Completion Date. Subject to delay by Force Majeure and Tenant Delay, Landlord shall Substantially Complete Landlord’s Work in substantial conformance with the TI Plans and have the Premises Substantially Complete and ready for Tenant’s occupancy on the Estimated Commencement Date. The failure to have the Premises Substantially Complete (including Landlord’s Work but, for the avoidance of doubt, excluding the Window Treatments) and ready for Tenant’s occupancy on the Estimated Commencement Date shall not affect the validity of this Lease or the obligations of Tenant hereunder nor shall the same be construed in any way to extend the term of this Lease. If Substantial Completion of the Premises does not occur on or before July 1, 2016, as such date may be extended by any delays caused by (i) any Tenant Delay or (ii) Force Majeure, as defined below (provided that any delay for Force Majeure shall not exceed ninety (90) days in the aggregate) (the “Outside Date” ), then (x) Tenant shall be entitled to a credit (to be applied following the Rent Commencement Date) in an amount equal to the product of: (i) $9,370.18 multiplied by (ii) the number of days that elapse after the Outside Date until Substantial Completion of the Premises has occurred and (y) Tenant may elect to terminate this Lease by giving notice of such election to Landlord at any time after the Outside Date and before Substantial Completion of the Premises has occurred. If Tenant so elects, then this Lease shall terminate on the date that is thirty (30) days after delivery of Tenant’s termination notice unless, on or before the expiration of such 30-day period, Substantial Completion of the Premises occurs, in which event Tenant’s election to terminate shall automatically become void.
Appears in 3 contracts
Sources: Lease Agreement (Hubspot Inc), Lease Agreement (Hubspot Inc), Lease Agreement (Hubspot Inc)
Completion Date. Subject to delay by Force Majeure and Tenant Delay, Landlord shall Substantially Complete Landlord’s Work in substantial conformance with the TI Plans and have the Premises Substantially Complete and ready for Tenant’s occupancy on the Estimated Commencement Date. The failure to have the Premises Substantially Complete (including Landlord’s Work but, for the avoidance of doubt, excluding the Window Treatments) and ready for Tenant’s occupancy on the Estimated Commencement Date shall not affect the validity of this Lease or the obligations of Tenant hereunder nor shall the same be construed in any way to extend the term of this Lease. If Substantial Completion of the Premises does not occur on or before July 1, 2016, as such date may be extended by any delays caused by (i) any Tenant Delay or this Lease is executed and delivered by Lessee by ▇▇▇▇▇ ▇, ▇▇▇▇, (ii▇▇) Force Majeurethe Lessee Improvement Final Plans and Specifications are approved by Lessor by July 15, 1999 (iii) Lessee has selected by September 1, 1999, the contractor who will construct the Lessee Improvements, and (iv) the building permit for the Lessee Improvements is issued by September 15, 1999, then Lessor shall cause Substantial Completion (as defined below in Section 17.04 hereof) to occur no later than December 15, 1999 (provided that any delay for Force Majeure shall not exceed ninety (90) days in such date being extended by the aggregate) (the “Outside Date” ), then (x) Tenant shall be entitled to a credit (to be applied following the Rent Commencement Date) in an amount equal to the product of: (i) $9,370.18 multiplied by (ii) the longest number of days that elapse the satisfaction of any of the above conditions is delayed, Force Majeure and Lessee Delays with the date, as extended, being hereinafter referred to as the "Threshold Date"). In the event that the foregoing conditions are satisfied and Substantial Completion does not occur by the Threshold Date, then Lessee, as Lessee's sole and exclusive remedy and measure of damages for or related to the delay in Substantial Completion, shall have the right to receive one day of free rent, in addition to the free rent described in Section 3.01, for each day of unexcused delay beyond the Threshold Date, up to a maximum of sixty (60) days, and in the event of unexcused delay beyond sixty (60) days after the Outside Date until Substantial Completion Threshold Date, the Lessee shall have the right to receive two (2) days of free rent, in addition to the Premises has occurred free rent described in Section 3.01, for each day of unexercised delay beyond sixty days after the Threshold Date, and in the event of unexcused delay beyond one hundred twenty (y120) Tenant may elect days after the Threshold Date, the Lessee shall have the right to terminate this Lease by giving written notice of thereof to Lessor within ten (10) days following the one hundred twentieth day after such election Threshold Date; provided, however, in the event Lessee fails to Landlord at deliver such termination notice within such ten (10) period, the Lessee shall be deemed to have waived any time after the Outside Date and before Substantial Completion of the Premises has occurred. If Tenant so elects, then right to terminate this Lease shall terminate on the date that is thirty (30) days after delivery of Tenant’s termination notice unless, on or before the expiration of such 30-day period, Substantial Completion of the Premises occurs, for delay provided in which event Tenant’s election to terminate shall automatically become voidthis Section.
Appears in 2 contracts
Sources: Commercial Lease (American Telesource International Inc), Commercial Lease (American Telesource International Inc)
Completion Date. Subject The Purchaser will pay the balance of the Purchase Price, subject to delay adjustments as contemplated herein, by Force Majeure and Tenant Delay, Landlord shall Substantially Complete Landlord’s Work in substantial conformance with the TI Plans and have the Premises Substantially Complete and ready for Tenant’s occupancy way of BANK DRAFT or SOLICITOR’S CERTIFIED TRUST CHEQUE or NOTARY’S CERTIFIED TRUST CHEQUE prior to 4:30 p.m. (Vancouver time) on the Estimated Commencement completion date (the “Completion Date”), which will be the date identified by written notice given by the Vendor or the Vendor’s Solicitors to the Purchaser or the Purchaser’s solicitors or notary (the “Purchaser’s Solicitors”) as the date on which the Strata Lot is or will be ready to be occupied, provided the Vendor or the Vendor’s Solicitors will give not less than 15 days’ notice thereof. The failure Whether the Strata Lot is ready to have be occupied refers to the Premises Substantially Complete (including Landlord’s Work but, for Strata Lot and not any other strata lot or common property within the avoidance of doubt, excluding Development and the Window Treatments) and Strata Lot will be deemed to be ready for Tenant’s occupancy to be occupied on the Estimated Commencement Completion Date shall not affect the validity of this Lease or the obligations of Tenant hereunder nor shall the same be construed in any way to extend the term of this Lease. If Substantial Completion of the Premises does not occur on or before July 1, 2016, as such date may be extended by any delays caused by if: (i) any Tenant Delay the Resort Municipality of Whistler (the “Municipality”) has given oral or written permission to occupy the Strata Lot, whether such permission is temporary, conditional or final and (ii) Force Majeurethe applicable land title office (the “LTO”) has issued a separate title for the Strata Lot. If the Completion Date is a Saturday, Sunday, statutory holiday or a day upon which the LTO is not open for business, the Completion Date will be the immediately following day on which the LTO is open for business. The notice of the Completion Date given by the Vendor or the Vendor’s Solicitors to the Purchaser or the Purchaser’s Solicitors may be based on the Vendor’s estimate as defined below (provided that any to when the Strata Lot will be ready to be occupied. If the Strata Lot is not ready to be occupied on the Completion Date so established, then the Vendor may delay for Force Majeure shall the Completion Date from time to time as required, by written notice of such delay to the Purchaser or the Purchaser’s Solicitors. If the Completion Date has not exceed ninety (90) days in the aggregate) occurred by November 30, 2024 (the “Outside Date” ”), then (x) Tenant shall this Contract will terminate on the Outside Date, the Deposit and interest accrued thereon will be entitled to a credit (to be applied following the Rent Commencement Date) in an amount equal returned to the product of: Purchaser and the parties will be released from all of their obligations hereunder, provided that:
