Common use of Disposition Upon Expiration Clause in Contracts

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.