A use and occupancy agreement is a contract between a buyer and seller that allows a buyer to use a occupy a for-sale property for a certain time period. The contract includes details about who each party is, where the property is located, and for how long the duration of the contract will last. It also details the amount of money the buyer must pay to the seller to remain eligible to occupy the property.
The purpose of the use and occupancy agreement is to give buyers the legal right to reside at the property for personal or business use without being required to purchase it immediately. However, the use and occupancy agreement can contain requirements for a purchase to be made by a certain date.
Below is a list of common sections included in Use And Occupancy Agreements. These sections are linked to the below sample agreement for you to explore.
USE AND OCCUPANCY AGREEMENT
This Use and Occupancy Agreement (“Agreement”) is entered into this 31st day of March, 2014, by and LFB USA, INC. (“LFB”) and REVO BIOLOGICS, INC. with an address of 175 Crossing Boulevard, Framingham, Massachusetts (“Revo”).
WHEREAS, Revo (f/k/a GTC Biotherapeutics Inc.), as tenant, and NDNE 9/90 Corporate Center, LLC ( “Landlord”) entered into that certain Amended and Restated Lease Agreement dated September 28, 2010 (the “Lease”) of certain premises comprised of 28,219 rentable square feet of space (the “Premises”), with approximately 8,331 rentable square feet being located on the fourth (4 th ) floor (the “Fourth Floor Premises”), in the building known as 175 Crossing Boulevard, Framingham, Massachusetts (the “Building”);
WHEREAS, Revo has assigned the Lease to LFB with Landlord’s consent;
WHEREAS, Revo and LFB have agreed, notwithstanding the assignment, that Revo can continue to use and occupy portions of the Fourth Floor Premises located on the fourth (4 th ) floor, consisting of approximately 2,583 rentable square feet of space, and designated on the plan attached hereto as Exhibit A , together with certain rights appurtenant thereto, as more particularly described herein (collectively, the “Occupancy Area”); and
WHEREAS, Revo has agreed to use and occupy the Occupancy Area in accordance with this Agreement.
NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby mutually acknowledged, LFB and Revo, each with intent to be legally bound, agree to the following:
1. CAPITALIZED TERMS Any capitalized terms not otherwise defined in this Sublease shall have the meanings ascribed thereto in the Lease .
2. USE AND OCCUPANCY
LFB agrees that, commencing as of March 31, 2014 (the “Occupancy Commencement Date”), and continuing until the Termination Date (as defined below), Revo may use and occupy the Occupancy Area on the terms and conditions contained in this Agreement, in its present “AS IS” condition on the date hereof. LFB has made no representations, warranties or undertakings as to the present or future condition of the Occupancy Area or the fitness and availability of the Occupancy Area for any particular use. The acceptance of the Occupancy Area by Revo shall constitute an acknowledgment by Revo that the Occupancy Area is in the condition it is required to be in by this Agreement.
The term of this Agreement shall commence on the Occupancy Commencement Date and, subject to the provisions set forth herein, shall continue until the Lease expires, as may be extended by the terms of the Lease, unless terminated by Revo upon (30) days’ prior written notice given to the LFB (said date, the “Termination Date.
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March 31, 2014 – September 30, 2014
October 1, 2015 – September 30, 2015
Each Monthly Payment (as described above) of the applicable Annual Rent shall be paid to LFB in advance on the first (1st) day of each calendar month during the Term of this Agreement. If the term of this Agreement should expire other than on the last day of a month, any Monthly Payment of Rent and, if applicable, Additional Rent, paid by Revo and allocable to such partial month shall be equitably apportioned.
5. OPERATING EXPENSES; REAL ESTATE TAXES; UTILITIES; SHARED SERVICES AGREEMENT .
During the Term of this Agreement, Revo shall pay to LFB thirty-one percent (31%) of all charges arising in connection with the Fourth Floor Premises, and nine and 15/100 percent (9.15%) of all other charges arising in connection with the Lease, including but not limited to: (i) the Real Estate Tax Escalations payable by LFB under Section 6.1 of the Lease, (ii) the Operating Cost Escalations payable by LFB under Section 5.1 of the Lease, (iii) Park Expenses payable by LFB under Section 5.3 of the Lease; (iv) any utility charges incurred by LFB with respect to the Premises; (v) any cost of expenses arising pursuant to the Services and Access Agreement attached as Exhibit K to the Lease for which LFB is responsible; and (vi) any other charge arising under the Lease for which LFB is responsible. Such amounts shall be payable in equal monthly installments, in advance, subject to and in accordance with the terms and conditions of Sections 5.1, 5.3, 6.1, 8.3 and 8.4 of the Lease, which terms and conditions are incorporated herein by reference and made a part hereof.