(ia) $9,370.18 multiplied if the Vendor is delayed from completing construction of the Strata Lot as a result of earthquake, flood or other act of God, fire, explosion, terrorism or accident, howsoever caused, act of any governmental authority, strike, lockout, inability to obtain or delay in obtaining labour, supplies, materials or equipment, delay or failure by (iicarriers or contractors, breakage or other casualty, climactic condition, pandemic or epidemic, interference of the Purchaser, or any other event of any nature whatsoever beyond the reasonable control of the Vendor, then the Vendor may, at its option, exercisable by written notice to the Purchaser, in addition to any extension pursuant to subsection 3(b) the number of days that elapse after and whether or not any extension described in subsection 3(b) has been exercised, elect to extend the Outside Date until Substantial Completion by a period equivalent to such period of delay; and
(b) the Premises Vendor may, at its option, exercisable by written notice to the Purchaser, in addition to any extension pursuant to subsection 3(a) and whether or not any extension described in subsection 3(a) has occurred and (y) Tenant may been exercised, elect to terminate this Lease by giving notice of such election to Landlord at any time after extend the Outside Date and before Substantial for up to 120 days. The Purchaser acknowledges that the estimated date range for completion of construction (the “Estimated Construction Completion Date Range”) set out in section 5.1 of the Premises Disclosure Statement is an estimate only; has occurredbeen provided by the Vendor as a matter of convenience only and is not meant to be legally binding upon the Vendor, and that the actual Completion Date will be established in the manner set out above in this section 3. If Tenant so electsFor clarity, then the Purchaser acknowledges and agrees that the Estimated Construction Completion Date Range may be amended from time to time by way of an amendment to the Disclosure Statement, and that the actual Completion Date may be accelerated or delayed such that it occurs before or after the Estimated Construction Completion Date Range, as the case may be, as established by the Vendor’s notice that the Strata Lot is ready to be occupied in accordance with this Lease shall terminate Section 3. The Purchaser agrees to complete the purchase of the Strata Lot on the date that is thirty (30) days after delivery Completion Date as established according to this Section 3 regardless of Tenant’s termination notice unless, on whether or before not the expiration of such 30-day period, Substantial Completion Date occurs within or outside of the Premises occurs, in which event Tenant’s election Estimated Construction Completion Date Range. The Purchaser acknowledges and agrees that its decision to terminate shall automatically become voidenter into and to perform the terms of this Contract is not predicated upon whether the actual Completion Date occurs within or outside of the Estimated Construction Completion Date Range.
Appears in 1 contract
Sources: Contract of Purchase and Sale
Completion Date. Subject Completion Date" shall be the date on which the improvements erected and to delay by Force Majeure be erected upon the Leased Premises, shall have been substantially completed in accordance with the plans and specifications described in Article 6.00. Provided that Tenant Delayis not already in occupancy of the Leased Premises, subject to the provisions of Exhibit B herein (Work Letter Agreement) and provided Tenant does not cause any delays, the Completion Date shall constitute the commencement of the term of this Lease for all purposes. Landlord shall use its best efforts to establish the Completion Date as the Commencement Date set forth in Section 1.03. In the event that the improvements have not in fact been completed as of that date, Landlord shall Substantially Complete Landlord’s have a reasonable time in which to complete construction. If Tenant causes any delays, or as otherwise provided therein, the provisions of Exhibit B (Work Letter Agreement) shall control. Provided that Tenant is not already in occupancy of the Leased Premises, upon substantial conformance with completion of construction, Tenant shall deliver to Landlord a letter accepting the TI Plans and have the Leased Premises Substantially Complete and ready for Tenant’s occupancy on the Estimated Commencement Date. The failure to have the Premises Substantially Complete (including Landlord’s Work but, as suitable for the avoidance purposes for which they are let and the date specified in such letter shall be the date of doubt, excluding substantial completion and shall constitute the Window Treatments) and ready for Tenant’s occupancy on the Estimated Commencement Date shall not affect the validity commencement of this Lease or the obligations of Tenant hereunder nor shall the same be construed in any way to extend the term of this Lease. If Substantial Completion Whether or not Tenant has executed such letter of acceptance, taking possession of the Leased Premises does not occur on or before July 1, 2016, as such date may be extended by any delays caused by (i) any Tenant Delay or (ii) Force Majeure, as defined below (provided that any delay for Force Majeure shall not exceed ninety (90) days in the aggregate) (the “Outside Date” ), then (x) Tenant shall be entitled deemed to a credit (to be applied following establish conclusively that the Rent improvements have been completed in accordance with the plans and specifications, are suitable for the purposes for which the Leased Premises are let, and that the Leased Premises are in good and satisfactory condition as of the date possession was so taken by Tenant. Notwithstanding the preceding in this Paragraph 13.05, if Tenant is already in occupancy of the Leased Premises, all of Tenant's obligations under the Lease shall commence no later than the Commencement Date) in an amount equal , irrespective of the completion status of any improvements to the product of: (i) $9,370.18 multiplied by (ii) the number of days that elapse after the Outside Date until Substantial Completion of the Premises has occurred and (y) Tenant may elect to terminate this Lease by giving notice of such election to Landlord at any time after the Outside Date and before Substantial Completion of the Premises has occurred. If Tenant so elects, then this Lease shall terminate on the date that is thirty (30) days after delivery of Tenant’s termination notice unless, on or before the expiration of such 30-day period, Substantial Completion of the Premises occurs, in which event Tenant’s election to terminate shall automatically become voidLeased Premises.
