Common use of COMPLETION OF THE PREMISES Clause in Contracts

COMPLETION OF THE PREMISES. 5.1 Provisions regarding completion of the Premises are set forth in the attached Work Letter. "Initial Tenant Finish" means the Premises in its as-is condition as modified by all work, if any, performed by Landlord at its expense prior to the Commencement Date in accordance with the Work Letter. Except as provided in the Work Letter, Landlord has no obligation for the completion or remodeling of the Premises, and Tenant accepts the Premises in its "as is" condition on the Commencement Date. If Landlord is delayed in delivering the Premises to Tenant in accordance with the Work Letter then the Commencement Date will be postponed to the date Landlord delivers the Premises to Tenant. If delivery is on other than the first day of the month, then the Commencement Date will be the first day of the month following the delivery date but all provisions hereof, including Tenant's obligation to pay Rent (prorated for a partial month), will be in effect as of the delivery date. The postponement of Tenant's obligation to pay Rent is in full settlement of all claims which Tenant may otherwise have by reason of such delay. If the Commencement Date is delayed, the Expiration Date shall be extended so that the Term will continue for the full period set forth in Section 1.3. As soon as the Term commences, Landlord and Tenant agree to execute a commencement agreement in the form attached as EXHIBIT C, setting forth the exact Commencement Date and Expiration Date.