OFFSET STATEMENTS Clause Samples
The Offset Statements clause allows one party to reduce amounts it owes to the other party by subtracting any amounts the other party owes to it. In practice, this means if both parties have financial obligations to each other, the net amount payable is calculated by offsetting mutual debts, rather than requiring each party to pay the full amount separately. This clause streamlines payments and reduces administrative burden, ensuring that only the net balance is settled and minimizing the risk of overpayment or unnecessary cash flow movements.
OFFSET STATEMENTS. Tenant agrees at any time and from time to time, upon not less than 20 days prior written request by Landlord, to execute, acknowledge and deliver to Landlord a statement in writing certifying that this lease is unmodified and in full force and effect (or if there have been modifications, stating the modifications and that the lease as so modified is in full force and effect), the commencement and termination dates of this lease, that Tenant has accepted the Premises, and the date to which rental and other charges have been paid in advance, if any, and that the Tenant has no claims against Landlord or offsets against rentals. It is intended that such statement may be relied upon by prospective purchasers of Landlord's interest in the land and building, or by a mortgage or assignee of any mortgage upon Landlord's interest in said land and building. 23.
OFFSET STATEMENTS. In the event that Lessor's mortgagee, ------------- ----------------- or a prospective purchaser of Lessor's mortgage or of Lessor's interest in the Building or the Land, requests a statement from Lessee as to claims against Lessor on account of prepaid rent or any other matter, Lessee shall deliver (in recordable form, if requested) to that party a certification that this lease is in full force and effect and unmodified (if such be the case or stating the modifications) and that there are no defenses or offsets thereto, or a notice which states those claimed by Lessee.
OFFSET STATEMENTS. Within five (5) days after receipt of Landlord's written request therefore, Tenant shall execute and deliver to any mortgagee of Landlord, present or future, and to any prospective purchaser of Landlord's property, a statement acknowledging (if such be the case) that Landlord's obligations hereunder have been fully performed to the date of such statement (or, alternatively, specifying those matters as to which Tenant claims Landlord is in default) and stating, also, the date, or dates, to which (or the periods with respect to which) the payments required of Tenant hereunder have been made and the then balance, according to Tenant's records, of any Security Deposit held by Landlord hereunder.
OFFSET STATEMENTS. Within ten (10) days after receipt of Landlord's written request therefor, Tenant shall execute and deliver to any such mortgagee a statement acknowledging (if such be the case) that Landlord's obligations hereunder have been fully performed to the date of such statement (or, alternatively, specifying those matters as to which Tenant claims Landlord is in default) and stating, also, the date or dates to which (or the periods with respect to which) the payments required of Tenant hereunder have been made.
OFFSET STATEMENTS. Within 20 days after request therefor by the Landlord, in the event of any sale, assignment, hypothecation or mortgaging of the Leased Premises or the Building by the Landlord, the Tenant shall deliver a certificate in an accurate and reasonable form required by the Landlord to any proposed mortgagee or purchaser, or to the Landlord, certifying that this Lease is in full force and effect and that there are no defaults, offsets, or prepayments thereto, (if that be the case).
OFFSET STATEMENTS. Within ten (10) days after receipt of written request either party shall furnish to the other a statement certifying that this Lease is in full force and effect (if such be the case) and either that there are no defenses or offsets thereto or starting those defenses or offsets.
OFFSET STATEMENTS. Tenant shall at any time, and from time to time, not later than ten (10) days following Landlord’s written request therefor, execute, acknowledge, and deliver to Landlord, without charge, a statement in writing, in form provided by Landlord, certifying the date of commencement of this Lease, that this Lease is unmodified and in full force and effect (or if there have been modifications that the same is in full force and effect as modified and stating the date of the modifications) and further stating the dates to which the Minimum Rent and other charges have been paid, and setting forth such other matters as may reasonably be requested by Landlord. Tenant’s failure to provide such statement within the time period herein stated shall be deemed its admission that the facts as set forth in Landlord’s form are true and complete, and any purchaser, mortgagee, beneficiary or trustee under a deed of trust, or ground lessor, may rely thereon, and with respect to any such reliance, Tenant shall be bound by Landlord’s form; provided, however, Tenant’s failure to provide such statement within the time period herein specified shall, without further notice by Landlord, constitute a default under the terms of this Lease.
OFFSET STATEMENTS. Tenant shall at any time, and from time to time not less than five (5) days of prior request by Landlord, without charge, execute, acknowledge and deliver to Landlord a statement in writing, in form provided by Landlord, certifying the date of commencement of this Lease, that this Lease is unmodified and in full force and effect and further stating the date to which the monthly rent and other charges have been paid, and setting forth such other matters as may reasonably be requested by Landlord.
OFFSET STATEMENTS. In the event that the Landlord’s Mortgagee, or a prospective purchaser of the Landlord’s mortgage or of the Landlord’s interest in the Belt ▇▇▇▇▇▇▇ Center, shall desire a statement from the Tenant as to claims against the Landlord on account of prepaid rent or otherwise, Tenant agrees at any time, and from time to time, upon the written request of Landlord or any mortgagee, to within ten (10) days of the date of such written request, execute and deliver to Landlord and/or such mortgagee, without charge, and in a form satisfactory to Landlord and/or such mortgagee, a written statement: (a) ratifying this Lease; (b) confirming the commencement and expiration dates of the term of this Lease; (c) certifying that Tenant is in occupancy of the Demised Premises, and that this Lease is in full force and effect and has not been modified, assigned, supplemented or amended, except by such writings as shall be stated; (d) certifying that all conditions and agreements under this Lease to be satisfied and performed have been satisfied and performed, except as shall be stated; (e) certifying that Landlord is not in default under this Lease and there are no defenses or offsets against the enforcement of this Lease by Landlord, or stating the defaults and/or defenses claimed by Tenant; (f) reciting the amount of advance rental, if any, paid by Tenant and the date to which rental has been paid; (g) reciting the amount of security deposited with Landlord, if any; and (h) any other information which Landlord or the mortgagee shall require.
OFFSET STATEMENTS. Tenant shall at any time and from time to time, without charge and within five (5) days after written request therefor by Landlord, complete, execute and deliver to Landlord, or to such other person or entity as Landlord designates, a written statement in such form as Landlord or any first deed of trust or first mortgage lender may request, which shall include the following: (a) confirmation or ratification of this Lease; (b) dates of commencement and termination of this Lease; (c) certification that this Lease is in full force and effect and has not been assigned, modified, supplemented or amended (except as by such writings shall be stated); (d) that all conditions under this Lease to be performed by Landlord have been satisfied to date; (e) that there are no defenses or offsets against the enforcement of this Lease by the Landlord or stating those that are claimed by Tenant; (f) the amount, if any, of advance rental paid by Tenant; (g) the date to which rental has been paid; (h) the amount of security deposit with Landlord; and (i) that Tenant's possession of the Leased Premises is conclusive evidence of acceptance of construction in full compliance with the terms of this Lease.