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.
Keywords: Hillsborough Florida, standard provision, delivery of the premises delayed Description: The Hillsborough Florida Standard Provision Used When Delivery of the Premises Is Delayed is a legal clause commonly included in real estate contracts and commercial leases in the Hillsborough County area of Florida. This provision outlines the rights and responsibilities of both the buyer/tenant and the seller/landlord in the event that the delivery of the premises is delayed beyond the agreed-upon timeframe. There are different types or variations of this standard provision that may be utilized, depending on the specific circumstances and the parties involved. Some common types include: 1. Time Extension Clause: This type of provision allows for an extension of the delivery period, granting the seller or landlord more time to fulfill their obligation. The extension is typically agreed upon in writing and may be subject to certain conditions, such as the buyer or tenant not being entitled to further compensation for the delay. 2. Termination Rights Clause: In this provision, the buyer or tenant is granted the right to terminate the contract or lease if the delivery of the premises is unduly delayed. Termination may be allowed without penalty or with specific penalties outlined in the agreement. 3. Liquidated Damages Clause: This clause addresses situations where a delay in delivery results in financial losses for the buyer or tenant. It specifies a predetermined amount of compensation that the seller or landlord must pay as liquidated damages in case of delay beyond the agreed-upon delivery date. 4. Force Mature Clause: This provision comes into effect when the delivery delay is caused by unforeseen events or circumstances beyond the control of either party, such as natural disasters, strikes, government actions, or other emergencies. It usually relieves the seller or landlord from liability for the delay during the force majeure event. The inclusion of these standard provisions in real estate contracts and commercial leases aims to protect the interests of both parties involved in the transaction. It establishes a framework for handling any delays in the delivery of the premises, ensuring that the affected party is appropriately compensated or provided with alternative options when the agreed-upon timeline cannot be met. It is important for buyers, tenants, sellers, and landlords in Hillsborough County, Florida, to carefully review and negotiate these provisions to ensure they align with their specific needs and expectations.Keywords: Hillsborough Florida, standard provision, delivery of the premises delayed Description: The Hillsborough Florida Standard Provision Used When Delivery of the Premises Is Delayed is a legal clause commonly included in real estate contracts and commercial leases in the Hillsborough County area of Florida. This provision outlines the rights and responsibilities of both the buyer/tenant and the seller/landlord in the event that the delivery of the premises is delayed beyond the agreed-upon timeframe. There are different types or variations of this standard provision that may be utilized, depending on the specific circumstances and the parties involved. Some common types include: 1. Time Extension Clause: This type of provision allows for an extension of the delivery period, granting the seller or landlord more time to fulfill their obligation. The extension is typically agreed upon in writing and may be subject to certain conditions, such as the buyer or tenant not being entitled to further compensation for the delay. 2. Termination Rights Clause: In this provision, the buyer or tenant is granted the right to terminate the contract or lease if the delivery of the premises is unduly delayed. Termination may be allowed without penalty or with specific penalties outlined in the agreement. 3. Liquidated Damages Clause: This clause addresses situations where a delay in delivery results in financial losses for the buyer or tenant. It specifies a predetermined amount of compensation that the seller or landlord must pay as liquidated damages in case of delay beyond the agreed-upon delivery date. 4. Force Mature Clause: This provision comes into effect when the delivery delay is caused by unforeseen events or circumstances beyond the control of either party, such as natural disasters, strikes, government actions, or other emergencies. It usually relieves the seller or landlord from liability for the delay during the force majeure event. The inclusion of these standard provisions in real estate contracts and commercial leases aims to protect the interests of both parties involved in the transaction. It establishes a framework for handling any delays in the delivery of the premises, ensuring that the affected party is appropriately compensated or provided with alternative options when the agreed-upon timeline cannot be met. It is important for buyers, tenants, sellers, and landlords in Hillsborough County, Florida, to carefully review and negotiate these provisions to ensure they align with their specific needs and expectations.
