END OF LEASE. When the lease ends, the tenant shall return the home, including furnishings, to the lessor in the same condition as when they moved in. A vacation report shall be made available to the tenant before the lease period ends. This report shall be completed when the tenant moves out. The unit is considered returned when all of the keys have been returned to the lessor and the lessor otherwise has unimpeded access to the home. If the tenant leaves the home in such a condition that the tenancy must clearly be deemed abandoned, the lessor may take control of the lease object immediately. The home, including furnishings, shall be cleared, cleaned and in otherwise good contractual and professional condition. Drill holes and other marks in walls or ceilings shall be filled and painted over to a professional standard. Provided the obligation to maintain the premises, as described in section 13 above, has been met throughout the lease period, the lessor shall accept wear and tear from regular use up to the tenant moving out. In the event changes have been made to the home that the tenant had no right to make, the lessor may demand that the home be restored to its original condition, provided this does not entail disproportionate costs or unreasonable loss of value. In cases where the lessor cannot demand that the home be restored to its original condition, the lessor may claim compensation for the loss of value such changes have caused. Fixtures, wiring, etc., which the tenant has installed or has had installed in the lease object must not be removed, unless the tenant is restoring the home to the condition it was in when the tenant moved in. If the home is not made available to the lessor on the day the lease ends, the lessor may claim compensation equivalent to the agreed lease payment, until the tenant’s use of the lease object ceases. If the home is in worse condition than agreed in this contract, or as provided in section 13 above, the lessor may hold the tenant liable for necessary expenses incurred to remedy the situation. The lessor’s claim must be presented within 14 – fourteen – days after the end of the lease period, however time needed to obtain quotes, bids or contracts shall be added to the reasonable time period. This period shall, however, not apply if the tenant has been grossly negligent or has acted in bad faith. The tenant shall use the appropriate form for moving out, “xxxxxxxx.xx”, under “For leietaker” [in Norwegian]. This form shall be filled out in its entirety. The form must be signed by the tenant, as well as the new tenant and/or the lessor for approval. The form must be sent to the lessor at xxxxxxxx@xxxxxxxx.xx. The deposit will not be returned to the tenant before the completed form has been sent to the lessor. The parties shall agree on a time for the joint inspection no later than 1 week before the tenant moves out. The inspection shall take place Monday–Friday between 09:00 and 17:00. If the tenant prefers a time outside these hours, they will incur a fee of NOK 1,000.00. If any defects are pointed out at the inspection, these shall be remedied within 1 day, regardless of whether the next day falls on a weekday or weekend. If the tenant fails to be present for the agreed time (wasted trip), they will incur a fee of NOK 1,000.00.
Appears in 1 contract
Samples: Lease Agreement
END OF LEASE. When For each Equipment Schedule, Lessor agrees that it will provide written notice to Lessee at least one hundred and twenty (120) days prior to the end of such Equipment Schedule which notifies Lessee of the upcoming end of such Equipment Schedule and requests that Lessee select one of the end of lease endsoptions in accordance with the alternatives set forth on such Equipment Schedule. Provided (i) no Event of Default has occurred and is continuing and (ii) Lessee has made all payments in accordance with the Lease, upon written notice furnished by Lessee to Lessor no later than thirty (30) days after Lessor has provided written notice of the upcoming contractual end of an Equipment Schedule, Lessee shall, with respect to each Equipment Schedule elect only such alternatives as may be set forth on the Equipment Schedule. Notwithstanding the foregoing, if Lessee for any reason fails to notify the Lessor of its end of lease selection for any given Equipment Schedule (including as a result of Lessor’s failure to provide written notice as set forth in the first sentence of this Section 13), then the parties agree that Lessee shall have been automatically deemed to have selected end of lease option (c) with respect to such Equipment Schedule to extend the Initial Term for an additional six months at a Monthly Rental equal to 35% of the Monthly Rental paid by Lessee during the Initial Term. Notwithstanding the foregoing, if the Lessor fails to provide written notice as set forth in the first sentence of this Section 13 and the end of lease election automatically defaults to option (c), then the Lessee shall have the option select another end of lease alternative if it so chooses for a period of thirty (30) days from the date on which Lessee is first notified by Lessor that the Monthly Rental has been reset to a rate of 35% of the Monthly Rental paid by Lessee during the Initial Term. To the extent that any of such alternatives involves a determination of Fair Market Value, the tenant Fair Market Value shall return be defined and determined by the homeprovisions of this Section. For purposes hereof, Fair Market Value shall mean the amount