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.
Missouri Standard Provision Used When Delivery of the Premises Is Delayed In Missouri, when delivery of premises is delayed, there are certain standard provisions that are commonly used to address this situation in real estate transactions. These provisions aim to protect the interests of both the buyer and seller, particularly when unexpected delays occur. One provision that is often employed is the "Force Mature" clause. This clause recognizes that certain unforeseen circumstances, such as natural disasters, acts of God, or government actions, may impede the timely delivery of the premises. It states that if the delivery is delayed due to such events beyond the control of either party, the closing date and other relevant deadlines will be extended by a reasonable period to accommodate the delay. This provision helps mitigate any potential disputes that may arise due to uncontrollable events. Another provision that is typically included is the "Seller's Extension Option." This provision grants the seller the right to extend the time for delivery of the premises for a specified number of days if the seller is unable to deliver the property on the agreed-upon date due to reasons within their control. The extension period is often negotiable and allows the seller to rectify any issues causing the delay. However, this provision may require the seller to provide written notice to the buyer, outlining the reason for the delay and the new proposed closing date. Additionally, the "Buyer's Remedies" provision is often incorporated to ensure that the buyer has options if the delivery of the premises is delayed. This provision provides the buyer with the right to either extend the closing date or terminate the contract if the seller fails to deliver within the agreed-upon timeframe. If the buyer decides to terminate, they may be entitled to a refund of any earnest money or deposits made. This provision helps protect the buyer's interests and ensures they are not indefinitely tied to a delayed transaction. It is worth noting that the specific language and details of these provisions can vary depending on the individual contracts or agreements. It is always advisable for buyers and sellers in Missouri real estate transactions to consult with legal professionals or experienced real estate agents familiar with the local laws and practices.