Appears in 1 contract
Completion Date. Subject The Seller will give the Buyer or the Buyer’s Agent not less than 10 business days written notice (the “Notice”) addressed to delay the Buyer or his solicitor or notary (the “Buyer’s Solicitors”) and:
a) delivered to the Buyer’s address as set out above, which Notice will be deemed to have been received by Force Majeure and Tenant Delay, Landlord shall Substantially Complete Landlord’s Work in substantial conformance with the TI Plans and have the Premises Substantially Complete and ready for Tenant’s occupancy Buyer on the Estimated Commencement Date. The failure date of delivery thereof; or
b) mailed by prepaid registered mail, which Notice will be deemed to have been received by the Premises Substantially Complete (including Landlord’s Work but, for the avoidance of doubt, excluding the Window Treatments) and ready for Tenant’s occupancy Buyer on the Estimated Commencement 4th day after the mailing thereof; or
c) sent by facsimile or email transmission, which Notice will be deemed to have been received on the date the facsimile or email transmission was sent; specifying the date which shall be the Completion Date shall not affect (the validity of this Lease or the obligations of Tenant hereunder nor shall the same be construed “Completion Date”); PROVIDED that for Strata Lots in any way to extend the term of this Lease. If Substantial Completion Phase 2 of the Premises does Development, such Completion Date will not occur on or before July 1prior to April 30, 2016, as such date may be extended by and, subject to the provisions of this paragraph and of Section 10 below, in any delays caused by (i) any Tenant Delay or (ii) Force Majeure, as defined below (provided that any delay for Force Majeure event shall not exceed ninety (90) days in the aggregate) be later than August 31, 2016 (the Phase 2 “Outside Date” ”), then (x) Tenant shall be entitled to a credit (to be applied following . Any extensions of the Rent Commencement Date) in an amount equal to the product of: (i) $9,370.18 multiplied by (ii) the number of days that elapse Completion Date after the Outside Date until Substantial Completion may only be made by the mutual agreement of the Premises has occurred Seller and (y) Tenant may elect to terminate this Lease by giving notice of such election to Landlord at any time after ▇▇▇▇▇ PROVIDED ALWAYS that the Outside Date and before Substantial Completion shall be extended for a period equivalent to the amount of time lost in completion of construction of the Premises has occurredStrata Lot by reason of unforeseen circumstances including, without limitation, time lost from earthquake, strikes, lockouts, climatic conditions, act of Governmental Authorities, inability to obtain or delay in obtaining labour, materials or equipment, flood, delay or failure by carriers or contractors, unavailability of supplies or materials, breakage or other casualty, fire, explosion or accident however caused, interference by the Buyer, acts of God, or any other circumstances whatsoever beyond the exclusive control of the Seller. If Tenant so elects, then this Lease The Seller shall terminate on not be liable for any damages due to delay in meeting the Completion Date caused by circumstances beyond its control. At the date of signing this agreement, the Seller estimates that is thirty (30) days after delivery of Tenant’s termination notice unless, on or before the expiration of such 30-day period, Substantial Completion Date for the Strata Lots in Phase 2 of the Premises occursDevelopment will occur between April 30, 2016 and August 31, 2016. The Buyer acknowledges that this date has been provided by the Seller as a matter of convenience only, is not meant to be legally binding upon the Seller and that the actual Completion Date will be established in which event Tenant’s election to terminate the manner set out above. The Completion Date shall automatically become voidbe , 20 .
Appears in 1 contract
Sources: Real Estate Purchase Agreement
Completion Date. Subject to delay by Force Majeure The Vendor shall construct, finish and Tenant Delaymake the Said Flat habitable and the Parking Space, Landlord shall Substantially Complete Landlord’s Work if any, usable in substantial conformance accordance with the TI Plans and have the Premises Substantially Complete and ready for Tenant’s occupancy on the Estimated Commencement Date. The failure to have the Premises Substantially Complete (including Landlord’s Work but, for the avoidance provisions of doubt, excluding the Window Treatments) and ready for Tenant’s occupancy on the Estimated Commencement Date shall not affect the validity of this Lease or the obligations of Tenant hereunder nor shall the same be construed in any way to extend the term of this Lease. If Substantial Completion of the Premises does not occur Clause 9.6.3 on or before July 1April 2018 for Blocks named Gardenia, 2016Hyacinth, as such date Ivy and Jasmine and October 2018 for Blocks named Fern, Camellia, Daffodil and Eucalyptus and April 2019 for Blocks named Acacia and Begonia (Completion Date) provided however the Completion Date may be extended by a period of 12 (twelve) months (Extended Period) at the option of the Vendor and provided further that it shall not be obligatory for the Vendor to complete the Common Portions before giving the Possession Notice (defined in Clause 9.6.2 below) to the Buyer. In this regard it is clarified that the Vendor shall complete all the Common Portions after all Phases of the Said Complex are completed. The Vendor shall neither incur any delays caused liability nor be held liable for claim of any amount by the Buyer, if the Vendor is unable to deliver possession of the Said Flat within the Completion Date and/or the Extended Period due to Circumstances Of Force Majeure (idefined in Clause 16.1 below) or for or on account of (1) delay on the part of the Buyer in making any payment or complying with any of the buyers obligations recorded in this Agreement and (2) any Tenant Delay other reasonable cause whereby the Vendor is prevented from completing the Said Flat And Appurtenances or (ii) Force Majeure, as defined below (provided that any delay for Force Majeure portion thereof. In no event shall not exceed ninety (90) days in the aggregate) (the “Outside Date” ), then (x) Tenant shall Buyer be entitled to a credit (to be applied following claim any amount from the Rent Commencement Date) in an amount equal to Vendor on account of consequential losses and damages or otherwise if the product of: (i) $9,370.18 multiplied by (ii) Said Flat And Appurtenances is not completed within the number of days that elapse after Completion Date and/or the Outside Date until Substantial Completion of the Premises has occurred and (y) Tenant may elect to terminate this Lease by giving notice of such election to Landlord at any time after the Outside Date and before Substantial Completion of the Premises has occurred. If Tenant so elects, then this Lease shall terminate on the date that is thirty (30) days after delivery of Tenant’s termination notice unless, on or before the expiration of such 30-day period, Substantial Completion of the Premises occurs, in which event Tenant’s election to terminate shall automatically become voidExtended Period.
Appears in 1 contract
Sources: Real Estate Purchase Agreement
Completion Date. Subject to delay by Force Majeure and Tenant Delay, Landlord shall Substantially Complete Landlord’s Work in substantial conformance with the TI Plans and have the Premises Substantially Complete and ready for Tenant’s occupancy on the Estimated Commencement Date. The failure to have the Premises Substantially Complete (including Landlord’s Work but, for the avoidance of doubt, excluding the Window Treatments) and ready for Tenant’s occupancy on the Estimated Commencement Date shall not affect the validity of this Lease or the obligations of Tenant hereunder nor shall the same be construed in any way to extend the term of this Lease. If Substantial Completion of the Premises does not occur on or before July 1, 2016, as such date may be extended by any delays caused by (i) any Tenant Delay or (ii) Force Majeure, as defined below (provided that any delay for Force Majeure shall not exceed ninety (90) days in the aggregate) (the “Outside Date” ”), then (x) Tenant shall be entitled to a credit (to be applied following the Rent Commencement Date) in an amount equal to the product of: (i) $9,370.18 multiplied by (ii) the number of days that elapse after the Outside Date until Substantial Completion of the Premises has occurred and (y) Tenant may elect to terminate this Lease by giving notice of such election to Landlord at any time after the Outside Date and before Substantial Completion of the Premises has occurred. If Tenant so elects, then this Lease shall terminate on the date that is thirty (30) days after delivery of Tenant’s termination notice unless, on or before the expiration of such 30-day period, Substantial Completion of the Premises occurs, in which event Tenant’s election to terminate shall automatically become void.