that would obtain in a retail arm's length transaction between an informed and willing lessee-buyer in possession and an informed and willing lessor-seller. Rental charges previously paid pursuant to the applicable Equipment Schedule shall have no effect on the determination of Fair Market Value. Unless otherwise stated in the Equipment Schedule: the Fair Market Value for items set forth on the Equipment Schedule which do not have a readily ascertainable market value, (including but not limited to software, cabling and certain equipment) shall be determined by multiplying the Lessor's acquisition cost of such items by a fraction, the numerator of which shall be the Fair Market Value of the other items and the denominator of which shall be the Lessor's acquisition cost of such other items; and the determination of Fair Market Value shall be based upon the assumption that all items set forth on the Equipment Schedule or included with the Equipment may be transferred to, and used by, a third party user. In such determination, all alternative uses in the hands of each buyer or lessee, including, without limitation, the further leasing of the Equipment shall be taken into account in making such determination. If, on or before a date which is sixty (60) days prior to the expiration of the Initial Term, Lessor and Lessee are unable to agree upon a determination of the Fair Market Value of the Equipment, the Fair Market Value (to be determined in accordance with the definition set forth in this Section) shall, upon written request by Lessee therefor, be conclusively established not less than thirty (30) days prior to the expiration of the Initial Term by an independent appraiser selected by Lessor. Lessor shall notify Lessee of the name and address of said appraiser. The costs of such appraiser shall be paid by Lessee within ten (10) days after receipt of an invoice therefor. The Lease, including furnishings, to the lessor in the same condition as when they moved in. A vacation report shall be made available to the tenant before the lease period ends. This report shall be completed when the tenant moves out. The unit is considered returned when all of the keys have been returned to the lessor and the lessor otherwise has unimpeded access to the home. If the tenant leaves the home in such a condition that the tenancy must clearly be deemed abandoned, the lessor may take control of the lease object immediately. The home, including furnishings, shall be cleared, cleaned and in otherwise good contractual and professional condition. Drill holes and other marks in walls or ceilings shall be filled and painted over to a professional standard. Provided the obligation to maintain pay monthly rentals, shall remain in effect pending the premisesdetermination of Fair Market Value; provided, as described in section 13 abovehowever, has been met throughout the lease period, the lessor shall accept wear and tear from regular use up to the tenant moving out. In the event changes have been made to the home that the tenant had no right to make, the lessor may demand that the home be restored to its original condition, provided this does not entail disproportionate costs or unreasonable loss of value. In cases where the lessor cannot demand that the home be restored to its original condition, the lessor may claim compensation for the loss of value such changes have caused. Fixtures, wiring, etc., which the tenant has installed or has had installed in the lease object must not be removed, unless the tenant is restoring the home to the condition it was in when the tenant moved in. If the home is not made available to the lessor beginning on the day after the lease endsexpiration of the Initial Term of any given Equipment Schedule, the lessor may claim compensation equivalent monthly rental for such Equipment Schedule will be reduced to 35% of the Monthly Rental amount paid by Lessee during the Initial Term pursuant to the agreed lease payment, until the tenant’s use automatic election of the lease object ceases. If Lessor described in the home is in worse condition than agreed in first paragraph of this contract, or as provided in section 13 above, the lessor may hold the tenant liable for necessary expenses incurred to remedy the situation. The lessor’s claim must be presented within 14 – fourteen – days after the end of the lease period, however time needed to obtain quotes, bids or contracts shall be added to the reasonable time period. This period shall, however, not apply if the tenant has been grossly negligent or has acted in bad faith. The tenant shall use the appropriate form for moving out, “xxxxxxxx.xx”, under “For leietaker” [in Norwegian]. This form shall be filled out in its entirety. The form must be signed by the tenant, as well as the new tenant and/or the lessor for approval. The form must be sent to the lessor at xxxxxxxx@xxxxxxxx.xx. The deposit will not be returned to the tenant before the completed form has been sent to the lessor. The parties shall agree on a time for the joint inspection no later than 1 week before the tenant moves out. The inspection shall take place Monday–Friday between 09:00 and 17:00. If the tenant prefers a time outside these hours, they will incur a fee of NOK 1,000.00. If any defects are pointed out at the inspection, these shall be remedied within 1 day, regardless of whether the next day falls on a weekday or weekend. If the tenant fails to be present for the agreed time (wasted trip), they will incur a fee of NOK 1,000.00Section 13.
