Possession and Acceptance Clause Samples

Possession and Acceptance. (a) Promptly following the tendering of possession of premises to Lessee by Lessor following completion of the improvements reflected on Exhibit "B", Lessee agrees to proceed with all due diligence on the installation of its fixtures and equipment as soon thereafter as is reasonably possible. Anything to the contrary herein contained notwithstanding, Lessee's tenancy hereunder shall commence on the date of tendering of possession by lessor to Lessee after the improvements reflected on Exhibit "B" has been made. Upon completion of the Leased Premises and other improvements in accordance with the plans and specifications, Lessee agrees to accept delivery of the premises and to execute and deliver to Lessor a letter of acceptance accepting delivery of the Leased Premises. If Lessee shall not have commenced to occupy the Premises for the Permitted Uses immediately after they have been deemed ready for occupancy, a certificate of completion by a licensed architect shall be conclusive evidence that Lessor has performed all such obligationsu under this Agreement. (b) If Lessor, for any reason or cause beyond its reasonable control, cannot deliver possession of the Leased Premises to Lessee within thirty (30) days after September 1, 1994, the Lessor shall pay Lessee a penalty equal to one days rent for each day Lessee cannot take possession to a maximum or ninety (90) days. At the end of the ninety (90) day period Lessee may void this Lease. The term of this Lease shall be extended by such delay. Lessee and Lessor shall execute a Lease modification to alter the effective date of the Lease. Lessor will permit Lessee access for installing equipment and furnishings in the premises prior to the Term when it can be done without material interference with remaining work and provided Lessee cooperates with Lessor and its contractors. (c) By execution hereunder and occupancy, should the Leased Premises be already complete and improved, Lessor acknowledges that it has examined the Leased Premises and accepts them "as is" and as being in the condition and improved as called for by this Lease.