EFFECT OF POSSESSION Clause Samples

The "Effect of Possession" clause defines the legal and practical consequences that arise when a party takes possession of property, goods, or assets under a contract. Typically, this clause clarifies when risk of loss, responsibility for maintenance, or liability for damages transfers from one party to another, such as from seller to buyer in a sales agreement. By specifying these effects, the clause ensures both parties understand their rights and obligations upon transfer of possession, thereby reducing disputes and allocating risk appropriately.
EFFECT OF POSSESSION. Lessee acknowledges that neither Lessor nor any agent of Lessor has made any representation or warranty with respect to the Premises or the Office Complex or with respect to the suitability or fitness of either for the conduct of Lessee's business or for any other purpose other than that the Premises may be used lawfully for office purposes and that, to Lessor's actual knowledge, the Premises, the Property and the Office Complex are in substantial compliance with all applicable laws, including environmental laws, building and fire codes, and the Americans with Disabilities Act. Nothing contained in this Article shall affect the commencement of the lease term or the obligation of Lessee to pay any Rent due under this Lease except as otherwise provided herein.
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EFFECT OF POSSESSION. Landlord represents and warrants that, as of the date of this Lease, it has delivered the Premises and the Temporary Premises to Tenant with all occupants and personal property removed therefrom (other than, in the case of the Temporary Premises, the furniture and other furnishings located therein and owned by Landlord, which have been placed in the Premises by Landlord at the request of, and for the use by, Tenant), broom-cleaned and free of debris, with electrical service separately metered, with all Building systems in good working order and in compliance with all applicable federal, state and local laws, regulations and building codes, including the ADA (subject to any non-compliance related to the ultimate use of the Premises by Tenant that will remedied by the completion of the Initial Work). Subject to the foregoing, Tenant has inspected the Premises and accepted possession of the Premises in the condition existing on the Execution Date “as is.” Except as otherwise expressly provided in this Lease, including Article 4, and without limiting Landlord’s obligations under Section 5.1(f), Landlord has no obligation to perform any work, supply any materials, incur any expense or make any alterations or improvements to prepare the Premises for Tenant’s occupancy. If and to the extent applicable hereunder and subject to Landlord’s maintenance and repair obligations hereunder (as set forth in Section 5.1(f) hereof), the aforesaid acceptance of possession of the Premises by Tenant is deemed conclusively to establish that the Premises, and all other improvements of the Office Complex constructed by Landlord for use thereof by Tenant hereunder, have been completed to Tenant’s satisfaction and in accordance with the first sentence of this paragraph. Tenant acknowledges that, except as expressly provided in this Lease, neither Landlord nor any agent of Landlord has made any representation or warranty with respect to the Premises or the Office Complex, or any portion thereof, or with respect to the suitability or fitness thereof for the conduct of Tenant’s business, or for any other purpose.
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EFFECT OF POSSESSION. If and to the extent applicable hereunder and subject to Section 4.5 hereof, the acceptance of possession by Tenant will be deemed conclusively to establish that the Premises, and all other improvements of the Office Complex required to be constructed by Landlord for use thereof by Tenant hereunder, have been completed at such time to Tenant's satisfaction and in conformity with the provisions of this Lease in all respects. Tenant acknowledges that, except as provided in Section 4.5 hereof, neither Landlord nor any agent of Landlord has made any representation or warranty with respect to the Premises or the Office Complex, or any portion thereof, or with respect to the suitability or fitness thereof for the conduct of Tenant's business, or for any other purpose.
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EFFECT OF POSSESSION. Intentionally Deleted.
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Related to EFFECT OF POSSESSION

  • Effect of Agreement Nothing herein contained shall be deemed to require to the Trust to take any action contrary to its Declaration of Trust or its By-Laws or any applicable law, regulation or order to which it is subject or by which it is bound, or to relieve or deprive the Trustees of the Trust of their responsibility for and control of the conduct of the business and affairs of the Trust.

  • Possession and Use Contractor may possess, use and reproduce Confidential Information solely for the Purpose. Contractor shall not use the Confidential Information for any other purpose.

  • Effect of Sale Upon the occurrence of an Event of Default, to the extent permitted by law, Borrower covenants that it will not at any time insist upon or plead, or in any manner whatsoever claim or take any benefit or advantage of, any stay or extension law now or at any time hereafter in force, nor claim, take nor insist upon any benefit or advantage of or from any law now or hereafter in force providing for the valuation or appraisement of the Collateral or any part thereof prior to any sale or sales thereof to be made pursuant to any provision herein contained, or to the decree, judgment or order of any court of competent jurisdiction; nor, after such sale or sales, claim or exercise any right under any statute now or hereafter made or enacted by any state or otherwise to redeem the property so sold or any part thereof, and, to the full extent legally permitted, except as to rights expressly provided herein, hereby expressly waives for itself and on behalf of each and every Person, except decree or judgment creditors of Borrower, acquiring any interest in or title to the Collateral or any part thereof subsequent to the date of this Agreement, all benefit and advantage of any such law or laws, and covenants that it will not invoke or utilize any such law or laws or otherwise hinder, delay or impede the execution of any power herein granted and delegated to Lender, but will suffer and permit the execution of every such power as though no such power, law or laws had been made or enacted. Any sale, whether under any power of sale hereby given or by virtue of judicial proceedings, shall operate to divest all right, title, interest, claim and demand whatsoever, either at law or in equity, of Borrower in and to the Property sold, and shall be a perpetual bar, both at law and in equity, against Borrower, its successors and assigns, and against any and all Persons claiming the Property sold or any part thereof under, by or through Borrower, its successors or assigns.

  • Possession and Use of Collateral Subject to the provisions of the Security Documents, the Issuer and the Guarantors shall have the right to remain in possession and retain exclusive control of and to exercise all rights with respect to the Collateral (other than monies or U.S. government obligations deposited pursuant to Article VIII, and other than as set forth in the Security Documents and this Indenture), to operate, manage, develop, lease, use, consume and enjoy the Collateral (other than monies and U.S. government obligations deposited pursuant to Article VIII and other than as set forth in the Security Documents and this Indenture), to alter or repair any Collateral so long as such alterations and repairs do not impair the creation or perfection of the Lien of the Security Documents thereon, and to collect, receive, use, invest and dispose of the reversions, remainders, interest, rents, lease payments, issues, profits, revenues, proceeds and other income thereof.

  • Effect of Entries The entries made in the records maintained pursuant to paragraph (c) or (d) of this Section shall be prima facie evidence, absent obvious error, of the existence and amounts of the obligations recorded therein; provided that the failure of any Lender or the Administrative Agent to maintain such records or any error therein shall not in any manner affect the obligation of the Borrower to repay the Loans in accordance with the terms of this Agreement.