Appears in 1 contract
END OF LEASE. When the lease ends, the tenant shall return the home, including furnishings, to the lessor in the same condition as when they moved in. A vacation report shall be made available to the tenant before the lease period ends. This report shall be completed when the tenant moves out. The unit is considered returned when all of the keys have been returned to the lessor and the lessor otherwise has unimpeded access to the home. If the tenant leaves the home in such a condition that the tenancy must clearly be deemed abandoned, the lessor may take control of the lease object immediately. The home, including furnishings, shall be cleared, cleaned and in otherwise good contractual and professional condition. Drill holes and other marks in walls or ceilings shall be filled and painted over to a professional standard. Provided the obligation to maintain the premises, as described in section 13 above, has been met throughout the lease period, the lessor shall accept wear and tear from regular use up to the tenant moving out. In the event changes have been made to the home that the tenant had no right to make, the lessor may demand that the home be restored to its original condition, provided this does not entail disproportionate costs or unreasonable loss of value. In cases where the lessor cannot demand that the home be restored to its original condition, the lessor may claim compensation for the loss of value such changes have caused. Fixtures, wiring, etc., which the tenant has installed or has had installed in the lease object must not be removed, unless the tenant is restoring the home to the condition it was in when the tenant moved in. If the home is not made available to the lessor on the day the lease ends, the lessor may claim compensation equivalent to the agreed lease payment, until the tenant’s use of the lease object ceases. If the home is in worse condition than agreed in this contract, or as provided in section 13 above, the lessor may hold the tenant liable for necessary expenses incurred to remedy the situation. The lessor’s claim must be presented within 14 – fourteen – days after the end of the lease period, however time needed to obtain quotes, bids or contracts shall be added to the reasonable time period. This period shall, however, not apply if the tenant has been grossly negligent or has acted in bad faith. The tenant shall use the appropriate form for moving out, “xxxxxxxx.xx”, under “For leietaker” [in Norwegian]. This form shall be filled out in its entirety. The form must be signed by the tenant, as well as the new tenant and/or the lessor for approval. The form must be sent to the lessor at xxxxxxxx@xxxxxxxx.xx. The deposit will not be returned to the tenant before the completed form has been sent to the lessor. The parties shall agree on a time for the joint inspection no later than 1 week before the tenant moves out. The inspection shall take place Monday–Friday between 09:00 and 17:00. If the tenant prefers a time outside these hours, they will incur a fee of NOK 1,000.00. If any defects are pointed out at the inspection, these shall be remedied within 1 day, regardless of whether the next day falls on a weekday or weekend. If the tenant fails to be present for the agreed time (wasted trip), they will incur a fee of NOK 1,000.00.
Appears in 1 contract
Samples: Lease Agreement
END OF LEASE. When (a) Unless specified otherwise, Lessee must give Lessor one hundred twenty (120) days prior written notice of the lease endsdate on which the Equipment is to be returned.
(b) If Lessee, without any further written agreement or the consent of the Lessor, continues to possess or occupy the Equipment after the expiration of the initial Lease Term and/or any subsequent renewal terms of the Lease, the tenant Lease Agreement shall return be deemed month to month. Lessor declares to be in effect (and in the home, including furnishings, absence of such declaration at the most recent Lease Payment rate applicable to the lessor in Equipment).
