OFFSET STATEMENT Sample Clauses
An Offset Statement clause defines the process by which parties can offset mutual debts or obligations against each other, rather than making separate payments. In practice, this means if Party A owes Party B $1,000 and Party B owes Party A $600, the obligations are netted so that only the difference ($400) is paid. This clause streamlines financial settlements between parties, reduces administrative burden, and minimizes the risk of default by ensuring that only the net amount is exchanged.
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OFFSET STATEMENT. Tenant shall at any time and from time to time upon not less than ten (10) days' prior written notice from Landlord execute, acknowledge and deliver to Landlord a statement in writing, (a) certifying that this Lease is unmodified and in full force and effect (or, if modified, stating the nature of such modification and certifying that this Lease as so modified, is in full force and effect), and the date to which the rental and other charges are paid in advance, if any, and (b) acknowledging that there are not, to Tenant's knowledge, any uncured defaults on the part of the Landlord hereunder, or specifying such defaults if any are claimed. Any such statement may be relied upon by any prospective purchaser or encumbrancer of all or any portion of the real property of which the Premises are a part.
OFFSET STATEMENT. Within ten (10) days after request therefor by Landlord, or in the event that upon any sale, assignment or hypothecation of the Leased Premises and/or all or any portion(s) of the Landlord's Property by Landlord an offset statement shall be required by Tenant; Tenant agrees to deliver in recordable form a certificate to any proposed mortgagee or purchaser, or to Landlord, certifying (if such be the case) that this Lease is in full force and effect and that there are no defenses or offsets thereto, or stating those claimed by Tenant.
OFFSET STATEMENT. (a) Tenant shall at any time upon not less than ten (10) days' prior written notice from Landlord execute, acknowledge and deliver to Landlord a statement in writing (i) certifying that this Lease is unmodified and in full force and effect (or, if modified, stating the nature of such modification and certifying that this Lease, as so modified, is in full force and effect) and the date to which the rent, security deposit, and other charges are paid in advance, if any, and (ii) acknowledging that there are not, to Tenant's knowledge, any uncured defaults on the part of Landlord hereunder, or specifying such defaults, if any, which are claimed. Any such statement may be conclusively relied upon by any prospective purchaser or encumbrancer of the Premises.
(b) Tenant's failure to deliver such statement within such time shall be conclusive upon Tenant (i) that this Lease is in full force and effect, without modification except as may be represented by Landlord, (ii) that there are no uncured defaults in Landlord's performance, and (iii) that not more than one (1) month's rent has been paid in advance.
(c) If Landlord desires to finance or refinance the Premises, or any part thereof, Tenant hereby agrees to deliver to any lender designated by Landlord such financial statements of Tenant as may be reasonably required by such lender. Such statements shall include the past three (3) years' financial statements of Tenant. All such financial statements shall be received by Landlord in confidence and shall be used only for the purposes herein set forth.
OFFSET STATEMENT. Either party shall at any time and from time to time within ten (10) days following request from the other party execute, acknowledge and deliver to such requesting party a statement in writing, (i) certifying that this Lease is unmodified and in full force and effect (or, if modified, stating the nature of such modification and certifying that this Lease as so modified is in full force and effect); (ii) acknowledging that there are not, to such party’s knowledge, any uncured defaults on the part of the other party hereunder, or specifying such defaults if any are claimed; (iii) if Lessor is the requesting party, certifying the date Lessee entered into occupancy of the Premises and that Lessee is open and conducting business at the Premises; (iv) certifying the date to which Rentals and other charges are paid in advance, if any; (v) certifying the current amount of Base Rent due under the Lease; (vi) if Lessor is the requesting party, evidencing the status of this Lease, as may be required either by a lender making a loan affecting, or a purchaser of, the Premises from Lessor; (vii) if Lessor is the requesting party, warranting that if any beneficiary of any security instrument encumbering the Premises forecloses on the security instrument, such beneficiary shall not be liable for the Security Deposit; (viii) certifying that all improvements to be constructed on the Premises by Lessor are substantially completed, except for any punch list items which do not prevent Lessee from using the Premises for its intended use, if applicable, and (ix) certifying such other matters relating to this Lease and/or the Premises as may be reasonably requested by a lender making a loan to Lessor or a purchaser of the Premises from Lessor. Any such statement may be relied upon by any prospective purchaser, encumbrancer or transferee of all or any portion of the Premises or any interest therein. Lessee shall, within ten (10) days following request of Lessor, deliver such other documents including Lessee’s financial statements as are reasonably requested in connection with the sale of, or loan to be secured by, any portion of the Premises or any interest therein.