Appears in 1 contract
Sources: Lease Agreement (Hubspot Inc)
Completion Date. Subject The Purchaser will pay the balance of the Purchase Price, subject to delay adjustments as contemplated herein, by Force Majeure and Tenant Delay, Landlord shall Substantially Complete Landlord’s Work in substantial conformance with the TI Plans and have the Premises Substantially Complete and ready for Tenant’s occupancy way of BANK DRAFT or SOLICITOR’S CERTIFIED TRUST CHEQUE or NOTARY’S CERTIFIED TRUST CHEQUE prior to 4:00 p.m. (Vancouver time) on the Estimated Commencement completion date (the “Completion Date”), which will be the date identified by written notice given by the Vendor or the Vendor’s Solicitors to the Purchaser or the Purchaser’s solicitors or notary (the “Purchaser’s Solicitors”) as the date on which the Strata Lot is or will be ready to be occupied, provided the Vendor or the Vendor’s Solicitors will give not less than 15 days’ notice thereof (the “Notice Date”). The failure Whether the Strata Lot is ready to have be occupied refers to the Premises Substantially Complete (including Landlord’s Work but, for Strata Lot and not any other strata lot or common property within the avoidance of doubt, excluding Development and the Window Treatments) and Strata Lot will be deemed to be ready for Tenant’s occupancy to be occupied on the Estimated Commencement Completion Date shall not affect the validity of this Lease or the obligations of Tenant hereunder nor shall the same be construed in any way to extend the term of this Lease. If Substantial Completion of the Premises does not occur on or before July 1, 2016, as such date may be extended by any delays caused by if: (i) any Tenant Delay the Resort Municipality of Whistler (the “Municipality”) has given oral or written permission to occupy the Strata Lot, whether such permission is temporary, conditional or final and (ii) Force Majeurethe applicable land title office (the “LTO”) has issued a separate title for the Strata Lot. If the Completion Date is a Saturday, Sunday, statutory holiday or a day upon which the LTO is not open for business, the Completion Date will be the immediately following day on which the LTO is open for business. The notice of the Completion Date given by the Vendor or the Vendor’s Solicitors to the Purchaser or the Purchaser’s Solicitors may be based on the Vendor’s estimate as defined below (provided that any to when the Strata Lot will be ready to be occupied. If the Strata Lot is not ready to be occupied on the Completion Date so established, then the Vendor may delay for Force Majeure shall the Completion Date from time to time as required, by written notice of such delay to the Purchaser or the Purchaser’s Solicitors. If the Completion Date has not exceed ninety (90) days in the aggregate) occurred by February 28, 2027 (the “Outside Date” ”), then (x) Tenant shall this Contract will terminate on the Outside Date, the Deposit will be entitled to a credit (to be applied following the Rent Commencement Date) in an amount equal returned to the product of: Purchaser and the parties will be released from all of their obligations hereunder, provided that:
(ia) $9,370.18 multiplied if the Vendor is delayed from completing construction of the Strata Lot as a result of earthquake, flood or other act of God, fire, explosion, terrorism or accident, howsoever caused, act of any governmental authority, strike, quarantine, lockout, inability to obtain or delay in obtaining labour, supplies, materials or equipment, delay or failure by (iicarriers or contractors, breakage or other casualty, climactic condition, pandemic or epidemic, interference of the Purchaser, or any other event of any nature whatsoever beyond the reasonable control of the Vendor, then the Vendor may, at its option, exercisable by written notice to the Purchaser, in addition to any extension pursuant to subsection 3(b) the number of days that elapse after and whether or not any extension described in subsection 3(b) has been exercised, elect to extend the Outside Date until Substantial Completion by a period equivalent to such period of delay; and
(b) the Premises Vendor may, at its option, exercisable by written notice to the Purchaser, in addition to any extension pursuant to subsection 3(a) and whether or not any extension described in subsection 3(a) has occurred and (y) Tenant may been exercised, elect to terminate this Lease by giving notice of such election to Landlord at any time after extend the Outside Date for up to 120 days. The estimated date range for completion of construction is between November 1, 2024 and January 31, 2025 (the “Estimated Construction Completion Date Range”) The Purchaser acknowledges that the Estimated Construction Completion Date Range is an estimate only; has been provided by the Vendor as a matter of convenience only and is not meant to be legally binding upon the Vendor, and that the actual Completion Date will be established in the manner set out above in this section 3. For clarity, the Purchaser acknowledges and agrees that the Estimated Construction Completion Date Range may be amended from time to time by way of an amendment to the Disclosure Statement, and that the actual Completion Date may be accelerated or delayed such that it occurs before Substantial or after the Estimated Construction Completion Date Range, as the case may be, as established by the Vendor’s notice that the Strata Lot is ready to be occupied in accordance with this Section 3. The Purchaser agrees to complete the purchase of the Premises has occurred. If Tenant so elects, then this Lease shall terminate Strata Lot on the date that is thirty (30) days after delivery Completion Date as established according to this Section 3 regardless of Tenant’s termination notice unless, on whether or before not the expiration of such 30-day period, Substantial Completion Date occurs within or outside of the Premises occurs, in which event Tenant’s election Estimated Construction Completion Date Range. The Purchaser acknowledges and agrees that its decision to terminate shall automatically become voidenter into and to perform the terms of this Contract is not predicated upon whether the actual Completion Date occurs within or outside of the Estimated Construction Completion Date Range.
Appears in 1 contract
Sources: Contract of Purchase and Sale
Completion Date. Subject (a) The Construction Agent shall cause the Improvements for such Leased Premises and all portions of the Work associated therewith to delay by Force Majeure and Tenant Delay, Landlord shall be Substantially Complete Landlord’s Work no later than Completion Date for such Improvements. So long as no Event of Default or Unmatured Event of Default hereunder or under the Loan Agreement or Lease Agreement shall have occurred and be continuing, in substantial conformance with the TI Plans and have event that the Construction Agent determines that the Improvements for any Leased Premises will not be Substantially Complete and ready for Tenant’s occupancy on the Estimated Commencement Date. The failure to have the Premises Substantially Complete (including Landlord’s Work but, for the avoidance of doubt, excluding the Window Treatments) and ready for Tenant’s occupancy on the Estimated Commencement Date shall not affect the validity of this Lease or the obligations of Tenant hereunder nor shall the same be construed in any way to extend the term of this Lease. If Substantial Completion of the Premises does not occur on or before July 1the Completion Date thereof, 2016, as such date may be extended by any delays caused by upon (i) any Tenant Delay or (ii) Force Majeure, as defined below (provided that any delay for Force Majeure shall not exceed ninety (90) days in the aggregate) (written request of the “Outside Date” ), then (x) Tenant shall be entitled to a credit (to be applied following the Rent Commencement Date) in an amount equal Construction Agent to the product of: (i) $9,370.18 multiplied by Lessor and the Agent no later than the Completion Date and (ii) the number of days that elapse after the Outside Date until Substantial Completion written consent of the Lessor and the Agent to such request, which consent may be withheld for any or no reason, then the Completion Date shall be extended for a period of time so designated by the Lessor and the Agent, but no later than July 16, 1999.