(c) So long as no Default or Event of Default shall have occurred and be continuing and Lessee shall have given Lessor at least one hundred twenty (120) days prior written notice, Lessee shall have the same condition as when they moved inoption to purchase the Equipment for a price agreed to by Lessor (“Purchase Option Price”). A vacation report Payment of the Purchase Option Price, all applicable sales or use taxes, together with all other amounts due and owed by the Lessee under the Lease (including without limitation, Lease Payments) during such Lease Period Term shall be made on the last day of the Lease in immediately available funds against delivery of a bill of sale transferring to Lessee all rights, title and interest of Lessor in the Equipment on an "AS IS" "WHERE IS" basis, without any warranties, express or implied as defined in Section 5 of this Agreement.
(d) Lessee may terminate this Lease prior to the tenant before expiration of the lease Lease Term with (120) days written notice to the Lessor, subject to all terms and conditions of the Lease, and the Lessee will pay the following termination charges (“Termination Charges”):
i. The remaining unpaid Lease Payments for the Lease Term or the Lease renewal period endsper Section 7 (b) of this Lease.
ii. This report Tear down, removal; return delivery, repair, and disconnection of utilities, and Site restoration the cost of which shall not exceed the Lessor’s actual cost plus 12%. Lessee shall only be obligated to pay said costs upon presentation of appropriate invoices. Xxxxxx agrees that Lessee shall not be charged to transport the building further than 300 miles from the Site.
(e) Notwithstanding the foregoing, Lessee may terminate this Lease prior to the expiration of the Lease Term upon thirty day’s written notice of the intent to purchase the Equipment, which right to purchase may be assigned to a third party. The price to purchase the Equipment shall be completed when the tenant moves out. The unit is considered returned when all “Scheduled Balance” as of the keys have been returned date Lessee intends to purchase the lessor and the lessor otherwise has unimpeded access to the home. If the tenant leaves the home Equipment (“Buyout Price”) as set forth in such a condition Exhibit X. Xxxxxx agrees that the tenancy must clearly be deemed abandonedSecurity Deposit and advanced lease payments, the lessor may take control of the lease object immediately. The home, including furnishingsif any, shall be clearedapplied to reduce the Buyout Price. Upon payment of the Buyout Price, cleaned and in otherwise good contractual and professional condition. Drill holes and other marks in walls Lessor shall transfer all certificates of title or ceilings shall be filled and painted over to a professional standard. Provided the obligation to maintain the premises, as described in section 13 above, has been met throughout the lease period, the lessor shall accept wear and tear from regular use up registration applicable to the tenant moving outEquipment and reflect Lessee or its assignee as the owner of the Equipment. In the event changes have been made Lessor shall take all steps necessary to the home that the tenant had no right to make, the lessor may demand that the home be restored to its original condition, provided this does not entail disproportionate costs or unreasonable loss of value. In cases where the lessor cannot demand that the home be restored to its original condition, the lessor may claim compensation for the loss of value such changes have caused. Fixtures, wiring, etc., which the tenant has installed or has had installed transfer title and all manufacturer’s warranties in the lease object must not be removed, unless the tenant is restoring the home Equipment to the condition it was in when the tenant moved in. If the home is not made available to the lessor on the day the lease ends, the lessor may claim compensation equivalent to the agreed lease payment, until the tenant’s use of the lease object ceases. If the home is in worse condition than agreed in this contract, Lessee or as provided in section 13 above, the lessor may hold the tenant liable for necessary expenses incurred to remedy the situation. The lessor’s claim must be presented within 14 – fourteen – days after the end of the lease period, however time needed to obtain quotes, bids or contracts shall be added to the reasonable time period. This period shall, however, not apply if the tenant has been grossly negligent or has acted in bad faith. The tenant shall use the appropriate form for moving out, “xxxxxxxx.xx”, under “For leietaker” [in Norwegian]. This form shall be filled out in its entirety. The form must be signed by the tenant, as well as the new tenant and/or the lessor for approval. The form must be sent to the lessor at xxxxxxxx@xxxxxxxx.xx. The deposit will not be returned to the tenant before the completed form has been sent to the lessor. The parties shall agree on a time for the joint inspection no later than 1 week before the tenant moves out. The inspection shall take place Monday–Friday between 09:00 and 17:00. If the tenant prefers a time outside these hours, they will incur a fee of NOK 1,000.00. If any defects are pointed out at the inspection, these shall be remedied within 1 day, regardless of whether the next day falls on a weekday or weekend. If the tenant fails to be present for the agreed time (wasted trip), they will incur a fee of NOK 1,000.00assignee.
