Condition and Acceptance of the Leased Premises from Lease Agreement
THIS LEASE AGREEMENT made the 16, day of July, 2007 between Westfalia, a Texas Limited Partnership, herein called Landlord and South Sea Energy Corporation, a Canadian Corporation. herein called "Tenant."
Condition and Acceptance of the Leased Premises. If for any reason the Premises are not ready for occupancy by Tenant on the date of the commencement of the Term, this Lease and the obligations of Tenant will nonetheless continue in full force and the Term will not he extended. However, if the Premises are not ready for occupancy because of an omission, delay or default on the part of Landlord, the Term of the Lease will not commence until such omission, delay or default is corrected or the Premises are otherwise substantiality ready for occupancy. Such delay in the commencement of the Term and subsequent delay in Tenant's required payment of Base Rent will constitute full settlement of all claims that Tenant might otherwise have against Landlord because of the delay in making the Premises ready for occupancy. The taking of possession of the Premises by Tenant will by conclusive evidence that: (i) Tenant accepts the Premises as suitable for the purpose for which they arc leased; (ii) Tenant accepts the Building and the Land and each and every part of appurtenance as being in a satisfactory condition.