(b) If (i) the Improvements for any Leased Premises has occurred are not Substantially Complete by the Completion Date thereof, (ii) if the Completion Certificate and other documents specified in Section 4.18 hereof have not been delivered for any Leased Premises by the Completion Date or (iii) if the actual Property Cost for any Leased Premises set forth in the Completion Certificate is greater than the lesser of (x) 110% of the Estimated Improvement Cost plus the Purchase Price thereof or (y) Tenant 110% of the Appraised Value then, without limitation to Lessor's rights in Article V, the Lessor may elect to terminate this require the Lessee to sell such Leased Premises as provided in Section 16 of the Lease Agreement and pay the Lessor the amounts specified in said Section 16 of the Lease Agreement as if the date specified by giving notice the Lessor were the last day of the Lease Term for such election to Landlord at any time Leased Premises.
(c) Within 120 days after the Outside Date date on which the Improvements are Substantially Complete, the Construction Agent shall cause to be completed all punchlist items and before Substantial Completion other aspects of the Premises has occurred. If Tenant so elects, then this Lease shall terminate on Work contemplated by the date that is thirty (30) days after delivery definition of Tenant’s termination notice unless, on or before the expiration of such 30-day period, Substantial Completion of the Premises occurs, in which event Tenant’s election to terminate shall automatically become void"Substantially Complete".
Appears in 1 contract
Completion Date. Subject The Borrower shall give the Bank prompt notice of the occurrence of the Completion Date. If the Completion Date has not occurred within 10 Business Days of the Closing Date, the Borrower shall, on or prior to delay by Force Majeure such 10th Business Day following the Closing Date, notify the Bank in writing that the Completion Date has not occurred and Tenant Delaywhether the Borrower intends to (i) Cash Collateralize the Letter of Credit Obligations in an amount not less than the Minimum Collateral Amount, Landlord or (ii) return, or cause the return, to the Bank of the Letter of Credit issued hereunder. If option (i) above is elected, the Borrower shall, within 13 Business Days of the Closing Date, Cash Collateralize the Letter of Credit Obligations in an amount not less than the Minimum Collateral Amount (the date on which the Borrower Cash Collateralizes (or if earlier, is required to Cash Collateralize) the Letter of Credit pursuant to this clause (i), the "Cash Collateralization Date"). If option (ii) above is selected, the Borrower shall Substantially Complete Landlord’s Work (x) within 30 Business Days of the Closing Date (the “Return Deadline Date”), return, or cause the return, to the Bank of the Letter of Credit issued hereunder; provided, that if the Borrower has delivered a “Stop Instruction” under and in substantial conformance accordance with the TI Plans Substitution Letter prior to the Return Deadline Date and have the Premises Substantially Complete Letter of Credit has nevertheless not been returned on or prior to the Return Deadline Date, the Borrower may, until the Letter of Credit is returned to Bank, Cash Collateralize the Letter of Credit Obligations in an amount not less than the Minimum Collateral Amount, and ready for Tenant’s occupancy (y) on or before the Estimated Commencement Return Deadline Date, pay to the Bank any and all accrued and unpaid fees, costs and expenses due hereunder. The failure to have the Premises Substantially Complete (including Landlord’s Work but, for For the avoidance of doubt, excluding the Window Treatments) and ready for Tenant’s occupancy on the Estimated Commencement Date shall not affect the validity of this Lease or the obligations of Tenant hereunder nor shall the same be construed in any way to extend the term of this Lease. If Substantial Completion of the Premises does not occur on or before July 1, 2016, as such date may be extended by any delays caused by (i) any Tenant Delay or if option (ii) Force Majeureof this Section 6.1.17 is selected, as defined below (provided that upon return of the original Letter of Credit to the Bank, and payment of any delay for Force Majeure shall not exceed ninety (90) days in and all fees, costs, expenses or other Obligations owed to the aggregate) (the “Outside Date” )Bank hereunder, then (x) Tenant this Agreement shall be entitled to a credit (deemed to be applied following the Rent Commencement Date) in an amount equal of no further force and effect, other than with respect to the product of: (i) $9,370.18 multiplied by (ii) the number of days provisions that elapse after the Outside Date until Substantial Completion of the Premises has occurred and (y) Tenant may elect to terminate this Lease by giving notice of such election to Landlord at any time after the Outside Date and before Substantial Completion of the Premises has occurred. If Tenant so elects, then this Lease shall terminate on the date that is thirty (30) days after delivery of Tenant’s termination notice unless, on or before the expiration of such 30-day period, Substantial Completion of the Premises occurs, in which event Tenant’s election to terminate shall automatically become voidexpressly survive termination.