Appears in 1 contract
Samples: Lease Agreement
END OF LEASE. When (a) Unless specified otherwise, Lessee must give Lessor one hundred twenty (120) days prior written notice of the lease endsdate on which the Equipment is to be returned.
(b) If Lessee, without any further written agreement or the consent of the Lessor, continues to possess or occupy the Equipment after the expiration of the initial Lease Term and/or any subsequent renewal terms of the Lease, the tenant Lease Agreement shall return be deemed month to month. Lessor declares to be in effect (and in the home, including furnishings, absence of such declaration at the most recent Lease Payment rate applicable to the lessor in Equipment).
(c) So long as no Default or Event of Default shall have occurred and be continuing and Lessee shall have given Lessor at least one hundred twenty (120) days prior written notice, Lessee shall have the same condition as when they moved inoption to purchase the Equipment for a price agreed to by Lessor (“Purchase Option Price”). A vacation report Payment of the Purchase Option Price, all applicable sales or use taxes, together with all other amounts due and owed by the Lessee under the Lease (including without limitation, Lease Payments) during such Lease Period Term shall be made on the last day of the Lease in immediately available funds against delivery of a xxxx of sale transferring to Lessee all rights, title and interest of Lessor in the Equipment on an "AS IS" "WHERE IS" basis, without any warranties, express or implied as defined in Section 5 of this Agreement.
(d) Lessee may terminate this Lease prior to the tenant before expiration of the lease Lease Term with (120) days written notice to the Lessor, subject to all terms and conditions of the Lease, and the Lessee will pay the following termination charges (“Termination Charges”):
i. The remaining unpaid Lease Payments for the Lease Term or the Lease renewal period endsper Section 7 (b) of this Lease.
ii. This report Tear down, removal; return delivery, repair, and disconnection of utilities, and Site restoration the cost of which shall not exceed the Lessor’s actual cost plus 12%. Lessee shall only be obligated to pay said costs upon presentation of appropriate invoices. Lessor agrees that Lessee shall not be charged to transport the building further than 300 miles from the Site.
(e) Notwithstanding the foregoing, Lessee may terminate this Lease prior to the expiration of the Lease Term upon thirty day’s written notice of the intent to purchase the Equipment, which right to purchase may be assigned to a third party. The price to purchase the Equipment shall be completed when the tenant moves out. The unit is considered returned when all “Scheduled Balance” as of the keys have been returned date Lessee intends to purchase the lessor and the lessor otherwise has unimpeded access to the home. If the tenant leaves the home Equipment (“Buyout Price”) as set forth in such a condition Exhibit X. Xxxxxx agrees that the tenancy must clearly be deemed abandonedSecurity Deposit and advanced lease payments, the lessor may take control of the lease object immediately. The home, including furnishingsif any, shall be clearedapplied to reduce the Buyout Price. Upon payment of the Buyout Price, cleaned and in otherwise good contractual and professional condition. Drill holes and other marks in walls Lessor shall transfer all certificates of title or ceilings shall be filled and painted over to a professional standard. Provided the obligation to maintain the premises, as described in section 13 above, has been met throughout the lease period, the lessor shall accept wear and tear from regular use up registration applicable to the tenant moving outEquipment and reflect Lessee or its assignee as the owner of the Equipment. In the event changes have been made Lessor shall take all steps necessary to the home that the tenant had no right to make, the lessor may demand that the home be restored to its original condition, provided this does not entail disproportionate costs or unreasonable loss of value. In cases where the lessor cannot demand that the home be restored to its original condition, the lessor may claim compensation for the loss of value such changes have caused. Fixtures, wiring, etc., which the tenant has installed or has had installed transfer title and all manufacturer’s warranties in the lease object must not be removed, unless the tenant is restoring the home Equipment to the condition it was in when the tenant moved in. If the home is not made available to the lessor on the day the lease ends, the lessor may claim compensation equivalent to the agreed lease payment, until the tenant’s use of the lease object ceases. If the home is in worse condition than agreed in this contract, Lessee or as provided in section 13 above, the lessor may hold the