Section 4(b) of the ICF Consulting deed of lease is nine lines long and does three things in order. It gives the tenant one day of free rent for each day the landlord is late. Then two days for each day. Then the right to walk away.
The third one is available for ten business days.[1]
“(iii) If such delivery occurs later than July 1, 2022 (the “Outside Delivery Date”) for any reason other than Force Majeure (subject to the foregoing limitation of no more than one hundred twenty (120) days in total) or Tenant Delay, then Tenant may terminate this Lease by giving Landlord at least thirty (30) days prior written notice thereof, given, if at all, no later than ten (10) Business Days after the Outside Delivery Date. Notwithstanding the foregoing, Tenant’s termination notice shall be null and void if Landlord delivers the Premises to Tenant prior to the end of the thirty (30) day notice period.”
Read “given, if at all” again. The right to terminate for late delivery comes into existence on 1 July 2022 and stops existing roughly on 15 July 2022. After that the lease is still in force, the landlord is still late, and the only thing the tenant has left is free rent.
So a delivery on 2 July 2022 and a delivery in 2026 produce the same remedy, which is the per diem credit, running longer. The clause that was supposed to answer “how long do we wait” answers it for a fortnight and then stops answering.
CRS Plaza II, LC and ICF Consulting Group, Inc. signed this on 24 October 2019 for 1902 Reston Metro Plaza in Reston, Virginia: 208,274 square feet of net rentable area, floor P-2.5 and all of floors nine through sixteen, fifteen lease years, base rent starting at $40.00 per square foot.[2]
The money in the first two rungs#
The per diem is not small. Lease Year 1 annual base rent is $8,330,957.60, which is $694,246.47 a month and $22,824.54 a day.
Take the case the clause is built for: the landlord delivers exactly on the Outside Delivery Date of 1 July 2022, four months and one day after the 1 March 2022 Anticipated Delivery Date, with no force majeure and no tenant delay. March to May is 61 days at one day of free rent each. May to July is another 61 days, and clause (ii) pays two days of free rent for each of those. That is 183 days of free rent, about $4.18 million.[3]
Which is a lot of money, and the tenant still has to move in. The free rent does not arrive in 2022. ICF’s Rent Commencement Date is the later of 1 May 2024 or 780 days after the Commencement Date, and the Commencement Date is the Delivery Date, so a 1 July 2022 delivery pushes the Rent Commencement Date to 19 August 2024. The credit for a 2022 delay starts being consumed in late 2024 and runs out around February 2025.
That gap is the thing Holland & Knight’s Dustin Stevens put a finger on in a June 2026 piece on late landlord work. “A well-negotiated lease should set an outside date for completion of landlord improvements and tie that deadline to a corresponding extension of the rent commencement date. But rent tolling alone rarely solves the business problem created by a delayed delivery.” And on the accounting of it: “Depending on the tenant’s accounting treatment, rent abatement may be recognized over the life of the lease while the costs of enforcing the remedy, including legal fees, are incurred immediately."[10]
Note also what clause (ii) actually says. The condition is delivery later than 1 April 2022, but the doubled rate only pays “for each day after May 1, 2022.” April is a month where the trigger has fired and the rate has not changed.
The deadline this lease never defines#
Section 4(b) opens by measuring the delay from the “Anticipated Commencement Date.”
That term appears exactly once in the document, there. The Basic Lease Information defines “Anticipated Delivery Date” and sets it at on or about 1 March 2022. It defines the Commencement Date as the Delivery Date. It never defines an Anticipated Commencement Date.
The two are probably meant to be the same date, and clauses (i) through (iii) use hard calendar dates anyway, so nothing turns on it here. It is worth noticing because the force majeure caps do not match either. The Basic Lease Information extends the Anticipated Delivery Date for force majeure “for a period not to exceed four (4) months in the aggregate.” Section 4(b) caps force majeure at “not more than a total of one hundred twenty (120) days in total.” Four months spanning March through June 2022 is 122 days. Two days, in a provision whose own exit opens for ten business days.
The cap itself is the most tenant-protective thing in the clause, and it is worth more than the per diem. A capped force majeure allowance means the Outside Delivery Date is a date. It arrives. Compare what happens when it is not capped.
