Common use of Possession and occupation of the Property Clause in Contracts

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.