tenant liable for necessary expenses incurred to remedy the situation. The lessor’s claim must be presented within 14 – fourteen – days after the end of the lease period, however time needed to obtain quotes, bids or contracts shall be added to the reasonable time period. This period shall, however, not apply if the tenant has been grossly negligent or has acted in bad faith. The tenant shall use the appropriate form for moving out, “xxxxxxxx.xx”, under “For leietaker” [in Norwegian]. This form shall be filled out in its entirety. The form must be signed by the tenant, as well as the new tenant and/or the lessor for approval. The form must be sent to the lessor at xxxxxxxx@xxxxxxxx.xx. The deposit will not be returned to the tenant before the completed form has been sent to the lessor. The parties shall agree on a time for the joint inspection no later than 1 week before the tenant moves out. The inspection shall take place Monday–Friday between 09:00 and 17:00. If the tenant prefers a time outside these hours, they will incur a fee of NOK 1,000.00. If any defects are pointed out at the inspection, these shall be remedied within 1 day, regardless of whether the next day falls on a weekday or weekend. If the tenant fails to be present for the agreed time (wasted trip), they will incur a fee of NOK 1,000.00assignee.
Appears in 1 contract
Samples: Lease Agreement
END OF LEASE. When Provided
(i) no Event of Default has occurred and is continuing and (ii) Lessee has made all payments in accordance with the lease endsLease, the tenant shall return the home, including furnishings, upon written notice furnished by Lessee no later than four (4) months prior to the lessor in the same condition as when they moved in. A vacation report shall be made available to the tenant before the lease period ends. This report shall be completed when the tenant moves out. The unit is considered returned when all expiration of the keys have been returned Initial Term, Lessee may, with respect to the lessor and the lessor otherwise has unimpeded access to the home. If the tenant leaves the home each Equipment Schedule (if set forth in such a condition that Equipment Schedule) either:
(a) Extend the tenancy must clearly be deemed abandonedInitial Term for not less than all the Equipment (i) for the additional period set forth on the applicable Equipment Schedule, and (ii) at the lessor may take control of Monthly Rental set forth on the lease object immediately. The home, including furnishings, shall be cleared, cleaned and in otherwise good contractual and professional condition. Drill holes and other marks in walls or ceilings shall be filled and painted over to a professional standardEquipment Schedule. Provided the obligation to maintain the premises, as described in section 13 above, has been met throughout the lease period, the lessor shall accept wear and tear from regular use up to the tenant moving out. In the event changes all payments have been made in accordance with the Lease and there shall be no default under the Lease by Lessee, title to the home that Equipment shall pass to Lessee at the tenant had no right to make, expiration of the lessor may demand that 12 month extension and upon payment of $1.00.;
(b) Extend the home be restored to its original condition, provided this does Initial Term for not entail disproportionate costs or unreasonable loss of value. In cases where less than all the lessor canEquipment for an additional 12 months at Fair Market Value rental;
(c) Purchase not demand that less than all the home be restored to its original condition, the lessor may claim compensation Equipment at Fair Market Value for the loss of value such changes have caused. Fixtures, wiring, etc., which the tenant has installed or has had installed in the lease object must not be removed, unless the tenant is restoring the home a purchase price equal to the condition it was in when the tenant moved in. If the home is not made available to the lessor on the day the lease ends, the lessor may claim compensation equivalent to the agreed lease payment, until the tenant’s use Fair Market Value thereof as of the lease object ceases. If the home is in worse condition than agreed in this contract, or as provided in section 13 above, the lessor may hold the tenant liable for necessary expenses incurred to remedy the situation. The lessor’s claim must be presented within 14 – fourteen – days after the end of the lease periodInitial Term, however plus any taxes applicable at the time needed to obtain quotes, bids or contracts of purchase. The purchase price shall be added paid by Lessee to Lessor at least thirty (30) days before the expiration of the Initial Term;
(d) Terminate the applicable Equipment Schedule and return not less than all the Equipment, subject to a remarketing charge equal to the reasonable percentage set forth in the applicable Equipment Schedule of Lessor's original Purchase Price for the Equipment;
