Possession and occupation of the Property Clause Samples

The 'Possession and occupation of the Property' clause defines when and under what conditions a party is entitled to take physical control and use of the property in question. Typically, this clause specifies the exact date or event upon which possession is transferred, outlines any requirements that must be met before occupation (such as payment of purchase price or completion of legal formalities), and may address the responsibilities of each party during the transition period. Its core function is to clearly establish the point at which the rights and obligations related to the property's use shift from one party to another, thereby preventing disputes over access and responsibility.
Possession and occupation of the Property and the Works shall, upon completion of the Works, be given by the Contractor to the Employer on the Completion Date.
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Possession and occupation of the Property. 5.1 The Parties record, save for the provisions of clause 5.2 below, that possession and occupation of the Property will be given to and taken by the Purchaser on the Transfer Date, from which date all benefits and risks of ownership in respect of the Property will pass to the Purchaser, including the right to any rentals accruing and the liability for any levies, rates and taxes and other imposts levied thereupon. Any rentals received, or rates and taxes and other imposts paid out prior to the said date of possession and occupation for any period subsequent thereto shall be refunded proportionally in accordance with the above. 5.2 Subject to the provisions of clause 5.3, the Parties record that occupation shall only be given to the Purchaser prior to the Transfer Date if the Purchaser and the Seller have entered into a written addendum to this Agreement in which the date of occupation and the amount of occupational interest payable have been recorded. The Parties further record that any such occupational interest shall be paid monthly in advance on or before the 3rd day of each month by way of electronic transfer directly to the Seller. 5.3 The Parties record that possession and occupation of the Property envisaged in clause 5.2, shall not be given to the Purchaser prior to the Transfer Date: 5.3.1 if all the suspensive conditions referred in clause 12 have not been fulfilled with; 5.3.2 if the Purchaser has not paid all the fees and disbursements referred to in clause 4; 5.3.3 if the Purchaser has not signed all transfer and other documents required by the Attorneys to enable the Attorneys to effect transfer of the Property; or 5.3.4 if the Purchaser is in breach of any provision of this Agreement. 5.4 The Seller shall be entitled to withhold transfer of the Property into the name of the Purchaser should the Purchaser fail to timely effect payment of the said occupational interest. 5.5 Upon cancellation of this Agreement for any reason whatsoever the Purchaser and all other persons in occupation of the Property claiming occupation through or under the Purchaser shall be obliged to vacate the Property immediately, it being recorded that any rights of occupation granted to the Purchaser pursuant hereto do not constitute any form of tenancy. 5.6 The Purchaser records that the granting of possession and occupation of the Property either before or on the Transfer Date shall always be subject to the rights of any tenant of the Property.
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Possession and occupation of the Property. 7.1 The Property is sold subject to the Rental Agreement. 7.2 Possession and vacant occupation of the Property shall subject to the Rental Agreement, be given to the Purchaser on the Transfer Date.
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Possession and occupation of the Property. 6.1. The Date of Possession of the Property shall be the date of registration of transfer of the Property to the Purchaser from which date all risk in regard thereto shall pass to the Purchaser and the Purchaser shall be liable for all rates, taxes, levies, deposits and other outgoings in respect thereof. 6.2. Occupation of the Property shall take place on the Dwelling Occupation Date.
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Related to Possession and occupation of the Property

