Disposition Upon Expiration Sample Clauses
The "Disposition Upon Expiration" clause defines what happens to the parties' rights, obligations, and any property or materials when an agreement reaches its scheduled end date. Typically, this clause outlines procedures for returning confidential information, discontinuing services, or handling any outstanding payments or deliverables. Its core function is to ensure a clear and orderly transition at the conclusion of the contract, preventing disputes or confusion about post-expiration responsibilities.
Disposition Upon Expiration. Upon the expiration of this Agreement, Tenant may either: (a) transfer its interests in the Tenant Improvements to a party who, prior to such expiration, has been accepted by City, in its sole discretion, and has entered an agreement for the Premises that is acceptable to City; or (b) Tenant shall surrender the Premises (in accordance with Section 11.B) and, within sixty (60) days after such expiration, shall remove the Tenant Improvements (and the obligations of Section 6.A shall apply to such removal). If Tenant fails to perform either such alternative, City shall have the rights set forth in Section 11.A.i and may exercise them at any time.
Disposition Upon Expiration. Upon the expiration of this Agreement, City shall inspect the Tenant Improvements and determine if the Tenant Improvements are in like new condition which shall be determined solely by City. If the Tenant Improvements are in like new condition, Tenant may either: (a) enter into a new thirty (30) year agreement for the Premises or transfer its interests in the Tenant Improvements to a party who, prior to such expiration, has been accepted by City, in its sole discretion, and has entered an agreement for the Premises that is acceptable to City; or (b) Tenant shall surrender the Premises (in accordance with Section 11.B) and, within sixty (60) days after such expiration, shall remove the Tenant Improvements (and the obligations of Section 6.A shall apply to such removal). If the Tenant Improvements are not in like new condition, Tenant may bring the Tenant Improvements up to the like new condition and either: (a) enter into a new thirty (30) year agreement for the Premises or transfer its interests in the Tenant Improvements to a party who, prior to such expiration, has been accepted by City, in its sole discretion, and has entered an agreement for the Premises that is acceptable to City; or (b) Tenant shall surrender the Premises (in accordance with Section 11.B) and, within sixty (60) days after such expiration, shall remove the Tenant Improvements (and the obligations of Section 6.A shall apply to such removal). If Tenant fails to perform either such alternative, City shall have the rights set forth in Section 11.A.i and may exercise them at any time.
Disposition Upon Expiration. Upon the expiration of this Agreement, City shall inspect the Tenant Improvements and determine if the Tenant Improvements are in like new condition which shall be determined solely by City. If the Tenant Improvements are in like new condition, Tenant may either: (i) enter into a new thirty (30) year agreement for the Premises or transfer its interests in the Tenant Improvements to a party who, prior to such expiration, has been accepted by City, in its sole discretion, and has entered an agreement for the Premises that is acceptable to City; or (ii) Tenant shall surrender the Premises (in accordance with Section 11.2) and, within sixty (60) days after such expiration, shall remove the Tenant Improvements (and the obligations of Section 6.1 shall apply to such removal).
Disposition Upon Expiration. If this Agreement expires at the Expiration Date, ▇▇▇▇▇▇ agrees that Lessor shall have (and hereby grants to Lessor) the option to purchase all or any of the Tenant-owned improvements on the Premises. Lessor shall exercise such option by giving Tenant written notice of such exercise thirty (30) days before the Expiration Date. The purchase price for such improvements shall be the fair market value of the same, which shall be determined by a mutually agreed upon appraiser. If the parties cannot agree on an appraiser, each party shall choose a competent appraiser within twenty (20) days, and those appraisers shall choose a competent, impartial appraiser to act as an umpire. The parties’ appraisers shall then determine fair market value, and if they cannot agree within a reasonable time, the umpire shall choose between the two appraised values. If Lessor does not exercise such option to purchase (or if when exercising such option Lessor does not acquire a Tenant-owned hangar), Tenant may either: (a) transfer its interests in the improvements owned by Tenant to a party who, prior to the Expiration Date, has been accepted by Lessor, in its sole discretion, and has entered an agreement for the Premises that is acceptable to Lessor; or (b) Tenant shall surrender the Premises (in accordance with Section 12.B) and, within sixty (60) days after the Expiration Date, shall remove all improvements owned by Tenant (and the obligations of Section 7.A shall apply to such removal). If Tenant fails to perform either such alternative, Lessor shall have the rights set forth in Section 12.A.i and may exercise them at any time.
Disposition Upon Expiration. Upon the expiration of this Agreement, Tenant may either: (a) transfer its interests in the Tenant Improvements to a party who, prior to such expiration, has been accepted by City, in its sole discretion, and has entered an agreement for the Premises that is acceptable to City and that complies with the purpose of this Agreement; or (b) Tenant shall surrender the Premises (in accordance with Section 11.B) and, within thirty (30) days after such expiration, shall remove the Tenant Improvements (and the obligations of Section