Common use of DELIVERY OF POSSESSION OF THE PROPERTY Clause in Contracts

DELIVERY OF POSSESSION OF THE PROPERTY. 5.1 On the Date of Delivery of Possession, the Lessor shall make the Object of the Lease and the Attached Areas available to the Lessee whereby the external structure of the building shall be in place or after the Adjustment Works have been performed by the Lessee (as the case may be), pursuant to the plans, specification and sketch of the Object of the Lease attached hereto. Possession shall only be delivered after the Lessor has completed the performance of the infrastructure works, which it has undertaken to perform, whereby the electricity, water and sewage outlets shall have been connected to the Object of the Lease. The Lessee shall be responsible for arranging the connections of the aforementioned infrastructures to the Object of the Lease (i.e. engaging with the relevant authorities and paying for meters inside the Object of the Lease only). 5.2 For the avoidance of doubt it is hereby emphasized that subject to the execution of the Adjustment Works, the Lessor shall not be required to perform any work and/or modification and/or improvement whatsoever in the Object of the Lease, in addition to its undertakings in the plans and the specification. 5.3 The Lessor undertakes to complete construction of the Object of the Lease prior to the Date of Delivery of Possession in accordance with the following schedule: 5.3.1 Completion of the shell of the Object of the Lease – by January 30, 2008. 5.3.2 Completion of the external structure of the Object of the Lease – by March 30, 2008. 5.3.3 Completion of the public areas on the floors of the Object of the Lease and provision of a partial occupation form ("Form 4") with respect to the Object of the Lease only – by August 31, 2008. Notwithstanding any other provision herein, the parties agree that if Form 4 is not provided with respect to the Object of the Lease by March 1, 2009, the Lessee shall be entitled to cancel this Lease by notice in writing to the Lessor and the Lessor shall not have any demand and/or claim in connection therewith. 5.4 The Lessee confirms that it is aware that the construction works in the building where the Object of the Lease is situated shall continue even after the delivery of possession to it and even after commencement of the actual operation of the Object of the Lease. The Lessee shall have no demand and/or claim and/or complaint in connection therewith, except in the event that the performance of such works shall cause any direct physical damage whatsoever. The Lessor undertakes to perform the aforementioned works in such a manner that shall not derogate from the Lessee's right to reasonable and safe use of the Object of the Lease and the areas attached thereto and the access roads thereto, whilst taking all the safety and cautionary measures required (including helmets) in order to prevent any damage to person and property and whilst taking reasonable measures to prevent any nuisance and/or inconvenience to the Lessee. In addition, the Lessor undertakes that if any physical damage whatsoever is caused to the building, the Object of the Lease and/or the contents thereof – the Lessor shall restore the status quo ante. The Lessor undertakes to complete construction of the external structure of Building No. 2 in its entirety (including exterior covering), the roof of Building No. 2, the lobby on the entrance floor, the stairwells and elevator shafts of the entire Building No. 2 and also to complete all the environmental development of Building No. 2 within 12 months from the Date of Delivery of Possession of the Object of the Lease. 5.5 Further, and in addition, it is clarified and agreed, that the passenger elevator shall be in operation in the building no later than November 30, 2008. It is agreed that if the passenger elevator is not in operation as aforesaid by November 30, 2008, the Rent shall be reduced by 15%, commencing from this date and until the date of operation of the elevator. 5.6 The Lessor shall update the Lessee regarding the rate of progress of the works and the performance thereof, in order to permit the Lessee to get organized on its part for the execution of the Adjustment Works by any party on its behalf.