Leasing Agreement Term Clause Samples
The 'Leasing Agreement; Term' clause defines the duration and basic framework of the lease arrangement between the parties. It specifies the start and end dates of the lease, outlines any renewal or extension options, and may detail conditions under which the term can be modified. By clearly establishing the time period during which the lease is in effect, this clause ensures both parties understand their obligations and rights regarding occupancy, thereby preventing disputes over the length of the agreement.
Leasing Agreement Term. A. Landlord hereby leases to Tenant and Tenant hereby leases from Landlord the premises (the "Premises ") outlined on the plan attached hereto as Exhibit A-I, which Premises are contained in the building (the "building") located at ▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇▇▇ and known as Centre City Tower.
B. The term of this Lease (the "Term") shall be for a period of five (5) years and shall commence on the date (the "Commencement Date") which is the earlier to occur of: (a) the date on which the Premises are Substantially Completed (AS the same is hereinafter defined) but in no event later than October 15, 1992 ("Outside Date") unless Landlord fails to complete the Base Building Work (as defined in Exhibit '1D'1) on or before August 26, 1992. After Landlord completes the Base Building Work, Tenant shall have forty five (45) days to complete Tenant's Work. In the event that Landlord fails to complete the Base Building Work on or before August 26, 1992, then the Outside Date shall be extended by one (1) day for each day after August 26, 1992, until the Base Building Work is completed; or (b) the date Tenant first occupies (as verified by Exhibit C) all or part of the Premises for the conduct of business. In the event that Tenant occupies either the nineteenth floor or the twentieth floor of the Building for the conduct of Tenant's business prior to the Substantial Completion or occupancy of the entire Premises, Tenant shall pay Fixed Rent on a pro-rata basis with respect to the amount of the Premises so occupied. If Landlord fails to tender possession of the Premises on the date stated in clause F for any reason other than an omission, delay or default caused by Tenant, then the Commencement Date shall be delayed for each day of the delay not caused by Tenant. Tenant hereby accepts such delay in full settlement of any and all claims Tenant may have against Landlord arising from Landlord's failure to tender possession on the date stated in clause F.
C. Tenant shall, upon taking possession of the Premises, execute and deliver to Landlord a written statement in the form attached hereto as Exhibit C. Tenant's failure to deliver such statement within ten (10) days after the earlier of (i) the date it takes possession of the Premises or (ii) the date Landlord advises the Tenant that the Premises are Substantially Completed, shall be conclusive upon Tenant that the Commencement Date shall be the date established by Landlord in accordance with Subparagraph B ...
Leasing Agreement Term