Possession Required Clause Samples
The 'Possession Required' clause establishes that a party must have actual possession of a property or asset as a condition for certain rights or obligations to take effect. In practice, this means that benefits such as the right to occupy, use, or transfer the property are only granted once physical possession has been delivered, regardless of when the contract was signed. This clause ensures clarity by preventing disputes over timing and responsibility, making it clear that legal or contractual consequences are tied to the moment possession changes hands.
Possession Required. If the Event of Default specified in Section 9.3(b)(i)(y) cannot be cured until the Permitted Lender has obtained possession of the Facility (or, in the case of a Permitted Mezzanine Lender, control of RIDA) through foreclosure or otherwise, and if the Permitted Lender has delivered to City within the ninety (90) day cure period specified in Section 9.3(b)(i)(y) Permitted Lender’s written commitment (in form acceptable to City in its sole discretion) to use diligent efforts to cure (or to cause RIDA to cure) such Event of Default with due diligence upon obtaining possession of the Facility (or, in the case of a Permitted Mezzanine Lender, control of RIDA) through foreclosure or otherwise, then the Permitted Lender shall have such additional time (but in no event to exceed two hundred and seventy (270) days from the date of obtaining possession of the Facility) as is reasonably necessary to cure (or to cause RIDA to cure) such Event of Default, but only if the Permitted Lender: (x) unless judicially stayed, commences the judicial or other foreclosure of the Permitted Financing Encumbrance within ninety (90) days from receipt of written notice of the occurrence of an Event of Default under this Sublease; (y) prosecutes said foreclosure with due diligence; and (z) cures, during said period, all monetary Events of Default and, during the period of said stay and/or foreclosure, continues to pay and perform during said period of stay and/or foreclosure all other monetary obligations of RIDA in a timely manner, including, without limitation, payment of all rent, taxes, assessments, utility charges, insurance premiums and all other amounts required to be paid by RIDA under this Sublease. Notwithstanding anything herein to the contrary, nothing herein shall require a Permitted Lender who has taken possession of the Facility or, in the case of an Equity Collateral Enforcement Action, control of RIDA, to cure any non-monetary default that, by its nature, is not reasonably capable of being cured by the Permitted Lender, or in the case of an Equity Collateral Enforcement Action, RIDA, or is a Bankruptcy Event (an “Incurable Default”). All such Incurable Defaults shall be deemed to be permanently waived following the Permitted Lender’s taking possession of the Facility or, in the case of an Equity Collateral Enforcement Action, control of RIDA. All monetary obligations and non-monetary obligations that are not Incurable Defaults shall still be performed as required unde...
Possession Required. If the Event of Default specified in Section 10.3.2(a)(ii) cannot be cured until the Permitted Lender has obtained possession of the Premises (or, in the case of a Permitted Mezzanine Lender, control of Tenant) through foreclosure or otherwise, and if the Permitted Lender has delivered to Landlord within the ninety- (90-) day cure period specified in Section 10.3.2(a)(ii) Permitted Lender's written commitment (in form acceptable to Landlord in its sole discretion) to use diligent efforts to cure (or to cause Tenant to cure) such Event of Default with due diligence upon obtaining possession of the Premises (or, in the case of a Permitted Mezzanine Lender, control of Tenant) through foreclosure or otherwise, then the Permitted Lender shall have such additional time (but in no event to exceed two hundred and seventy (270) days from the date of obtaining possession of the Premises) as is reasonably necessary to cure (or to cause Tenant to cure) such Event of Default, but only if the Permitted Lender: (i) unless judicially stayed, commences the judicial or other foreclosure of the Permitted Encumbrance within ninety (90) days from receipt of written notice of the occurrence of an Event of Default under this Lease;