Two days of free rent and a grace period with no end#
Mathilda Associates LLC leased 122,435 square feet at 1184 Mathilda Avenue in Sunnyvale to Juniper Networks in a lease dated 1 February 2000. The Intended Delivery Date was 1 May 2001. Section 2.4 gives the landlord a thirty day grace period after that, and then says this:[5]
“Additionally, the Delivery Grace Period above set forth shall be extended for such number of days as Landlord may be delayed in delivering possession of the Leased Premises to Tenant by reason of Force Majeure or the action or inaction of Tenant.”
No cap, no outside limit, no aggregate maximum. The grace period is thirty days plus however long force majeure lasts. Everything downstream hangs off it:
“If Landlord is unable to deliver possession of the Leased Premises in the agreed condition to Tenant within the Delivery Grace Period (including any extension thereof by reason of Force Majeure or the actions or inactions of Tenant), then Tenant shall receive as its sole remedy a credit of two (2) days of free rent for each day that the Leased Premises are not delivered to Tenant after expiration of the Delivery Grace Period … which free rent shall apply to the first month in which Base Monthly Rent is due. If Landlord is unable to deliver possession of the Leased Premises in the agreed condition to Tenant within sixty (60) days after the expiration of the Delivery Grace Period (including any extension thereof by reason of Force Majeure or the actions or inactions of Tenant), Tenant may choose, as its sole remedy, to terminate this Lease, and in the event of such termination Landlord shall not be liable in damages to Tenant for any delay.”
The parenthetical is repeated three times in one paragraph, which tells you the drafter cared about it. The sixty day clock to termination does not start on a calendar date. It starts when the Delivery Grace Period expires, and the Delivery Grace Period expires when force majeure stops. While a force majeure event continues, the tenant is accruing two days of free rent per day and has no path to the exit.
Then there is the sentence after it, which is the one that matters most and is easy to read past:
“Tenant may not terminate this Lease at any time after the date Landlord notifies Tenant that the Leased Premises have been put into the agreed condition and are available for delivery to Tenant, unless Landlord’s notice is not given in good faith.”
So the landlord holds a switch. Send the notice and the termination right is gone, subject only to a good faith challenge the tenant would have to bring and prove.
And the free rent has a ceiling nobody wrote as a ceiling. Base Monthly Rent for the first year was $327,888.58, about $10,780 a day. Two days of credit per day of delay means fifteen days of delay generates thirty days of free rent, which is the whole of the first month. The clause says the credit “shall apply to the first month in which Base Monthly Rent is due” and names no second month. Whether the excess carries forward or evaporates is not addressed. A tenant reading the two-for-one rate as unlimited upside is reading something the sentence does not say.[6]
An amendment that bought sixty days and paid with the exit#
The best document in this group is five pages long. On 18 April 2018 Celebration Pointe Office Partners II, LLC and SharpSpring Technologies, Inc. signed an office lease in Gainesville, Florida. Ten weeks later, on 28 June 2018, they amended Section 4.2. The amendment quotes the old section in full, then says “Both parties wish to amend this Section to state the following” and quotes the new one, so the trade is visible on a single page.[4]
Here is what went out. The original Section 4.2 let the landlord push the Estimated Delivery Date by up to ninety days on sixty days’ notice, paid the tenant its holdover costs at its prior landlord plus one day of free rent per day of delay, and then ended with:
“Anything in this Lease to the contrary notwithstanding, if Landlord has not delivered possession of the Premises to Tenant in the Turnkey Condition on or before September 1, 2018, then Tenant may terminate this Lease by written notice to Landlord and this Lease shall terminate as of the date of such notice.”
That is about as clean as this clause family gets. A fixed date. No notice window, no cure period, no force majeure carve-out, and termination effective when the notice goes out rather than thirty days later.
Here is what came in. The ninety day extension right is gone. The deadline moves from 1 September to 31 October 2018. Holdover costs stay. The per diem doubles to “two (2) days of free Rent for each day.” And the termination sentence is not amended or qualified. It is simply not in the new text. The amendment closes with “All other terms and conditions under the Lease shall remain the same and in effect,” which does not save a sentence inside the section that was restated.
