Common use of Lease Commencement Upon Substantial Completion Clause in Contracts

Lease Commencement Upon Substantial Completion. Unless the Construction Agency Agreement has been terminated as a result of a Construction Agency Event of Default, the parties hereto acknowledge and agree that upon the occurrence of Substantial Completion with respect to a Property, such Property shall automatically, without further act or notice by any Person, become subject to, and shall be leased by Lessor to Lessee under, the Lease.

Lease Commencement Upon Substantial Completion. Unless the Construction Agency Agreement has been terminated as a result of a Construction Agency Event of Default, the parties hereto acknowledge and agree that upon the occurrence of Substantial Completion with respect to a PropertyCompletion, such Property the Properties shall automatically, without further act or notice by any Person, become subject to, and shall be leased by Lessor to Lessee under, the Lease.