Possession Required Clause Samples

The 'Possession Required' clause establishes that a party must have actual possession of a property or asset as a condition for certain rights or obligations to take effect. In practice, this means that benefits such as the right to occupy, use, or transfer the property are only granted once physical possession has been delivered, regardless of when the contract was signed. This clause ensures clarity by preventing disputes over timing and responsibility, making it clear that legal or contractual consequences are tied to the moment possession changes hands.
Possession Required. If the Event of Default specified in Section 9.3(b)(i)(y) cannot be cured until the Permitted Lender has obtained possession of the Facility (or, in the case of a Permitted Mezzanine Lender, control of RIDA) through foreclosure or otherwise, and if the Permitted Lender has delivered to City within the ninety (90) day cure period specified in Section 9.3(b)(i)(y) Permitted Lender’s written commitment (in form acceptable to City in its sole discretion) to use diligent efforts to cure (or to cause RIDA to cure) such Event of Default with due diligence upon obtaining possession of the Facility (or, in the case of a Permitted Mezzanine Lender, control of RIDA) through foreclosure or otherwise, then the Permitted Lender shall have such additional time (but in no event to exceed two hundred and seventy (270) days from the date of obtaining possession of the Facility) as is reasonably necessary to cure (or to cause RIDA to cure) such Event of Default, but only if the Permitted Lender: (x) unless judicially stayed, commences the judicial or other foreclosure of the Permitted Financing Encumbrance within ninety (90) days from receipt of written notice of the occurrence of an Event of Default under this Sublease; (y) prosecutes said foreclosure with due diligence; and (z) cures, during said period, all monetary Events of Default and, during the period of said stay and/or foreclosure, continues to pay and perform during said period of stay and/or foreclosure all other monetary obligations of RIDA in a timely manner, including, without limitation, payment of all rent, taxes, assessments, utility charges, insurance premiums and all other amounts required to be paid by RIDA under this Sublease. Notwithstanding anything herein to the contrary, nothing herein shall require a Permitted Lender who has taken possession of the Facility or, in the case of an Equity Collateral Enforcement Action, control of RIDA, to cure any non-monetary default that, by its nature, is not reasonably capable of being cured by the Permitted Lender, or in the case of an Equity Collateral Enforcement Action, RIDA, or is a Bankruptcy Event (an “Incurable Default”). All such Incurable Defaults shall be deemed to be permanently waived following the Permitted Lender’s taking possession of the Facility or, in the case of an Equity Collateral Enforcement Action, control of RIDA. All monetary obligations and non-monetary obligations that are not Incurable Defaults shall still be performed as required unde...
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Possession Required. If the Event of Default specified in Section 10.3.2(a)(ii) cannot be cured until the Permitted Lender has obtained possession of the Premises (or, in the case of a Permitted Mezzanine Lender, control of Tenant) through foreclosure or otherwise, and if the Permitted Lender has delivered to Landlord within the ninety- (90-) day cure period specified in Section 10.3.2(a)(ii) Permitted Lender's written commitment (in form acceptable to Landlord in its sole discretion) to use diligent efforts to cure (or to cause Tenant to cure) such Event of Default with due diligence upon obtaining possession of the Premises (or, in the case of a Permitted Mezzanine Lender, control of Tenant) through foreclosure or otherwise, then the Permitted Lender shall have such additional time (but in no event to exceed two hundred and seventy (270) days from the date of obtaining possession of the Premises) as is reasonably necessary to cure (or to cause Tenant to cure) such Event of Default, but only if the Permitted Lender: (i) unless judicially stayed, commences the judicial or other foreclosure of the Permitted Encumbrance within ninety (90) days from receipt of written notice of the occurrence of an Event of Default under this Lease;
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Related to Possession Required

  • Submission Requirements Requirement Deliverable (Report Name) Due Date Submission System

  • Information required Such records must contain the name; Social Security number; last known address, telephone number, and email address of each such worker; each worker's correct classification(s) of work actually performed; hourly rates of wages paid (including rates of contributions or costs anticipated for bona fide fringe benefits or cash equivalents thereof of the types described in 40 U.S.C. 3141(2)(B) of the ▇▇▇▇▇-▇▇▇▇▇ Act); daily and weekly number of hours actually worked in total and on each covered contract; deductions made; and actual wages paid.

  • Admission Requirements USERs and Participants are subject to the administrative and technical supervision and control of CONTRACTOR; and will comply with all applicable rules of CONTRACTOR and DOE with regard to admission to and use of the User facility, including safety, operating and health-physics procedures, environment protection, access to information, hours of work, and conduct. Participants shall execute any and all documents required by CONTRACTOR acknowledging and agreeing to comply with such applicable rules of CONTRACTOR. Participants will not be considered employees of CONTRACTOR for any purpose.

  • No Mitigation Required Executive shall not be required to mitigate the amount of any payment provided for under this Agreement by seeking other employment or in any other manner.

  • Construction Requirements (a) All Life and Safety and applicable Building Codes will be strictly enforced (i.e., tempered glass, fire dampers, exit signs, smoke detectors, alarms, etc.). Prior coordination with the Building Manager is required. (b) Electric panel schedules must be brought up to date identifying all new circuits added. (c) All electrical outlets and lighting circuits are to be properly identified. Outlets will be labeled on back side of each cover plate. (d) All electrical and phone closets being used must have panels replaced and doors shut at the end of each day’s work. Any electrical closet that is opened with the panel exposed must have a work person present. (e) All electricians, telephone personnel, etc. will, upon completion of their respective projects, pick up and discard their trash leaving the telephone and electrical rooms clean. If this is not complied with, a clean-up will be conducted by the building janitors and the general contractor will be back-charged for this service. (f) Welding or burning with an open flame will not be done without prior approval of the Building Manager. Fire extinguishers must be on hand at all times. (g) All “anchoring” of walls or supports to the concrete are not to be done during normal working hours (7:30 AM—6:00 PM, Monday through Friday). This work must be scheduled before or after these hours during the week or on the weekend. (h) All core drilling is not to be done during normal working hours (7:30 AM—6:00 PM, Monday through Friday). This work must be scheduled before or after these hours during the week or on the weekend. (i) All HVAC work must be inspected by the Building Engineer. The following procedures will be followed by the general contractor: [***] = CONFIDENTIAL INFORMATION HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. CONFIDENTIAL TREATMENT HAS BEEN REQUESTED WITH RESPECT TO THIS OMITTED INFORMATION. (i) A preliminary inspection of the HVAC work in progress will be scheduled through the Building Office prior to the reinstallation of the ceiling grid. (ii) A second inspection of the HVAC operation will also be scheduled through the Building Office and will take place with the attendance of the HVAC contractor’s Air Balance Engineer. This inspection will take place when the suite in question is ready to be air-balanced. (iii) The Building Engineer will inspect the construction on a periodic basis as well. (j) All existing thermostats, ceiling tiles, lighting fixtures and air conditioning grilles shall be saved and turned over to the Building Engineer.