So the tenant gave up the right to leave on 1 September and got, in exchange, sixty more days before the remedy clock starts and twice the rate once it does. The landlord gave up its unilateral ninety day extension. Whether that was a good deal depends on facts no public document contains, which is to say on whether SharpSpring had anywhere else to go in September 2018.
There is a smaller problem in the new text. The remedy triggers only if the landlord fails to deliver “on or before October 31, 2018,” but the credit then runs “for each day after the Estimated Delivery Date.” The Estimated Delivery Date is defined in the original lease, which was never filed. Read literally, delivery on 30 October pays nothing and delivery on 1 November pays two days of free rent for every day back to a date that could be months earlier. The clause has a cliff in it.
The one that stays open#
281 Summer Street LLC and Brightcove Inc. did it differently in a lease with a reference date of 23 November 2021, covering suites 600 and 700 at 281 Summer Street in Boston, 39,238 square feet at $63.00 per square foot in year one.[7]
Section 2.2 starts where landlords start, with no liability for delay at all, but it opens with four words that do the work: “Except as provided below.” Then Section 2.3:
“If Landlord fails to deliver the Premises to Tenant on or before the date which is thirty (30) days after the Scheduled Commencement Date, then for each day after such date that Landlord is late in delivering possession, Tenant shall be entitled to one (1) day of abatement of Base Rent (the “Late Delivery Rent Credit”). … If possession of the Premises is not delivered to Tenant by January 1, 2022 (the “Outside Date”), Tenant may, at its option, by notice to Landlord at any time thereafter and prior to such delivery, terminate this Lease (and, in such event, Landlord shall reimburse Tenant for all out-of-pocket costs incurred by Tenant in reliance of entering into this Lease, including all costs incurred in connection with the negotiation thereof). If Tenant does not terminate this Lease, as aforesaid, the Late Delivery Rent Credit shall increase to two (2) days of free Rent for each day that Landlord’s failure to deliver possession of the Premises to Tenant continues following the Outside Date.”
“At any time thereafter and prior to such delivery.” That is the phrase ICF’s lease does not have. The right does not expire in ten business days or in any number of days. It sits there, available, for as long as the landlord has not delivered, and the landlord cannot kill it with a notice. The only way to extinguish it is to deliver the premises.
The second half is the part a landlord should like. A termination right that never expires is a gun on the table for the whole delay, which is bad for a landlord trying to finance a building. Brightcove’s clause pays the tenant to leave it holstered: decline to terminate and the credit doubles. That is a real option with a real price on both sides, and it is the only clause here where the tenant’s choice is between two things rather than between one thing and nothing.
The gap between the rungs is tight, though. The abatement starts thirty days after the 23 November 2021 Scheduled Commencement Date, which is 23 December 2021, and the Outside Date is 1 January 2022. Nine days separate the day the credit starts accruing from the day the tenant can terminate. Whether that was negotiated or whether somebody set the Scheduled Commencement Date late in a deal whose dates had already been agreed, I cannot tell from the document.
A 2026 lease with no outside date at all#
The most recent lease in this set is also the one where a late landlord has the least to worry about. Dellwood Farm LLC and The Honest Company, Inc. filed a lease on 18 June 2026 for Suite 500 at 12121 Bluff Creek Drive in Playa Vista, California, 38,240 square feet of a 243,747 square foot building, with a Lease Commencement Date keyed to March 2027 at the earliest.[8]
Section 1.4 is headed “Late Delivery of the Premises.” The remedy is one day of free base rent for each day beyond a “Required Completion Date.” There is no Outside Date. There is no termination right for late delivery anywhere in the lease. The phrase “sole remedy” does not appear in the document, which it does not need to, because there is no second remedy for it to exclude.
The Required Completion Date is twenty-four weeks after the latest of three events, and every one of the three is something the tenant does: delivering the issued-for-construction drawings, approving the cost proposal, and paying the over-allowance amount. The twenty-four week period is extended for force majeure. So the deadline is set by the tenant’s own performance, extended by events outside anyone’s control, and backed by a credit that accrues at one day per day for as long as it takes.
