Tenant’s Takeover Sample Clauses
The Tenant’s Takeover clause defines the circumstances and procedures under which a tenant assumes control of a leased property, typically after the landlord completes certain initial works or upon a specified date. In practice, this clause outlines the process for inspecting the premises, documenting the condition, and formally handing over possession to the tenant, often triggering the start of the lease term and rent obligations. Its core function is to clearly establish the point at which the tenant becomes responsible for the property, thereby reducing disputes over possession, maintenance, and liability.
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Tenant’s Takeover. If Landlord misses certain Critical Milestones, subject to Force Majeure and Tenant Delay, subject to the terms of Section 20.22 and the SNDA among Landlord, Tenant, and Lender (as defined in Section 20.22.4), and to the extent missing said Critical Milestones constitutes a Construction Default Event, then Tenant shall have the right, but not the obligation, to exercise the Takeover Rights (as defined in Section 20.22.4) to assume control of all unperformed portions of the Landlord’s Work and cause the same to be completed; provided, however, if Tenant elects to exercise the Takeover Rights, then Tenant’s performance of Landlord’s Work shall be performed subject to and in accordance with the conditions and limitations set forth in Section 20.22.4, and Tenant shall be responsible for completing the entire unperformed portions of Landlord’s Work, subject to its right to recover costs relating thereto from Landlord and to exercise the offset rights permitted under this Lease.