Common use of OCCUPATIONAL RENTAL Clause in Contracts

OCCUPATIONAL RENTAL. 8.1 Occupational rental is an amount which the Purchaser will pay, to the Developer, for the right to have possession and occupation of the unit, before the Purchaser becomes the owner of unit and before the Attorney receives the purchase price. 8.2 In accordance with the explanation set out above, should registration of transfer of the unit take place after the completion date, the Purchaser shall pay the occupational rental to the Attorneys calculated as prescribed in Schedule “A”. This occupational rental shall be paid 72 [SEVENTY TWO] hours prior to the initial occupation to the Attorneys, and thereafter, monthly, in advance, from the completion date until registration of transfer. If the completion date falls on any day other than the first day of the month, then the Purchaser shall pay a proportionate amount in rental for the days in the month following the completion date.