  • POSSESSION AND OCCUPATION 7.1 Possession and occupation of the Property shall be taken by the Purchaser on the Possession Date, on which date all risk and benefit in respect thereof shall pass to the Purchaser. 7.2 The Seller shall use its best endeavours to ensure that the Property is available for occupation by the Estimated Possession Date. 7.3 Notwithstanding the aforesaid and should the Seller for whatsoever reason fail to give the Purchaser occupation of the Property by the Estimated Possession Date, the Purchaser acknowledges the fact that the Estimated Possession Date is only an estimated date and the Purchaser accordingly shall have no claim of whatsoever nature whether for cancellation or damages against the Seller as a result of such failure. 7.4 The Seller shall endeavour to give the Purchaser not less than 30 (thirty) days’ written notice of its intention to tender possession of the Property to the Purchaser. 7.5 Occupation of the Property by the Purchaser or anybody through the Purchaser shall not create a tenancy, that is to say, in the event of this Agreement being cancelled all rights to the occupation of the Property shall lapse and the Property shall be forthwith vacated. 7.6 The Purchaser acknowledges that all Sections within the Scheme may at the Transfer Date not be fully complete and that the Purchaser may suffer a slight inconvenience as a result. The Seller will however, prior to the Transfer Date, ensure that should such Sections in close proximity to the Property not be complete that it will be secured and closed off to limit any such inconvenience. 7.7 From the Possession Date until the Transfer Date the Purchaser shall - 7.7.1 keep the Property in good repair; 7.7.2 permit the Seller or its agent at all reasonable times to enter and inspect the Property subject thereto that the Purchaser has been given prior notice of any such intended inspection; 7.7.3 be responsible for all costs of electricity and water consumed on any part of the Property insofar as these may be separately metered; 7.7.4 be responsible for all obligations of an owner of a Section and the person holding exclusive use rights as set out in the Sectional Titles Act and the Sectional Titles Schemes Management Act; and 7.7.5 comply with all rules and regulations applicable to the Scheme. 7.8 The Purchaser hereby indemnifies the Seller and holds it harmless against any and all claims, expenses, liabilities and/or damages incurred or suffered by the Seller after the Possession Date.

  • Possession and Occupancy The Seller will deliver possession and occupancy of the Property to the Buyer at Closing. The Seller shall provide access to all locks, including keys, remote controls, and any security/access codes, necessary to operate all locks, mailboxes, and security systems.

  • Possession of the Property The Parties hereby agree that the exclusive possession of the Property shall be delivered by the Seller to the Buyer on

  • Operation of the Property Between June 1, 1998 and the Closing Date, Seller shall (a) lease, operate, manage and enter into contracts with respect to the Property, in the same manner done by Seller prior to the date hereof (provided, however, that without the prior consent of Purchaser, which as to (i) and (ii) shall not be unreasonably delayed, conditioned or withheld, (i) Seller shall not enter into any Service Contract that cannot be terminated with thirty (30) days notice or materially modify any existing Service Contracts to be assumed by Purchaser at Closing, and (ii) after June 1, 1998, Seller shall not materially modify or terminate any existing Tenant Lease or grant any material consents under any existing Tenant Lease (except as otherwise required pursuant to the terms and conditions of such Tenant Lease), or enter into any new Tenant Lease, and (iii) Seller shall not apply any then unapplied Deposits (as reflected on the Rent Roll delivered by Seller to Purchaser pursuant to Schedule 5.3(vii) hereof) under Tenant Leases); and (b) advise Purchaser of the commencement of any litigation, condemnation or other judicial or administrative proceedings affecting the Property of which Seller has current actual knowledge. Notwithstanding anything to the contrary set forth in this Contract, Purchaser acknowledges that after June 1, 1998 and prior to Closing, Seller will enter into contracts for the completion of Tenant improvements under Tenant Leases entered into after June 1, 1998 pursuant to the terms of Section 12.1 hereof (collectively, the "Tenant Finish Contracts"). Purchaser and Seller agree that at Closing, Purchaser shall assume the obligations of Seller under all such Tenant Finish Contracts including, without limitation, the obligations to pay any costs and expenses charged with respect to construction of improvements in the space subject to such Tenant Leases. At Closing, Purchaser shall execute and deliver to the Seller an Assignment, Assumption and Indemnity Agreement in the form attached hereto as Exhibit H and made a part hereof for all purposes.

  • Condition of the Property All bidders shall be deemed to have carried out all investigations and examinations of the Property and the title particulars at their own costs and expenses and upon being successful, accept the property in the state and condition in which the Property is at the date of the auction sale.