The Purchaser will have the possession of the Property as from the Closing by the perception of a rent, not by vacant occupation.
Indeed, the Seller and the Purchaser will sign a lease at the latest at the Closing, the main terms of which will be as detailed hereunder.
- Term of the lease: 2 years, renewable for a further period of two years, with the agreement of the Purchaser
- Rent amount: 472.000 €/year, + VAT
- Taxes, insurances and fees: supported by the tenant
- Early termination: the tenant has the right to terminate the lease at any time with 3 months notice
This time period is agreed between parties in order to allow the Seller to relocate its activities on another site, and to complete the administrative obligations related to the termination of these activities in the existing building (e.g. environmental permit).
The seller remains liable for any obligations resulting from the ending of his permit and activity on the Property.
In this context, the Purchaser informs the Seller that he accepts a progressive reduction of the leased areas, and a proportional reduction of the rent (proportion of the leased m2).
The vacated areas would be occupied by the Purchaser for the purpose of setting up and installing its own storage activity.
The Seller shall be liable for the payment of taxes, water & power costs until the end of the lease mentioned above, for the proportion of the rented surface, and for specific taxes related to its own machines and installations.
At the end of the lease, the Purchaser will have free possession of the Property. At this date, the Property must be free of occupation, empty, and without any deterioration.
The Purchaser shall transfer to its name any contracts and subscriptions for water, gas and electricity, and pay the charges for them from the date of the end of the lease.