This office lease form describes the provision used when under certain circumstances, the landlord is unable to give possession of the demised premises on the date of the commencement of the term.
North Dakota Standard Provision Used When Delivery of the Premises Is Delayed In North Dakota, there are certain standard provisions that are commonly used when the delivery of premises is delayed in a real estate transaction. These provisions aim to provide clarity and protect the interests of both the buyer and the seller. Here, we will explore these provisions in detail, highlighting their importance and potential variations. One standard provision frequently utilized in North Dakota is the "Force Mature" clause. This provision addresses unforeseen circumstances or events beyond the control of either party that may delay the delivery of the premises. Examples of such events include natural disasters, acts of God, governmental actions, and labor disputes. The provision typically states that in the event of a delay caused by a force majeure event, the delivery of the premises will be postponed until the event is resolved. Another common provision is the "Seller's Remedies" clause. This clause outlines what actions the seller may take if the delivery of the premises is delayed. It may state that the seller has the right to extend the closing date, impose penalties for late delivery, or even terminate the contract if the delay exceeds a specified timeframe. The provision may also require the seller to provide written notice to the buyer regarding the delay and any actions they intend to take. Similarly, the "Buyer's Remedies" clause outlines the options available to the buyer in the event of a delayed delivery. This provision may offer the buyer the right to terminate the contract and receive a refund of their earnest money deposit if the delay exceeds a specified timeframe. It may also specify the buyer's right to pursue legal remedies, such as seeking damages or specific performance, if they incur any losses or damages due to the delay. In addition to these standard provisions, there may be variations depending on the specific circumstances of the transaction. For example, if the delay is caused by issues related to financing, there may be a provision addressing this situation. Similarly, if the delay is due to construction or renovation of the property, there may be provisions related to this process, such as a clause specifying the completion date and potential penalties for exceeding it. In summary, when it comes to the delayed delivery of premises in North Dakota, various standard provisions are commonly used to protect the rights and interests of both buyers and sellers. These provisions typically include a force majeure clause, seller's remedies clause, and buyer's remedies clause. However, it is essential to note that specific provisions may vary depending on the unique circumstances of the delay.