Now the odd part. The filed text of Section 1.4 is missing words. It reads, in the version on EDGAR:
“If the Lease Commencement Date has not occurred by the date Required Completion Date that is twenty-four (24) weeks after the date that is the later of (i) the date Tenant provides the Issued for Construction (IFC) set of the which IFC set is to be provided not later than 10 business days after the plan check submittal set of drawings are ready for issuance of a building permit (as extended by delays caused by Force Majeure and ), (ii) the Cost Proposal Approval Date … and (iii) the date Tenant pays of the Over-Allowance Amount … (provided that if the event in either i i occurs last, then the Required Completion Date shall be deemed to be the date that is twenty-four (24) weeks after the date that is 7 business days after the occurrence of the last to occur of the , then as of the date the Lease Commencement Date occurs, Tenant shall be entitled to one day of free Base Rent for each day beyond the Required Completion Date that the Commencement Date actually occurs.”
“The IFC set of the which IFC set.” “Force Majeure and ).” “Either i i occurs last.” “The last to occur of the ,”. I fetched the exhibit twice to be sure this was not my own HTML conversion losing text, and it is not: the document has almost no markup in it, and the gaps are in the file as filed. Section 1.6 of the same exhibit has the same problem.
I am not saying the executed lease reads this way, and I do not know what happened between the signed document and the filing. What the public record shows is that the only late delivery remedy in a 2026 lease on 38,240 square feet is keyed to a deadline the filed text does not finish defining. If you are reading this exhibit to price a deal or to benchmark a clause, which is most of what these filings get used for, the clause is not there to read.
What the tenant gets when nobody drafts it#
For a floor, there is the 31 July 2006 sublease of about 21,300 square feet at One Belvedere Place in Mill Valley, from MarketTools to Redwood Trust. The whole remedy is one sentence: the term starts when possession is actually delivered, and the subtenant gets “one day of free Base Rent for each day” from the stated Commencement Date to the actual Delivery Date.[9]
No outside date, no escalation, no force majeure carve-out, no sole remedy sentence, no cap. The commencement date just slides and the subtenant is made whole at one for one for the waiting. It is the shortest clause in this post and it is more honest than two of the longer ones, because it does not promise an exit it then makes unreachable.
A word on what I could not find. There is no reported 2026 decision on a landlord’s failure to deliver on time, on a tenant’s termination for late delivery, or on whether a per diem delay credit is an enforceable liquidated damages provision rather than a penalty. The drafting commentary is live and the case law is not.[12]
That matters for how you read the clauses above. Stevens’s piece advises that a liquidated damages provision “should support enforceability by stating that actual damages would be difficult to quantify at signing and that the agreed amount is a reasonable estimate of anticipated harm, not a penalty.” None of the five leases here contains that recital. All five express the remedy as rent abatement rather than as a payment, which is probably why: free rent is a price adjustment and does not look like a penalty. An August 2026 piece from Chaves Perlowitz Luftig takes the tenant side of the same point, arguing that if the landlord misses the delivery condition by a set date “the tenant should have the right to rent abatement, lease termination, or both."[11]
Both. The five documents here split roughly evenly on whether the tenant gets the second one in a usable form, and that is the only variable among them with a plausible seven-figure consequence.
Does your delivery clause have a date the waiting ends?#
The per diem rate is the number everyone negotiates and the easiest term to concede, because it only costs the landlord money if the landlord is late. The terms that decide the outcome are quieter: whether force majeure extension is capped, how many days the termination notice window stays open, whether a landlord notice of availability cuts the right off, which month the credit can be applied against, and whether the escalated rate triggers on one date and pays from another.
Acrebase reads those terms out of the document and lines them up across a portfolio, so you can see that one lease caps force majeure at 120 days and the next extends the grace period without limit, and so that a ten business day notice window shows up as a diary entry rather than as a sentence somebody read once in 2019. The clause library holds the version of the ladder your counsel approved, with the fallbacks ranked, and the AI drafts and redlines against it so a restated section does not quietly come back minus its last sentence. If you have ever found out about a deleted termination right by looking for it, that is the problem.