Appears in 1 contract
Sources: Letter of Credit Facility Agreement (Cincinnati Financial Corp)
Completion Date. Subject The "substantial completion date" for work described herein shall occur on the date when all of the work described in the Tenant Improvement Plans is complete, as evidenced by the issuance of a temporary Certificate of Occupancy with respect to delay the Premises, or the date such work would be substantially complete but for (a) Tenant's failure to approve any items or perform any other obligation in accordance with and by Force Majeure the date specified in the Work Schedule; (b) Tenant's request for materials, finishes or installations other than those readily available; (c) Tenant's changes in the Tenant Improvement Plans after the approval by Tenant; or (d) Tenant's request to deviate from the Standards for Tenant Improvements. So long as a temporary Certificate of Occupancy has been issued, the Tenant Improvements shall be deemed substantially complete notwithstanding the fact that minor details of construction, mechanical adjustments or decorations which do not materially interfere with Tenant's use of the Premises remain to be performed (items normally referred to as "punch list" items). Landlord and Tenant Delay, shall complete one punch list inspection and Landlord shall Substantially Complete Landlord’s Work complete and/or correct such punch list items within a reasonable period of time. EXHIBIT F TO LEASE DATED October 23, ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ COMMONS, LTD. as LANDLORD and Clinicor, Inc. as TENANT RENEWAL OPTION --------------
Provided (i) that a Default by Tenant has not occurred and is continuing, and (ii) Tenant's shareholders' equity (as reflected in substantial conformance with the TI Plans and have the Premises Substantially Complete and ready for Tenant’s occupancy on the Estimated Commencement Date. The failure to have the Premises Substantially Complete (including Landlord’s Work but, for the avoidance of doubt, excluding the Window Treatments's Financial Statements) and ready for Tenant’s occupancy on the Estimated Commencement Date shall not affect the validity of this Lease or the obligations of Tenant hereunder nor shall the same be construed in any way to extend has at all times during the term of this Lease. If Substantial Completion Lease been in excess of $2,000,000, Tenant shall have the right to renew and extend this Lease with respect to all, but not less than all, of the Premises for one (1) renewal term of 3 years, such renewal term commencing upon the expiration of the initial Term. Such renewal option must be exercised, if at all, by Tenant giving Landlord written notice thereof at least six (6) months prior to the expiration of the initial Term. In the event that Tenant fails to give such notice in the manner provided herein, such renewal option shall terminate. In the event of such renewal, the "Term" shall include such renewal term and such renewal shall be upon the same provisions as for the initial Term except that:
1. Tenant shall pay additional Base Rent to Landlord in monthly installments in an amount equal to the rate (the "Renewal Rate") then being ------------ generally quoted by Landlord for comparable space in the Building as of the commencement of the renewal Term, but in no event less than the rate of Base Rent in effect at the expiration of the initial Term. In addition, during such renewal term, Tenant shall pay all other Rent and other amounts due under the Lease, including without limitation, all rental adjustments pursuant to Article 3 of the Lease. Landlord shall notify Tenant of the Renewal Rate within fifteen (15) business days after Landlord receives Tenant's renewal notice. If Tenant does not occur on or before July 1approve of the Renewal Rate for the renewal term, 2016then Tenant, as its sole remedy, may revoke its election to renew by giving written notice thereof to Landlord within five (5) days after Landlord has notified Tenant of the Renewal Rate for the renewal term, but otherwise Tenant may not revoke its election to renew after such date may election has been made.
2. Landlord shall not be extended by obligated to make any delays caused by alterations or improvements to the Premises.
3. Except for the renewal option described above, Tenant shall have no further right to renew this Lease. EXHIBIT G TO LEASE DATED October 23, ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ COMONS, LTD. as LANDLORD and Clinicor, Inc. as TENANT FIRST RIGHT OF REFUSAL ----------------------
(a) From and after the Commencement Date, but only so long as (i) any Tenant Delay or at least three (3) years remain in the Term of this Lease (as such Term may have been theretofore extended), and (ii) Force Majeurea Default by Tenant has not occurred and is continuing, Tenant shall have, and is hereby granted, a right of first refusal with respect to that certain space located adjacent to the Premises, identified as Suite 410, as defined below shown on Addendum A attached hereto (provided such space being referred ---------- to as the "Additional Space"). If Landlord receives an offer to lease the ---------------- Additional Space or any portion thereof that any delay for Force Majeure shall not exceed ninety is acceptable to Landlord (90hereinafter referred to as the "Offer"), Landlord will give written notice to ----- Tenant of the pertinent business terms and conditions of the offer (the "Notice"). Tenant will thereafter have the option, exercisable by written notice ------ delivered to Landlord within ten (10) business days after receipt by Tenant of the Notice, to lease such portion of the Additional Space covered by the Offer, upon the terms and conditions set forth in the aggregate) (the “Outside Date” )Notice; provided, then however, (x) Tenant shall be entitled to only a credit (to be applied following pro rata portion of any tenant improvements allowance provided for in the Rent Commencement Date) in an amount equal to the product of: (i) $9,370.18 multiplied by (ii) the number of days that elapse after the Outside Date until Substantial Completion of the Premises has occurred Offer, and (y) the term of Tenant's lease of such portion of the Additional Space shall be coterminous with the Term of the Lease. Failure by Tenant may elect to terminate this Lease by giving deliver to Landlord written notice of Tenant's acceptance of the offer set forth in the Notice will be deemed to be an election by Tenant not to exercise such election option.
(b) If Tenant exercises Tenant's option to lease such portion of the Additional Space, Tenant and Landlord at will enter into a mutually acceptable lease or lease amendment with respect to such space upon the business terms and conditions contained in the Notice as set forth above. If Tenant elects, or is deemed to have elected, not to exercise such option, or if Landlord and Tenant fail to agree upon a mutually acceptable lease or lease amendment with respect to such space with ten (10) business days after receipt by Landlord of Tenant's exercise of such option, Landlord will be free to lease such portion of the Additional Space described in the Offer to any time after prospective lessee upon substantially the Outside Date same terms and before Substantial Completion conditions as were presented to Tenant in the Notice and upon which Tenant elected or was deemed to have elected not to exercise its option.
(c) The rights granted by this paragraph shall not be severable from this Lease, nor may such rights be assigned or otherwise conveyed by Tenant to a sublessee of the Premises has occurred. If Tenant so elects, then this Lease shall terminate on the date that is thirty (30) days after delivery or assignee of Tenant’s termination notice unless, on 's interest in the Lease or before the expiration of such 30-day period, Substantial Completion of the Premises occurs, in which event Tenant’s election to terminate shall automatically become voidany other party.
Appears in 1 contract
Completion Date. Subject Tenant hereby waives any right to delay rescind the Lease or this Amendment under Section 223-a of the New York Real Property Law or any successor statute of similar import then in force and further waives the right to recover any damages which may result from Landlord’s failure to deliver possession of the New Premises on the date set forth herein and/or any other date for the commencement of the Term of the Lease as amended hereby with respect thereto. Tenant acknowledges that the New Premises are currently occupied by Force Majeure and Tenant Delaya tenant under a lease scheduled to expire March 31, 2018. Accordingly, Landlord projects that the Anticipated ROFO Space Commencement Date (as such term is used in Article 29 of the Lease) will occur on May 1, 2018. If Landlord shall Substantially Complete Landlord’s Work in substantial conformance be unable to give possession of the New Premises on any particular date, and provided that Tenant is not responsible for such inability to give possession, the Rent reserved and covenanted to be paid herein with respect to the TI Plans and have New Premises shall not, with respect to the New Premises Substantially Complete and ready for Tenant’s occupancy on only, commence until the Estimated New Premises Rent Commencement Date. The , and no such failure to have the Premises Substantially Complete (including Landlord’s Work but, for the avoidance of doubt, excluding the Window Treatments) and ready for Tenant’s occupancy give possession on the Estimated Commencement Date any particular date shall not in any wise affect the validity of this Lease Amendment or the obligations of Tenant hereunder or give rise to any claim for damages by Tenant or claim for rescission of the Lease and/or this Amendment, nor shall the same be construed in any way wise to extend the term of this LeaseTerm, except as otherwise expressly provided herein. If Substantial Completion Consistent with Section 29.4 of the Premises does not occur on or before July 1Lease, 2016, as such date may be extended by any delays caused by (i) any Tenant Delay or (ii) Force Majeure, as defined below (provided that any delay if for reasons other than Force Majeure shall not exceed ninety (90) days in the aggregate) (the “Outside Date” )or delay of Tenant, then (x) Tenant shall be entitled Landlord is unable to a credit (to be applied following the Rent Commencement Date) in an amount equal to the product of: (i) $9,370.18 multiplied by (ii) the number of days that elapse after the Outside Date until Substantial Completion deliver possession of the Premises has occurred and ROFO Space to Tenant within one hundred eighty (y) Tenant may elect to terminate this Lease by giving notice of such election to Landlord at any time after the Outside Date and before Substantial Completion of the Premises has occurred. If Tenant so elects, then this Lease shall terminate on the date that is thirty (30180) days after delivery the Anticipated ROFO Space Commencement Date, Tenant shall have the right of Tenant’s termination notice unless, on or before with respect to the expiration of such 30-day period, Substantial Completion ROFO Space only set forth in Section 29.4 of the Lease. Tenant shall not enter into possession of the New Premises occursprior to the New Premises Commencement Date without Landlord’s permission, which may be granted or withheld in which event TenantLandlord’s election to terminate shall automatically become voidsole discretion.
