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.
Clark Nevada Standard Provision is a commonly used clause in agreements or contracts when there is a delay in the delivery of premises. It outlines the rights and obligations of the parties involved in such a situation. This provision is crucial to protect the interests of both the landlord and the tenant, ensuring fairness and transparency in the lease agreement. In the Clark Nevada Standard Provision Used When Delivery of the Premises Is Delayed, there are different types that can be named. 1. Force Mature: This type of provision covers unforeseen events or circumstances that are beyond the control of either party, such as natural disasters, government actions, or labor strikes. If the delivery of the premises is delayed due to a force majeure event, this clause will define the rights and responsibilities of both parties during the delay period. 2. Landlord's Remedies: In this provision, the rights and remedies available to the landlord in case of a delayed delivery are specified. It may include options like extending the lease term, imposing penalties or damages, or granting the tenant a right to terminate the agreement if the delay exceeds a certain duration. 3. Tenant's Remedies: This provision outlines the rights and remedies available to the tenant when the delivery of the premises is delayed. It may specify options such as rent abatement for the duration of the delay, the right to terminate the lease agreement without penalty, or the ability to seek legal remedies for damages incurred due to the delay. 4. Notice Requirement: The provision may require both parties to provide written notice to each other in the event of a delayed delivery. This ensures that the delay is properly documented and allows the parties to take necessary actions as per the terms of the agreement. 5. Mitigation Obligations: This clause may place obligations on both parties to mitigate the effects of the delay. The landlord may be required to make diligent efforts to expedite the completion of the premises, while the tenant might be asked to cooperate and provide any necessary information or assistance to facilitate the timely completion. 6. Agreement Amendments: If the delivery delay is substantial, this provision might allow for the renegotiation of certain terms of the agreement, such as rent adjustments, lease term modifications, or allowances for additional tenant improvements. 7. Arbitration or Mediation: In some cases, the provision might prescribe a dispute resolution mechanism, such as arbitration or mediation, to resolve any disagreements or conflicts arising from the delayed delivery. This ensures that both parties have a fair opportunity to resolve their dispute without resorting to costly litigation. Overall, the Clark Nevada Standard Provision Used When Delivery of the Premises Is Delayed serves as a protective measure to anticipate and address potential delays in the delivery of premises. It clarifies the rights, obligations, and consequences for both landlord and tenant, fostering a fair and equitable resolution in the event of such delays.Clark Nevada Standard Provision is a commonly used clause in agreements or contracts when there is a delay in the delivery of premises. It outlines the rights and obligations of the parties involved in such a situation. This provision is crucial to protect the interests of both the landlord and the tenant, ensuring fairness and transparency in the lease agreement. In the Clark Nevada Standard Provision Used When Delivery of the Premises Is Delayed, there are different types that can be named. 1. Force Mature: This type of provision covers unforeseen events or circumstances that are beyond the control of either party, such as natural disasters, government actions, or labor strikes. If the delivery of the premises is delayed due to a force majeure event, this clause will define the rights and responsibilities of both parties during the delay period. 2. Landlord's Remedies: In this provision, the rights and remedies available to the landlord in case of a delayed delivery are specified. It may include options like extending the lease term, imposing penalties or damages, or granting the tenant a right to terminate the agreement if the delay exceeds a certain duration. 3. Tenant's Remedies: This provision outlines the rights and remedies available to the tenant when the delivery of the premises is delayed. It may specify options such as rent abatement for the duration of the delay, the right to terminate the lease agreement without penalty, or the ability to seek legal remedies for damages incurred due to the delay. 4. Notice Requirement: The provision may require both parties to provide written notice to each other in the event of a delayed delivery. This ensures that the delay is properly documented and allows the parties to take necessary actions as per the terms of the agreement. 5. Mitigation Obligations: This clause may place obligations on both parties to mitigate the effects of the delay. The landlord may be required to make diligent efforts to expedite the completion of the premises, while the tenant might be asked to cooperate and provide any necessary information or assistance to facilitate the timely completion. 6. Agreement Amendments: If the delivery delay is substantial, this provision might allow for the renegotiation of certain terms of the agreement, such as rent adjustments, lease term modifications, or allowances for additional tenant improvements. 7. Arbitration or Mediation: In some cases, the provision might prescribe a dispute resolution mechanism, such as arbitration or mediation, to resolve any disagreements or conflicts arising from the delayed delivery. This ensures that both parties have a fair opportunity to resolve their dispute without resorting to costly litigation. Overall, the Clark Nevada Standard Provision Used When Delivery of the Premises Is Delayed serves as a protective measure to anticipate and address potential delays in the delivery of premises. It clarifies the rights, obligations, and consequences for both landlord and tenant, fostering a fair and equitable resolution in the event of such delays.