If you are a landlord, cap the force majeure extension in days and put the same number in both places it appears. An uncapped extension is worth more to you than any cap on the per diem, so trade for it. Keep the thirty day cure after a termination notice, and keep the sentence that a notice of availability ends the right to terminate, because together they stop a tenant walking at the moment you finally have the space ready. Price the second rung rather than resisting it: Brightcove’s doubled credit for not terminating buys you a financeable certainty that no notice window achieves. And when you restate a whole section in an amendment, say in the recitals which sentences you are deleting, because a tenant who discovers it later has a story to tell a court about what the parties intended.
If you are a tenant, the only rung that matters is the one that ends the wait, and you should negotiate it in this order: no expiry on the notice window, no landlord notice that can extinguish it, a hard cap on the force majeure extension in days, and reimbursement of out-of-pocket costs on termination. Get “at any time thereafter and prior to such delivery” into the sentence. Ask which month the credit applies against and what happens to the excess, because at two days per day you can exhaust a single month of rent in fifteen days of delay. Check whether the escalated rate triggers on one date and starts paying on a later one. And if your remedy is free rent, work out when your rent commencement date actually falls, since a credit against rent starting in 2024 is not compensation for a problem you are having in 2022.
Footnotes
[1] Deed of Lease between CRS Plaza II, LC, a Virginia limited liability company, as Landlord, and ICF Consulting Group, Inc., a Delaware corporation, as Tenant, for Reston Station, Fairfax County, Virginia, dated 24 October 2019 on its cover page and carrying an Effective Date of 24 October 2019 in the Basic Lease Information. Filed as Exhibit 10.1 to ICF International, Inc.’s Form 8-K on 30 October 2019. Section 4(b), “Delivery Delay,” is quoted at clause (iii) in the body. The lead-in conditions the whole ladder on failure to deliver “Substantially Completed,” defined in the Work Agreement at Exhibit C, which is not part of the filed exhibit, so the standard the ladder measures against is not available. Section 28 of the lease is a separate landlord default provision and does not cross-refer to Section 4(b): https://www.sec.gov/Archives/edgar/data/1362004/000143774919020930/ex_161891.htm
[2] Same document, Basic Lease Information, pages 1 and 2. Premises: 1902 Reston Metro Plaza, Suites 200, 900, 1000, 1100, 1200, 1300, 1400, 1500 and 1600, Reston, Virginia 20190, approximately 208,274 square feet of Net Rentable Area on floor P-2.5 and the entire ninth through sixteenth floors, excluding the square footage of Tenant’s Rooftop Deck. The Delivery Date is defined as the date the Premises is delivered with Landlord’s Work Substantially Complete, estimated “on or about March 1, 2022 (the ‘Anticipated Delivery Date’), subject to extension on a day-for-day basis due to Force Majeure (for a period not to exceed four (4) months in the aggregate) and Tenant Delay.” The Commencement Date is the Delivery Date. The Rent Commencement Date is the later of 1 May 2024 or 780 days after the Commencement Date. On the undefined term: a case-sensitive count of the stripped text finds “Anticipated Commencement Date” once in the document, in Section 4(b), and “Anticipated Delivery Date” once, in the Basic Lease Information.
[3] My arithmetic, not the lease’s, and it depends on a reading the clause does not settle. Clauses (i) and (ii) could be cumulative, in which case a tenant collects one day per day across the whole delay plus two days per day after 1 May, or (ii) could displace (i) for the period it covers. I have used the second reading, which is the less tenant-favorable of the two. On a 1 July 2022 delivery with no force majeure and no tenant delay: 1 March to 1 May 2022 is 61 days at one day of free rent each, and 1 May to 1 July 2022 is 61 days at two days each, giving 183 days. At the Lease Year 1 daily rate of $22,824.54 (annual base rent divided by 365) that is $4,176,891, a touch over six monthly installments. The Rent Commencement Date figure is also mine: 780 days after 1 July 2022 is 19 August 2024, which is later than 1 May 2024, so the credit begins to be consumed on 19 August 2024 and 183 days of it runs into February 2025. Whether the credit abates base rent only or also the operating cost and tax pass-throughs under Sections 7 and 8 is not addressed.
