Common use of Term and Possession Clause in Contracts

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 Xxxxxx 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 Xxxxxx 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.