Term and Possession Clause Samples

Term and Possession. (a) Subject to and upon the terms and conditions set forth herein, the Term of this Lease shall be for the period specified in the Basic Lease Information. The Term shall commence on the earlier of (i) the date that the Premises is delivered to Tenant free and clear of any third-party occupancy and (ii) the date that Tenant first commences normal business operation from the Premises (the “Commencement Date”). In the event of the inability of Landlord to deliver possession of the Premises for any reason whatsoever, including, without limitation, the vacating of the Premises by the prior tenant of the Premises, neither Landlord nor its agents shall be liable for any damage caused thereby, nor shall this Lease thereby become void or voidable, however, in such event Tenant shall not be liable for any rent until the actual occurrence of the Commencement Date. Notwithstanding the foregoing to the contrary, if, for any reason, Landlord has not delivered possession of the Premises to Tenant as described in clause (i) above as of January 1, 2020, Tenant, as Tenant’s sole remedy, will have the right to terminate this Lease by written notice delivered to Landlord at any time prior to Landlord’s delivery of possession of the Premises to Tenant; provided, however, that such January 1, 2020 date shall be extended so long as Landlord is using its good faith and diligent efforts to deliver possession of the Premises to Tenant (by unlawful detainer or otherwise). Within thirty (30) days after the Commencement Date, Landlord and Tenant shall execute an amendment to this Lease (“First Amendment to Lease and Acknowledgment”) setting forth the Commencement Date and the expiration date of the term of the Lease, which shall be in the form attached hereto as Exhibit B. (b) Tenant shall have the one-time option to terminate and cancel the Lease effective on the last day of the eighty-fifth (85th) month after the Commencement Date (the “Termination Date”), which right is contingent upon Tenant paying to Landlord the “Termination Consideration” (as defined below) concurrent with Tenant’s delivery of the Termination Notice (as defined below). To exercise such termination option, Tenant must deliver to Landlord on or before January 1, 2025, irrevocable written notice of Tenant’s exercise of such option (the “Termination Notice”) and the amount of the Termination Consideration. As used herein, the “Termination Consideration” shall mean the amount equal to Two Million and No/100ths Doll...

Term and Possession. If Landlord is unable to deliver possession of Premises on the Start Date, rent shall be abated on a daily basis until possession is granted. Neither Owner, Landlord, or Broker shall be liable for any delay in the delivery of possession of Premises to Tenant.

Term and Possession. 3 ARTICLE 3 - RENT.............................................................................5

Term and Possession. The term of this Lease runs for the period described in the Lease Email (the “Term”). Possession will be provided only after the initial rent amount described in the Lease Email is paid. Such amount will be applied to the first month’s rent. If ▇▇▇▇▇▇ does not take possession on the day it is to be provided and if by that day Tenant has not notified MSU in writing that Tenant will take possession on a later day, MSU may presume conclusively that ▇▇▇▇▇▇ has abandoned the Apartment and re-rent it. If the Apartment is not ready for occupancy when the Term commences, MSU’s sole liability to Tenant is abatement of Tenant’s rent, in the same percentage that the Apartment is not ready for occupancy, from the date the Term commences to the date the Apartment is ready for occupancy, which date is at MSU’s exclusive determination.

Term and Possession. This lease begins on [Lease begin date] and runs through [Lease end date]. Possession will not be provided until the first month's rent, Security Deposit, and preparation fee are paid. If the Premises are not ready on the date this lease commences, the sole damage for which Landlord shall be liable to Tenants is the full abatement of Tenants' prorated rent from the date this lease commences to the date the Premises are ready for occupancy, which date is at Landlord's exclusive determination. If none of the Tenants takes possession on the day it is to be provided, and if Tenants have not given Landlord written notice that they will take possession on a later day, Landlord may presume conclusively that Tenants have abandoned the Premises and re-rent them. SAMPLE

Term and Possession. 3.01 TERM Notwithstanding Articles 3.02 and 3.03, the Term of this Lease shall be five (5) years, beginning on the first day of the month of April, 2000, and ending on the last day of the month of March, 2005 unless terminated earlier as provided in this Lease.

Term and Possession. Section 2.01.

Term and Possession. The lease Term runs from at 12:00 NOON to at 12:00 NOON. Possession will be provided only after the first month’s rent, Security Deposit, and processing fee are paid. If none of the Tenants takes possession on the day it is to be provided, and if by that day Tenants have not notified Landlord in writing that they will take possession on a later day, Landlord may presume conclusively that Tenants have abandoned the Premises and rerent them. If the Premises are not ready for occupancy when the Term commences, ▇▇▇▇▇▇▇▇’s sole liability to Tenants is abatement of Tenants’ rent, in the same percentage that the Premises are not ready for occupancy, from the date the Term commences to the date the Premises are ready for occupancy, which date is at Landlord’s exclusive determination.

Term and Possession. 2.1 The term of this Lease shall commence on the date (the "Commencement Date") which is the earlier of (a) the date on which Landlord achieves Substantial Completion or (b) March 31, 2000, provided that Landlord has achieved Substantial Completion, or would have achieved Substantial Completion but for Tenant Delay or Force Majeure. In no event shall the Commencement Date be prior to February 1, 2000 nor later than March 31, 2000, subject, however, to delays caused by Force Majeure (as hereinafter defined) and Tenant Delay (as hereinafter defined). For purposes of the preceding provisions, the Premises shall be substantially completed and "Substantial Completion" shall have occurred on the last to occur of the following: (1) the Landlord's obtaining a temporary or permanent Certificate Of Use And Occupancy (or equivalent) permitting the full use and occupancy of the Premises by Tenant as contemplated by Section 5, (2) building fire alarms, fire sprinklers, smoke detectors, exit lights, life safety equipment and other building code requirements having been installed and being operational, (3) the mechanical, electrical and plumbing services serving the Premises having been installed and in good working order and access to the Premises is available, (4) the Tenant Improvements (as hereinafter defined) being substantially completed as evidence by a written certification by the architect designing such improvements subject, however, to Punch List items (as hereinafter defined), so as to enable Tenant to move in and install its furniture, fixtures, equipment and machinery, and (5) the Parking Lot being accessible and useable by Tenant as set forth in Section 1.3 above. If and to the extent compliance with the conditions set forth above would have occurred earlier but for Tenant Delay, then compliance with such conditions shall be deemed to have occurred on the day on which it would have occurred but for such Tenant Delay (i.e., Substantial Completion would be accelerated on a day-for-day basis for each day of Tenant Delay).