[4] Lease Amendment made 28 June 2018 between Celebration Pointe Office Partners II, LLC, a Florida limited liability company, as Landlord, and SharpSpring Technologies, Inc, a Delaware corporation, as Tenant, amending the Office Lease Agreement executed 18 April 2018. Filed as Exhibit 10.3 to SharpSpring, Inc.’s Form 8-K on 13 August 2018. Signed by Svein Dyrkolbotn as Manager of SHD-Celebration Pointe, LLC, itself the Manager of the Landlord, and by Edward Lawton as CFO of the Tenant. The amendment is the entire source for both versions of Section 4.2, since it recites the original text before replacing it. The original lease is not among the company’s filed exhibits, so the Estimated Delivery Date, the Turnkey Condition and the Holdover Date are all referenced and none is available, and the premises address and square footage appear nowhere in the amendment. Note that the original clause’s standard shifts from “best efforts” to “reasonable efforts” between consecutive sentences, and the amended version keeps both: https://www.sec.gov/Archives/edgar/data/1506439/000165495418008953/shsp_ex103.htm
[5] Lease between Mathilda Associates LLC, a California limited liability company, as Landlord, and Juniper Networks, Inc., a California corporation, as Tenant, for 1184 Mathilda Avenue, Sunnyvale, California, approximately 122,435 rentable square feet. The cover page date of 1 February 2000 is stated to be “for reference purposes only,” with the lease binding on the Effective Date, defined as the date of the later of the two signatures. Filed as Exhibit 10.9 to Juniper Networks’ Form 10-K on 27 March 2001 for fiscal year 2000, so the document is roughly a year older than its filing. Article 1 sets the Intended Delivery Date at 1 May 2001, the Intended Commencement Date at 1 August 2001, a twelve year term, First Month’s Prepaid Rent of $327,888.58 and a $1,000,000 security deposit. Section 2.4, “Delivery of Possession,” is quoted in the body at the Delivery Grace Period extension, the two day credit, the sixty day termination right and the landlord’s notice of availability. The Tenant Improvements and Substantial Completion are defined in the Work Letter at Exhibit B, which is listed in Article 1 and is not part of the filed exhibit: https://www.sec.gov/Archives/edgar/data/1043604/000089161801000244/f70571ex10-9.txt
[6] My arithmetic. Base Monthly Rent for 1 August 2001 to 31 July 2002 is $327,888.58, which at twelve months divided by 365 days is about $10,780 a day. Fifteen days of delay at two days of credit per day produces thirty days of credit, about $323,400. The point does not depend on the precise figure: at a two-for-one rate any delay longer than about half a month generates more free rent than the single month the sentence directs it to. The sentence says the credit “shall apply to the first month in which Base Monthly Rent is due” and is silent on the excess, and Section 2.4 contains no other application provision, so this is a gap in the clause rather than a resolved allocation. Base Monthly Rent escalates 3.5% annually compounded.
[7] Lease between 281 Summer Street LLC as Landlord and Brightcove Inc. as Tenant for Suites 600 and 700, 281 Summer Street, Boston, Massachusetts 02210, with a Lease Reference Date of 23 November 2021. Filed as Exhibit 10.48 to Brightcove’s Form 10-K on 18 February 2022. The premises are 39,238 rentable square feet across floors six and seven (19,614 and 19,624), a 25.647% proportionate share of a 152,990 square foot building. Annual Rent runs from $63.00 per square foot ($2,471,994.00 annually, $205,999.50 monthly) in months 1 through 12 to $72.37 in months 85 through 96. Sections 2.2 and 2.3 are quoted in the body. The exhibit carries [***] redactions at the counsel notice address and the payment instructions; the delivery provisions are not redacted: https://www.sec.gov/Archives/edgar/data/1313275/000119312522046734/d211529dex1048.htm
