IHG Reservation of Ownership and Rights in and to the Sculpture Sample Clauses

IHG Reservation of Ownership and Rights in and to the Sculpture. A reservation of rights by an IHG Affiliate in and to that certain Xxxxx Xxxxx sculpture entitled “Spindle” and an easement over the portion of the Hotel lobby in which it is located in a form substantially similar to the easement attached hereto as Exhibit M (the “Easement”). The Easement shall be irrevocable (except as set forth in subsection (v) below), shall be in recordable form, shall not be subordinate to any mortgage holder and shall provide that (i) such reservation of rights may be assigned to any IHG Affiliate or to a museum, trust or other 501(c)(3) organization; (ii) IHG Affiliate or its assignee shall have the right to remove the sculpture from the Real Property at any time during the term of the reservation of rights; (iii) IHG Affiliate, its assignee and their invitees shall have the right to access and view the sculpture during reasonable Hotel operating hours; (iv) IHG Affiliate or its assignee shall, at its cost, maintain, insure, and pay all taxes attributable to the sculpture, and shall cause the sculpture to be in compliance with all legal requirements; (v) IHG Affiliate or its assignee shall remove the sculpture from the Real Property at such time as the Partnership desires to demolish (in accordance with and subject to the provisions of the Partnership Agreement and the Management Agreement) the Hotel; and (vi) IHG Affiliate or its assignee and Strategic shall cooperate in connection with any removal of the sculpture by IHG Affiliate or its assignee to agree on reasonable removal procedures that do not unduly disrupt the operation of the Hotel. Upon removal of the sculpture, the parties will execute a recordable termination of such Easement.
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Related to IHG Reservation of Ownership and Rights in and to the Sculpture

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  • OWNERSHIP AND USE OF DOCUMENTS 1.3.1 All drawings, specifications, estimates, and all other documents, including shop drawings and calculations, prepared at any time in connection with the Project, shall, upon payment for services in connection therewith, become the sole property of the State.

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