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.
Arkansas Standard Provision Used When Delivery of the Premises Is Delayed (Overview) When it comes to real estate agreements in Arkansas, it is crucial to include provisions that account for potential delays in delivering the premises to the buyer or lessee. These provisions serve as legal safeguards for both parties involved in the transaction, ensuring fair treatment and offering remedies in case of unforeseen delays. Below, we'll explore the standard provisions used in Arkansas when delivery of the premises is delayed, along with any variations within this context. 1. Arkansas Standard Provision for Delayed Delivery: The Arkansas Standard Provision for Delayed Delivery is a clause commonly included in real estate agreements, ensuring that the buyer or lessee is protected in the event of unforeseen delays beyond their control. This provision typically establishes the responsibilities of both the buyer and the seller or lessor, clarifying the actions that need to be taken, and specifying the consequences of delayed delivery. 2. Arkansas Standard Provision for Timing and Delays: Another type of Arkansas Standard Provision frequently employed is the Provision for Timing and Delays. This provision outlines specific time frames within which the premises must be delivered, ensuring that both parties are aware of the expected delivery date. If the premises are not delivered within the designated time frame, this provision allows the buyer or lessee to pursue remedies or negotiate an extension with the seller or lessor. 3. Arkansas Standard Provision for Force Mature: The Force Mature Provision is another aspect commonly found in Arkansas real estate agreements. This provision accounts for delays caused by unforeseen circumstances beyond the control of either party, such as natural disasters, war, or government actions. The Force Mature Provision clarifies the rights and responsibilities of both parties and provides remedies or termination options if the delivery of the premises is significantly impacted due to these uncontrollable events. 4. Arkansas Standard Provision for Coordinated Inspection: The Coordinated Inspection Provision is crucial in cases where a delay in delivering the premises occurs due to necessary inspections mandated by local authorities or building codes. This provision ensures that the buyer or lessee is informed about the required inspections and grants them the option to be present during inspections or retain a qualified representative. It may also address any consequences resulting from inspections revealing non-compliance issues that further delay premises delivery. 5. Arkansas Standard Provision for Remedy and Damages: The Remedy and Damages Provision outlines the available remedies and damages that can be sought by the buyer or lessee in the event of a delayed delivery of the premises. This provision may specify remedies such as a reduction in purchase price, a prorated rent abatement, or even the right to terminate the agreement if the delay exceeds a certain threshold. In conclusion, Arkansas real estate agreements commonly include various provisions to address delayed premises delivery, safeguarding the rights of both buyers/lessees and sellers/lessors. Whether it's the Provision for Delayed Delivery, Timing and Delays, Force Mature, Coordinated Inspection, or Remedy and Damages, these provisions aim to establish a fair and balanced framework for all parties involved.