[8] Lease between Dellwood Farm LLC as Landlord and The Honest Company, Inc. as Tenant for Suite 500, 12121 Bluff Creek Drive, Playa Vista, California 90094, filed as Exhibit 10.1 on 18 June 2026. The Effective Date field on the filed copy is blank, printed as a rule followed by “2026.” The premises are 38,240 rentable square feet of a 243,747 square foot building. Section 1.4, “Late Delivery of the Premises,” is quoted in the body as it appears in the filing, including its gaps. On the gaps: the file is Workiva-generated and contains fewer than three hundred HTML tags in total, none of them in the region of Section 1.4, and no strikethrough or revision markup anywhere, so the missing words are in the document as filed rather than lost in conversion. Section 1.6, on the Temporary Space, has the same defect (“Tenant shall have the right, by written notice to Landlord given Temporary Space Election Notice Section 1.6”). On the absence of an exit: a case-sensitive search of the stripped text finds “Outside” three times, all three in the renewal option’s Market Rent arbitration machinery as part of the defined term “Outside Agreement Date,” and finds “sole remedy” zero times. Section 1.6 also gives the tenant an election to take 31,533 square feet of temporary space in Suite 300E from 1 February 2027, rent starting 1 April 2027 at $94,599.00 a month, which is a practical answer to delay sitting outside the remedy clause: https://www.sec.gov/Archives/edgar/data/1530979/000162828026044390/exhibit101wbluffcreekhon.htm
[9] Sublease dated 31 July 2006 between MarketTools Inc. as Sublessor and Redwood Trust, Inc. as Sublessee for Suite 200, One Belvedere Place, Mill Valley, Marin County, California, approximately 21,300 rentable square feet. Filed as Exhibit 10.2 on 2 November 2006. Because this is a sublease the delivery obligation is the sublessor’s, and the sublessor’s own ability to deliver depends on a master lease that is not part of the exhibit: https://www.sec.gov/Archives/edgar/data/930236/000095014906000509/f24618exv10w2.htm
[10] Holland & Knight LLP, “When Landlord Work Is Late: Remedies and Defenses in Commercial Leases,” by Dustin P. Stevens, 23 June 2026, in the firm’s Retail and Commercial Development and Leasing Blog. It states the remedy ladder as a sequence: an outside date tied to a rent commencement date extension, then daily liquidated damages, then a tenant self-help right to finish the landlord’s work at the landlord’s cost, then termination “if the delay becomes severe.” Two points bear directly on the leases above. First, on where the remedies stop: “Whatever remedies the lease provides, it should also define when they stop. Landlords generally want remedies to end at substantial completion, but tenants should ensure that term still means the work required for lawful occupancy and operational launch is complete.” Second, it advises tenants to limit force majeure to events outside the landlord’s control, promptly noticed and subject to commercially reasonable mitigation, and “to exclude routine permitting issues, supply chain problems and contractor underperformance.” The article does not use the phrase “sole remedy” and does not treat the force majeure extension of the outside date as a discrete step, which is the mechanism that does the most work in the Juniper lease: https://www.hklaw.com/en/insights/publications/2026/06/when-landlord-work-is-late-remedies-and-defenses-in-commercial-leases
[11] Chaves Perlowitz Luftig LLP, “Why Delivery Condition Can Make or Break a Tenant’s Opening Timeline,” 11 August 2026, no author named on the post. The quoted sentence is the article’s recommendation on remedies. The piece is about the delivery condition rather than the delivery date, a related variable this post does not address: a lease can hit its outside date and still not deliver the space in the condition the tenant needs, and the two leases here that define delivery by “Substantial Completion” or “Turnkey Condition” both put that standard in an exhibit that was not filed: https://cpllawfirm.com/blog/why-delivery-condition-can-make-or-break-a-tenants-opening-timeline/
[12] On the searches. SEC full-text search returns 570 documents containing “Outside Delivery Date” and 638 containing “Outside Completion Date,” so the defined term is common; the narrow phrasings are rare, with “one day of free Base Rent for each day” and “two (2) days of free rent for each day” each returning 6. The five leases above were selected to disagree with each other rather than as a sample, and the filed population is skewed toward leases material enough to be a public company’s exhibit, so nothing here supports a claim about market practice. On case law: the federal opinions collection and the state reporter mirrors reachable for this post hold no 2026 decision on a landlord’s failure to deliver on time, on a tenant’s termination for late delivery, or on the enforceability of a per diem delay credit as liquidated damages, and I found no 2026 client alert reporting one. Disputes of this size are typically settled or arbitrated and state trial court decisions are mostly not searchable here, so this is an absence of findable decisions rather than an absence of disputes.
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