, and to no other compensation or benefits. (a) If (i) the Company terminates the Executive’s employment without Cause, or (ii) the Executive terminates employment with the Company within twelve (12) months following the occurrence of a Change in Control, provided that within such period, (a) either Executive’s job duties have been materially and permanently diminished or the Executive’s compensation has been materially decreased and (b) Executive provides written notice to the Company within ninety (90) days of the occurrence of an aforementioned event and the Company fails to cure the event within thirty (30) days following the Company’s receipt of the Executive’s written notice, then, in the case of either (i) or (ii) above, the Company will provide the Executive with separation payments of twelve (12) months base salary at Executive’s base salary rate at the time of Executive’s termination or if greater, the Executive’s base rate in effect on the Change of Control Date; to be paid in twenty-six (26) regular bi-weekly pay periods beginning on the first pay period occurring after the sixtieth (60th) day following the Executive’s termination, provided the Executive executes and does not subsequently revoke the Separation and General Release Agreement referenced below within such sixty (60) day period. (b) For a period of twelve (12) months from the Executive’s separation from service, the Company will pay to the Executive an amount, minus all applicable taxes and withholdings, equal to the full monthly cost (including any portion of the cost previously paid by the employee) to provide the same level of group health benefits maintained by Executive as of Executive’s separation from service, provided the Executive executes and does not subsequently revoke the Separation and General Release Agreement referenced below within such sixty (60) day period. (c) For purposes of this Agreement, “Change in Control” shall mean the occurrence of any one of the following events:

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!