6. USE OF THE OCCUPANCY AREA
(a) Revo may use and occupy the Occupancy Area as contemplated hereby solely for general office purposes, laboratory, research and development, and light manufacturing uses consistent with the terms of the Lease and for no other purpose. Revo shall at no time permit more than persons to use and occupy the Occupancy Area than is permitted under the Lease or by any certificate of occupancy then in effect for the Building.
(b) The “common area” corridors, stairs, and entryways providing direct access to the Occupancy Area, as well as restrooms and common lobbies on the floor of the Building on which the Occupancy Area is located and the lounge, dining areas, reception areas, conference room and other areas within the Premises designated by LFB from time to time for the common use of all occupants of the Premises, shall constitute the “Common Areas.” Revo shall be entitled
to reasonable use and occupancy of the Common Areas in order to have access to the Occupancy Area, and to use the bathrooms on the floor of the Building on which the Occupancy Area is located and to conduct its business within the Premises.
(c) Revo shall be responsible for any violations of all Federal, state and local laws, ordinances, rules and regulations and the requirements of any Board of Fire Insurance Underwriters arising by virtue of Revo’s manner of use of the Occupancy Area.
(d) Revo shall keep the Occupancy Area in good order and condition subject to reasonable wear and tear and, at the Termination Date, shall remove all of Revo’s personal property and surrender the Occupancy Area in the condition required hereunder. Any damage caused to the Occupancy Area by such removal shall be repaired by Revo in a good and workmanlike manner, at Revo’s sole cost and expense.
(e) Revo shall be responsible for any repair or maintenance of the Occupancy Area which is the consequence of Revo’s act or omission. If LFB shall perform alterations to any portion of the Premises, LFB shall exercise reasonable efforts, to minimize any interference with Revo’s use of the Occupancy Area. LFB shall provide Revo with prior notice, to be given at least three (3) business days before any work commences, that LFB intends to perform work to the Premises over a period of more than one (1) day that may cause undue noise (e.g., hammering, circular saws, demolition, installation of pipes, etc.) and LFB shall use commercially reasonable efforts to schedule such work in such manner as will minimize unreasonable interference with the business or operations of Revo.
(f) Revo acknowledges and agrees that its occupancy of the Occupancy Area is on a non-exclusive basis, and that LFB may grant additional rights to use the Premises to such other parties as LFB may desire, with Revo’s prior written consent, which consent shall not be unreasonably withheld, conditioned or delayed provided that such additional occupancy rights do not materially adversely affect Revo’s use of the Occupancy Area.
(g) Revo acknowledges and agrees that its use and occupancy of the Occupancy Areas shall be at all times subject to LFB’s reasonable rules and regulations, including without limitation, confidentiality and security requirements. Revo shall execute any and all documentation necessary to implement the foregoing requirements.
7. EXTRA UTILITIES AND SERVICES
(a) To the extent that the Landlord (or any party with an interest senior to that of Landlord) charges LFB for any additional service provided to the Occupancy Area beyond that required to be supplied by the Lease (i.e. additional cleaning, after hours “HVAC,” etc.), Revo shall be responsible therefor to the extent Revo is responsible for such additional service being furnished.
(b) LFB shall provide to Revo, at no additional cost to Revo, the following services: (i) High-speed internet; (ii) VoIP telephony; (iii) wireless network connectivity; (iv) access to meeting rooms, on space available basis; (v) access to pantry/lunchroom in the Premises; (vi) staffed reception desk ; (vii) Revo’s name on the fourth (4 th ) floor lobby sign and suite sign; (viii) bulk mail service, excluding postage; (ix) copy services; (x) access to a boardroom with video conferencing capability; and (xi) the furniture located in the Occupancy Area on the Occupancy Commencement Date; and (xii) janitorial and cleaning service to the extent such services are provided by Landlord pursuant to Lease.
(c) LFB shall provide to Revo the following services, upon request by Revo and at Revo’s sole cost and expense, as “Additional Rent”: (i) audio and web conferencing; (ii) catering; (iii) infrastructure services – file storage, backup and recovery, VPN; (iv) IT support; and (v) additional furniture or office equipment to the extent that they are not located in the Occupancy Area on the Occupancy Commencement Date.
Revo shall have the right, with Landlord’s prior written consent if required under the Lease, to install its standard signage in the Lobby Directory and at the entrance of the fourth (4 th ) floor suite in accordance with the terms of Section 8.6 of the Lease.
Revo shall not make any alterations, improvements or installations in or to the Occupancy Area without the prior written consent of LFB, which consent shall not be unreasonably withheld. Any permitted alterations and improvements shall be subject to the terms and conditions of the Lease, and in those instances where applicable, shall be subject to the Landlord’s approval as provided in the Lease.
10. ASSIGNMENT AND SUBLETTING
Revo shall not assign this Agreement or sublet the Occupancy Area without the prior written consent of LFB, which may be withheld in LFB’s sole and absolute discretion.