Appears in 1 contract
Sources: Lease (Cra International, Inc.)
Completion Date. Subject to delay by Force Majeure and Tenant Delay, Landlord shall Substantially Complete Landlord’s Work in substantial conformance with the TI Plans and have the Premises Substantially Complete and ready for Tenant’s occupancy on the Estimated Commencement Date. The failure to have the Premises Substantially Complete (including Landlord’s Work but, for the avoidance of doubt, excluding the Window Treatments) and ready for Tenant’s occupancy on the Estimated Commencement Date shall not affect the validity of this Lease or the obligations of Tenant hereunder nor shall the same be construed in any way to extend the term For purposes of this Lease, the "Possession Date" shall mean and refer to the later of: (i) the date that Landlord's Improvements are completed (other than punch list items as provided in Section ------- 2.(g) below), (ii) the date that Landlord delivers to Tenant a certificate of ----- occupancy (whether temporary or permanent) which allows Tenant to conduct its business operations in the Demised Premises provided, however, if the certificate of occupancy is temporary, Tenant need not accept possession unless, in Tenant's reasonable discretion, Landlord will be able to comply with the conditions set forth in said temporary certificate of occupancy required to make it a permanent certificate of occupancy, and (iii) the date that Landlord tenders possession of the Demised Premises to Tenant. Landlord shall diligently proceed with the construction of Landlord's Improvements, shall do so in accordance with the Construction Schedule and, shall use all reasonable efforts to complete the same and cause the Possession Date to occur, in any event, on or before December 1, 1999, plus such number of days as the Possession Date is delayed due to Tenant's Delay (defined below) or Force Majeure (defined in Section 29.(n)) (the "Expected Completion Date"). If Substantial Completion of the Premises Possession Date does -------------- not occur on or before July 1, 2016, the Expected Completion Date (plus such number of days as such date may be extended by any delays caused by (i) any the Possession Date is delayed due to Tenant Delay or (ii) Force Majeure, as defined below (provided that any delay for Force Majeure shall not exceed ninety (90) days in the aggregate) (the “Outside Date” ), then (x) Tenant shall be entitled to receive from Landlord any and all liquidated damages collected or collectable from Landlord's General Contractor, as a credit (to be applied following the Rent Commencement Date) in an amount equal to the product of: (i) $9,370.18 multiplied by (ii) the number of days that elapse after the Outside Date until Substantial Completion of the Premises has occurred and (y) Tenant may elect to terminate this Lease by giving notice result of such election late delivery. Landlord agrees to Landlord at any time after the Outside Date and before Substantial Completion of the Premises has occurred. If Tenant so elects, then this Lease shall terminate on the date that is thirty (30) days after delivery immediately assign its rights to said general contractor penalties immediately upon request of Tenant’s termination notice unless, on or before the expiration of such 30-day period, Substantial Completion of the Premises occurswill, in which event Tenant’s election the alternative use all reasonable efforts to terminate shall automatically become voidcollect any penalties due.
Appears in 1 contract
Sources: Lease Agreement (Wells Real Estate Investment Trust Inc)
Completion Date. Subject to delay by Force Majeure The Developer shall construct, finish and Tenant Delay, Landlord shall Substantially Complete Landlord’s Work in substantial conformance with make the TI Plans Said Flat habitable and have the Premises Substantially Complete and ready for Tenant’s occupancy on Said Parking Space (if any) usable [the Estimated Commencement Date. The failure to have the Premises Substantially Complete (including Landlord’s Work but, for the avoidance of doubt, excluding the Window Treatments) and ready for Tenant’s occupancy on the Estimated Commencement Date shall not affect the validity of this Lease or the obligations of Tenant hereunder nor shall the same be construed in any way to extend the term of this Lease. If Substantial Completion decision of the Premises does not occur Architect in this regard being final and binding], The Developer shall handover the possession of the Said Flat And Appurtenances is comprising of on or before July 1, 2016, as such date (Completion Date) [provided however the Completion Date may be extended by a period of 6 (six) months (Extended Period) at the option of the Developer] and/or earlier. The Developer shall neither incur any delays liability nor be held liable for claim of any amount by the Allottee/s, if the Developer is unable to deliver possession of the Said Flat within the Completion Date and/or the Extended Period due to Circumstances Of Force Majeure (defined in Clause below) or for or on account of (1) delay on the part of the Allottee/s in making any payment and (2) any other reasonable cause whereby the Developer is prevented from completing the Said Flat And Appurtenances or any portion thereof. In no event shall the Buyer be entitled to claim any amount from the Developer on account of consequential losses and damages or otherwise if the Said Flat and Appurtenances is not completed within the Completion Date and/or the Extended Period. Further, The Promoter/s assure/s to hand over possession of the Said Unit along with ready and complete Common Areas with all specifications, amenities and facilities of the Said Project in place within the , unless there is delay or failure due to war, flood, drought, fire, cyclone, earthquake or any other calamity caused by nature affecting the regular development of the real estate project (i) any Tenant Delay or (ii) Force Majeure, as defined below (provided that any delay in Clause for the contract to be implemented. The Allottee/s agree/s and confirm/s that, in the event it becomes impossible for the Promoters to implement the Said Project due to Force Majeure shall not exceed ninety (90) days in the aggregate) (the “Outside Date” ), then (x) Tenant shall be entitled to a credit (to be applied following the Rent Commencement Date) in an amount equal to the product of: (i) $9,370.18 multiplied by (ii) the number of days that elapse after the Outside Date until Substantial Completion of the Premises has occurred and (y) Tenant may elect to terminate this Lease by giving notice of such election to Landlord at any time after the Outside Date and before Substantial Completion of the Premises has occurred. If Tenant so electsconditions, then this Lease allotment shall terminate on stand terminated and the date that is thirty Promoters shall refund to the Allottee/s the entire amount received by the Promoters from the allotment within 45 (30fortyfive) days after delivery of Tenant’s from that date. The Promoters shall intimate the Allottee/s about such termination notice unless, on or before the expiration of at least 30 (thirty) days prior to such 30-day period, Substantial Completion termination. After refund of the Premises occursmoney paid by the Allottee/s, in which event Tenant’s election to terminate the Allottee/s agree/s that he/ she/they shall automatically become voidnot have any rights, claims etc. against the Promoters and that the Promoters shall be released and discharged from all its obligations and liabilities under this Agreement.
