Common use of Base Term Clause in Contracts

Base Term. The base term (hereinafter “Base Term”) of this Lease Agreement shall commence on the first day of the first month following the day Lessee accepts the Demised Premises for occupancy, as evidenced by the Confirmation of Lease Term Agreement executed by Lessor and Lessee giving the commencement date of the Base Term (hereinafter “Lease Commencement Date”) hereof and certifying that Lessee has accepted the Demised Premises, subject to the terms of Section 1.06 hereinbelow, and shall continue until that date which is fifteen (15) years from the Lease Commencement Date. By occupying the Demised Premises, Lessee shall be deemed to have accepted the same as substantially complying with Lessor’s covenants and obligations, subject to any written punchlist of items to be completed. Notwithstanding the foregoing, Lessee reserves all rights against Lessor for any latent defects or nonconformities in construction.