OFFSET STATEMENT. Within ten (10) days after ▇▇▇▇▇▇▇▇’s written request Tenant shall deliver, executed in recordable form, a declaration to any person designated by Landlord: (a) ratifying this Lease; (b) stating the commencement and termination dates; and (c) certifying (i) that this Lease is in full force and effect and has not been assigned, modified, supplemented or amended (except by such writings as shall be stated), (ii) that all conditions under this Lease to be performed by Landlord have been satisfied (stating exceptions, if any), (iii) that no defenses or offsets against the enforcement of this Lease by Landlord exist (or stating those claimed), (iv) as to advance rent, if any, paid by ▇▇▇▇▇▇, (v) the date to which rent has been paid, (vi) as to the amount of security deposited with Landlord, and (vii) such other information as Landlord reasonably requires. Persons receiving such statements shall be entitled to rely upon them.
OFFSET STATEMENT. Within ten (10) days following receipt of request therefor by the Landlord, from time to time, the Tenant shall execute and deliver to the Landlord and if required by the Landlord, to any mortgagee, assignee, or transferee of the Lease or the Development, a certificate in writing as to the then status of this Lease, including whether it is in full force and effect, as modified or unmodified, confirming the Rent payable hereunder, the state of accounts between the Landlord and the Tenant and the existence or non-existence of defaults and any other matters pertaining to the Lease which the Landlord shall reasonably request be included in such certificate.
OFFSET STATEMENT. [DELETED]
OFFSET STATEMENT. Within ten (l0) days after request therefor by Landlord, or if, in connection with any sale, assignment or hypothecation by Landlord of Landlord's interest in the Premises, the Building and/or the Project, or any part thereof, an offset statement or estoppel certificate shall be required from Tenant, Tenant shall complete, execute and deliver a certificate in the form attached hereto as Exhibit G or in such other form as requested by Landlord to any proposed mortgagee or purchaser, and to Landlord, certifying (if such be the case) (i) that this Lease is in full force and effect without modification; (ii) the date of Tenant's most recent payment of Rent, (iii) the amount of the Security Deposit; (iv) that Tenant has no defenses or offsets outstanding, or stating those claimed by Tenant; and (v) any other information contained in such Exhibit G or reasonably requested by Landlord or such proposed mortgagee or purchaser. Tenant's failure to deliver said statement within said period shall, at Landlord's option, be an Event of Default hereunder and shall in any event be conclusive upon Tenant that: (i) this Lease is in full force and effect, without modification except as may be represented by Landlord; (ii) there are no uncured defaults in Landlord's performance and Tenant has no right to offset, counterclaim or deduction against Rent hereunder; (iii) no more than one month's Base Rent has been paid in advance; and (iv) the Security Deposit is as stated in the Lease.
OFFSET STATEMENT. 13 - ARTICLE 10.
OFFSET STATEMENT. Tenant shall at any time and from time to time upon not less than ten (10) days prior written notice from Landlord execute, acknowledge and deliver to Landlord a statement in writing, (a) certifying that this Lease is unmodified and in full force and effect or, if modified, stating the nature to such modification and certifying that this Lease as so modified, is in full force and effect, and the date to which the rental and other charges are paid in advance, if any; (b) acknowledging that there are not, to Tenant’s knowledge, any uncured defaults on the part of the Landlord hereunder, or specifying such defaults if any are claimed; and (c) containing such other information regarding the status of the Lease as Landlord shall reasonably require. Any such statement may be relied upon by any prospective purchaser or encumbrancer of all or any portion of the real property of which the Premises are a part.