Appears in 1 contract
Sources: Sale Agreement
Completion Date. Subject (a) The Construction Agent shall cause the Improvements for such Leased Premises and all portions of the Work associated therewith to delay by Force Majeure and Tenant Delay, Landlord shall be Substantially Complete Landlord’s Work no later than Completion Date for such Improvements. So long as no Event of Default or Unmatured Event of Default hereunder or under the Loan Agreement or Lease Agreement shall have occurred and be continuing, in substantial conformance with the TI Plans and have event that the Construction Agent determines that the Improvements for any Leased Premises will not be Substantially Complete and ready for Tenant’s occupancy on the Estimated Commencement Date. The failure to have the Premises Substantially Complete (including Landlord’s Work but, for the avoidance of doubt, excluding the Window Treatments) and ready for Tenant’s occupancy on the Estimated Commencement Date shall not affect the validity of this Lease or the obligations of Tenant hereunder nor shall the same be construed in any way to extend the term of this Lease. If Substantial Completion of the Premises does not occur on or before July 1the Completion Date thereof, 2016, as such date may be extended by any delays caused by upon (i) any Tenant Delay or (ii) Force Majeure, as defined below (provided that any delay for Force Majeure shall not exceed ninety (90) days in the aggregate) (written request of the “Outside Date” ), then (x) Tenant shall be entitled to a credit (to be applied following the Rent Commencement Date) in an amount equal Construction Agent to the product of: (i) $9,370.18 multiplied by Lessor and the Agent no later than the Completion Date and (ii) the number of days that elapse after the Outside Date until Substantial Completion written consent of the Lessor and the Agent to such request, which consent may be withheld for any or no reason, then the Completion Date shall be extended for a period of time so designated by the Lessor and the Agent, but no later than May 31, 1997.
(b) If (i) the Improvements for any Leased Premises has occurred are not Substantially Complete by the Completion Date thereof, (ii) if the Completion Certificate and other documents specified in Section 4.18 hereof have not been delivered for any Leased Premises by the Completion Date or (iii) if the actual Property Cost for any Leased Premises set forth in the Completion Certificate is greater than the lesser of (x) the Estimated Improvement Cost plus the Purchase Price thereof or (y) Tenant the Appraised Value then, without limitation to Lessor's rights in Article V, the Lessor may elect to terminate this require the Lessee to purchase such Leased Premises as provided in Section 14(c) of the Lease by giving notice of such election to Landlord at any time Agreement.
(c) Within 120 days after the Outside Date date on which the Improvements are Substantially Complete, the Construction Agent shall cause to be completed all punchlist items and before Substantial Completion other aspects of the Premises has occurred. If Tenant so elects, then this Lease shall terminate on Work contemplated by the date that is thirty (30) days after delivery definition of Tenant’s termination notice unless, on or before the expiration of such 30-day period, Substantial Completion of the Premises occurs, in which event Tenant’s election to terminate shall automatically become void"Substantially Complete".
Appears in 1 contract
Completion Date. Subject LACSD shall commence the Pipeline Improvements promptly after Close of Escrow and shall thereafter diligently and continuously work to delay complete the Pipeline Improvements, provided that the Pipeline Improvement shall be completed not later than three (3) years after Close of Escrow (“Completion Date”), subject only to force majeure events. For purposes of this Agreement, a force majeure event shall be defined an event that occurs which LACSD proves are outside of LACSD’s control, including acts of God, unreasonable acts of governmental agencies causing unavoidable delays (the normal and reasonable times for review, action and reasonably anticipated delays by Force Majeure governmental agencies are already included in the Completion Date), strikes, or labor troubles. In the event a force majeure event occurs, LACSD shall provide written notice of such occurrence to CSA 70D-1 along with substantiating evidence of the event and Tenant Delayanticipated delays within five (5) days after its occurrence. If such force majeure event is confirmed by CSA 70 D-1, Landlord then the Completion Date shall Substantially Complete Landlord’s Work in substantial conformance with the TI Plans and have the Premises Substantially Complete and ready for Tenant’s occupancy on the Estimated Commencement Date. The failure to have the Premises Substantially Complete (including Landlord’s Work but, be extended for the avoidance period equivalent to the period of doubtthe delay caused by the force majeure event, excluding the Window Treatments) and ready for Tenant’s occupancy on the Estimated Commencement Date provided a force majeure event shall not affect the validity of this Lease or the obligations of Tenant hereunder nor shall the same be construed in any way to no event extend the term of this Lease. If Substantial Completion of the Premises does not occur on or before July 1, 2016, as such date may be extended Date by any delays caused by (i) any Tenant Delay or (ii) Force Majeure, as defined below (provided that any delay for Force Majeure shall not exceed more than ninety (90) days in days. In the aggregate) (the “Outside Date” )event LACSD fails to notify CSA 70 D-1 of a force majeure event or does not substantiate such event, then (x) Tenant the Completion Date shall not be extended. The Completion Date shall be entitled deemed to a credit have occurred when all of the following conditions are satisfied: (a) the Pipeline Improvements have been fully performed in accordance with the Improvements Plans and the terms, covenants and conditions of this Agreement; (b) all amounts payable by LACSD to be applied following the Rent Commencement Date) in an amount equal its employees, agents, and contractors with respect to the product of: Pipeline Improvements have been paid in full and all lien waivers for the performance of Pipeline Improvements have been received by LACSD, and (ic) $9,370.18 multiplied by (ii) LACSD has received a final Notice of Completion from all relevant governmental authorities and agencies with jurisdiction over the number of days that elapse after Pipeline Improvements. Upon the Outside Date until Substantial Completion occurrence of the Premises has occurred and (y) Tenant may elect to terminate this Lease by giving Completion Date, LACSD shall provide CSA 70 D-1 with a notice of such election occurrence and all supporting documents to Landlord at any time after the Outside Date and before Substantial Completion of the Premises has occurred. If Tenant so elects, then this Lease shall terminate on the date that is thirty (30) days after delivery of Tenant’s termination notice unless, on or before the expiration of such 30-day period, Substantial Completion of the Premises occurs, in which event Tenant’s election to terminate shall automatically become voidverify its occurrence.
Appears in 1 contract
Sources: Purchase and Sale Agreement