(e) Purchase not less than all the Equipment at fifteen percent (15%) of Lesssor's original Purchase Price, plus any taxes applicable at the time periodof purchase; or
(f) Such other alternatives as may be set forth on the Equipment Schedule. This period shallNot less than ninety (90) days prior to the end of the Initial Term, howeverLessee may provide written notice to Lessor of Lessee's intention to exercise the purchase or extension option described above. If, not apply if on or before a date sixty (60) days prior to the tenant expiration of the Initial term Lessor and Lessee are unable to agree upon a determination of the fair market value of the Equipment, such fair market value shall be determined in accordance with the procedure for appraisal as described below. After a determination of the fair market value of the Equipment has been grossly negligent made in accordance with the procedure described below, Lessee may exercise its option to purchase the Equipment for the fair market value thereof by delivering written notice to Lessor not more than ten (10) days after completion of appraisal as described below. Appraisal shall mean a procedure whereby two independent appraisers, neither of whom shall be a manufacturer of such Items of Equipment, one chosen by Lessee and one by Lessor, shall mutually agree upon the amount in question based upon the definition set forth below. Each party shall deliver a written notice to the other party appointing its appraiser on or has acted before a date sixty days prior to the expiration of the Initial Term. If within fifteen (15) days after appointment of the two appraisers as described above, the two appraisers are unable to agree upon the amount in bad faithquestion, a third independent appraiser, who shall not be a manufacturer of such Items of Equipment, shall be chosen within five (5) business days thereafter by the mutual consent of such first two appraisers or, if such first two appraisers fail to agree upon the appointment of a third appraiser, such appointment shall be made by an authorized representative of the American Arbitration Association or any organization successor thereof. The tenant shall use decision of the appropriate form for moving out, “xxxxxxxx.xx”, under “For leietaker” [in Norwegian]. This form third appraiser so appointed and chosen shall be filled out given ten (10) business days after the selection of such third appraiser. Lessee shall pay the fees and expenses of all appraisers, if any. For purposes hereof, Fair Market Value shall mean the amount that would obtain in its entiretya retail arm's length transaction between an informed and willing lessee- buyer in possession and an informed and willing lessor-seller. The form must be signed by the tenant, as well as the new tenant and/or the lessor for approval. The form must be sent Rental charges previously paid pursuant to the lessor at xxxxxxxx@xxxxxxxx.xxapplicable Equipment Schedule shall have no effect on the determination of Fair Market Value. The deposit will Unless otherwise stated in the Equipment Schedule: the Fair Market Value for items set forth on the Equipment Schedule which do not have a readily ascertainable market value, (including but not limited to software, cabling and certain equipment) shall be returned determined by multiplying the Lessor's acquisition cost of such items by a fraction, the numerator of which shall be the Fair Market Value of the other items and the denominator of which shall be the Lessor's acquisition cost of such other items; and the determination of Fair Market Value shall be based upon the assumption that all items set forth on the Equipment Schedule or included with the Equipment may be transferred to, and used by, a third party user. In such determination, all alternative uses in the hands of each buyer or lessee, including, without limitation, the further leasing of the Equipment shall be taken into account in making such determination. If, for any reason, the parties are unable to agree on the Fair Market Value with respect to said purchase or rental, then the Lease with respect to the tenant before the completed form has been sent to the lessor. The parties Equipment shall agree on a time for the joint inspection no later than 1 week before the tenant moves out. The inspection shall take place Monday–Friday between 09:00 remain in full force and 17:00. If the tenant prefers a time outside these hours, they will incur a fee of NOK 1,000.00. If any defects are pointed out at the inspection, these shall be remedied within 1 day, regardless of whether the next day falls on a weekday or weekend. If the tenant fails to be present for the agreed time (wasted trip), they will incur a fee of NOK 1,000.00effect.
Appears in 1 contract