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.
New York Standard Provision Used When Delivery of the Premises Is Delayed When entering into a lease agreement in New York, it is important to be familiar with the standard provisions that are used when the delivery of the premises is delayed. These provisions are designed to protect both the landlord and the tenant in the event that the premises are not ready for occupancy by the agreed-upon date. One commonly used provision in New York leases is the "Delay in Delivery" clause. This provision addresses the situation where the landlord is unable to deliver the premises to the tenant by the agreed-upon date. It typically states that if the landlord fails to provide possession of the premises on time, then the lease commencement date will be extended for a certain period, often referred to as the "Grace Period." During the Grace Period, the tenant is not obligated to pay rent, and the lease term is adjusted accordingly. Another provision that may be included is the "Force Mature" clause. This provision is used when the delay in delivery is caused by unforeseen circumstances beyond the control of either party, such as natural disasters, acts of terrorism, or government actions. It typically states that if such an event occurs, the party affected by the delay will be excused from performance until the event is resolved. This provision ensures fairness and prevents either party from being held responsible for delays caused by circumstances beyond their control. Additionally, some leases may include the "Termination Right" provision. This provision gives the tenant the right to terminate the lease if the delay in delivery exceeds a specified period, often referred to as the "Outside Delivery Date." If the premises are not delivered by the Outside Delivery Date, the tenant may choose to terminate the lease and recover any prepaid rent or deposits. It is important for both landlords and tenants to carefully review and negotiate these provisions in their lease agreements. By clearly outlining the rights and responsibilities of each party in the event of a delayed delivery, these provisions help mitigate potential disputes and ensure a fair outcome. In summary, New York has standard provisions in place to address delayed delivery of leased premises. These provisions include the Delay in Delivery clause, which extends the lease commencement date and rent obligation during a Grace Period, the Force Mature clause, which excuses performance during unforeseen events, and the Termination Right provision, which allows the tenant to terminate the lease if the delay exceeds a specified period. It is crucial for both parties to understand and negotiate these provisions to protect their rights and interests.New York Standard Provision Used When Delivery of the Premises Is Delayed When entering into a lease agreement in New York, it is important to be familiar with the standard provisions that are used when the delivery of the premises is delayed. These provisions are designed to protect both the landlord and the tenant in the event that the premises are not ready for occupancy by the agreed-upon date. One commonly used provision in New York leases is the "Delay in Delivery" clause. This provision addresses the situation where the landlord is unable to deliver the premises to the tenant by the agreed-upon date. It typically states that if the landlord fails to provide possession of the premises on time, then the lease commencement date will be extended for a certain period, often referred to as the "Grace Period." During the Grace Period, the tenant is not obligated to pay rent, and the lease term is adjusted accordingly. Another provision that may be included is the "Force Mature" clause. This provision is used when the delay in delivery is caused by unforeseen circumstances beyond the control of either party, such as natural disasters, acts of terrorism, or government actions. It typically states that if such an event occurs, the party affected by the delay will be excused from performance until the event is resolved. This provision ensures fairness and prevents either party from being held responsible for delays caused by circumstances beyond their control. Additionally, some leases may include the "Termination Right" provision. This provision gives the tenant the right to terminate the lease if the delay in delivery exceeds a specified period, often referred to as the "Outside Delivery Date." If the premises are not delivered by the Outside Delivery Date, the tenant may choose to terminate the lease and recover any prepaid rent or deposits. It is important for both landlords and tenants to carefully review and negotiate these provisions in their lease agreements. By clearly outlining the rights and responsibilities of each party in the event of a delayed delivery, these provisions help mitigate potential disputes and ensure a fair outcome. In summary, New York has standard provisions in place to address delayed delivery of leased premises. These provisions include the Delay in Delivery clause, which extends the lease commencement date and rent obligation during a Grace Period, the Force Mature clause, which excuses performance during unforeseen events, and the Termination Right provision, which allows the tenant to terminate the lease if the delay exceeds a specified period. It is crucial for both parties to understand and negotiate these provisions to protect their rights and interests.
