LESSEE'S EQUIPMENT. After any repossession of the Leased Property (whether or not this Lease has been terminated), Lessee, at its expense and so long as such removal of such Alteration shall not result in a violation of Applicable Law, shall, within a reasonable time after such repossession or within sixty (60) days after Lessee's receipt of Lessor's written request (whichever shall first occur), remove all of Lessee's trade fixtures, personal property and equipment from the Leased Property (to the extent that the same can be readily removed from the Leased Property without causing material damage to or materially impairing the value of the Leased Property); provided, however, that Lessee shall not remove any fixture, equipment or personal property which constitutes part of the Leased Property. Any of Lessee's trade fixtures, personal property and equipment not so removed by Lessee within such period shall be considered abandoned by Lessee, and title thereto shall without further act vest to Lessor, and may be appropriated, sold, destroyed or otherwise disposed of by Lessor without notice to Lessee and without obligation to account therefor and Lessee will pay Lessor, upon written demand, all reasonable and documented costs and expenses incurred by Lessor in removing, storing or disposing of the same and all costs and expenses incurred by Lessor to repair any damage to the Leased Property caused by such removal. Lessee will immediately repair at its expense all damage to the Leased Property caused by any such removal (unless such removal is effected by Lessor, in which event Lessee shall pay all reasonable costs and expenses incurred by Lessor for such repairs). Lessor shall have no liability in exercising Lessor's rights under this Article, nor shall Lessor be responsible for any loss of or damage to Lessee's personal property and equipment in connection therewith.
Appears in 4 contracts
Samples: Lease and Development Agreement (Huffy Corp), Master Lease and Development Agreement (Atria Communities Inc), Lease and Development Agreement (Eagle Usa Airfreight Inc)
LESSEE'S EQUIPMENT. After any repossession of the any Leased Property (whether or not this Lease has been terminated), Lessee, at its expense and so long as such removal of such Alteration trade fixture, personal property or equipment shall not result in a violation of Applicable Law, shall, within a reasonable time after such repossession or within sixty (60) days after Lessee's receipt of Lessor's written request (whichever shall first occur), remove all of Lessee's trade fixtures, personal property and equipment from the such Leased Property (to the extent that the same can be readily removed from the such Leased Property without causing material damage to or materially impairing the value of the such Leased Property); provided, however, that Lessee shall not remove any such trade fixtures, personal property or equipment that (i) has been financed by Lessor under the Operative Documents or otherwise constituting Leased Property (or that constitutes a replacement of such property) or (ii) with respect to which Lessor notifies Lessee that it is exercising the purchase option with respect thereto, which purchase option Lessee hereby grants to Lessor (in which case, Lessor shall pay to Lessee the fair market value of such trade fixture, equipment or personal property which constitutes part or equipment on such date of repossession (as determined by mutual agreement of Lessor and Lessee or, if no mutual agreement is promptly achieved, by an appraiser reasonably acceptable to Lessor and Lessee) and Lessee shall execute and deliver a xxxx of sale therefor to Lessor), provided that the purchase option set forth in this clause (ii) shall not apply to Lessee's inventory or to any personal property of Lessee not used or useful in connection with the Leased Property. Any of Lessee's trade fixtures, personal property and equipment not so removed by Lessee within such period shall be considered abandoned by Lessee, and title thereto shall without further act vest to in Lessor, and may be appropriated, sold, destroyed or otherwise disposed of by Lessor without notice to Lessee and without obligation to account therefor and Lessee will pay Lessor, upon written demand, all reasonable and documented costs and expenses incurred by Lessor in removing, storing or disposing of the same and all costs and expenses incurred by Lessor to repair any damage to the such Leased Property caused by such removal. Lessee will immediately repair at its expense all damage to the such Leased Property caused by any such removal (unless such removal is effected by Lessor, in which event Lessee shall pay all reasonable costs and expenses incurred by Lessor for such repairs). Lessor shall have no liability in exercising Lessor's rights under this ArticleArticle XV except as set forth in clause (ii) of the first sentence hereof, nor shall Lessor be responsible for any loss of or damage to Lessee's personal property and equipment in connection therewithequipment.
Appears in 2 contracts
Samples: Master Agreement (Ruby Tuesday Inc), Master Agreement (Ruby Tuesday Inc)
LESSEE'S EQUIPMENT. After any repossession of the any Leased Property (whether or not this Lease has been terminated), the related Lessee, at its expense and so long as such removal of such Alteration trade fixture, personal property or equipment shall not result in a violation of Applicable Law, shall, within a reasonable time after such repossession or within sixty ninety (6090) days after such Lessee's receipt of Lessor's written request (whichever shall first occur), remove all of such Lessee's trade fixtures, personal property and equipment from the such Leased Property (to the extent that the same can be readily removed from the such Leased Property without causing material damage to or materially impairing the value of the such Leased Property); provided, however, that such Lessee shall not remove any fixturesuch trade fixtures, equipment or personal property which or equipment that has been financed by Lessor under the Operative Documents or otherwise constituting Leased Property (or that constitutes part a replacement of the Leased Propertysuch property). Any of a Lessee's trade fixtures, personal property and equipment not so removed by such Lessee within such period shall be considered abandoned by such Lessee, and title thereto shall without further act vest to in Lessor, and may be appropriated, sold, destroyed or otherwise disposed of by Lessor without notice to any Lessee and without obligation to account therefor and the related Lessee will pay Lessor, upon written demand, all reasonable and documented costs and expenses incurred by Lessor in removing, storing or disposing of the same and all costs and expenses incurred by Lessor to repair any damage to the such Leased Property caused by such removal. Each Lessee will immediately repair at its expense all damage to the such Leased Property caused by any such removal (unless such removal is effected by Lessor, in which event such Lessee shall pay all reasonable costs and expenses incurred by Lessor for such repairs). Lessor shall have no liability in exercising Lessor's rights under this ArticleArticle XV, nor shall Lessor be responsible for any loss of or damage to any Lessee's personal property and equipment in connection therewithequipment.
Appears in 2 contracts
Samples: Master Lease Agreement (Dollar Tree Stores Inc), Master Lease Agreement (Discount Auto Parts Inc)
LESSEE'S EQUIPMENT. After any repossession of the Leased Property (whether or not this Lease has been terminated), Lessee, at its expense and so long as such the removal of such Alteration Lessee’s trade fixtures, personal property and equipment shall not result in a violation of Applicable Law, shall, within a reasonable time after such repossession or within sixty (60) days after Lessee's ’s receipt of Lessor's ’s written request (whichever shall first occur), remove all of Lessee's ’s trade fixtures, personal property and equipment from the Leased Property (to the extent that the same can be readily removed from the Leased Property without causing material damage to or materially impairing the value of the Leased Property); provided, however, that Lessee shall not remove any fixture, equipment such fixtures that constitute Leased Property (or personal property which constitutes part that constitute a replacement of the Leased Property). Any of Lessee's ’s trade fixtures, personal property and equipment not so removed by Lessee within such period shall be considered abandoned by Lessee, and title thereto shall without further act vest to in Lessor, and may be appropriated, sold, destroyed or otherwise disposed of by Lessor without notice to Lessee and without obligation to account therefor and Lessee will pay Lessor, upon written demand, all reasonable and documented costs and expenses incurred by Lessor in removing, storing or disposing of the same and all costs and expenses incurred by Lessor to repair any damage to the Leased Property caused by such removal. Lessee will immediately repair at its expense all damage to the Leased Property caused by any such removal (unless such removal is effected by Lessor, in which event Lessee shall pay all reasonable costs and expenses incurred by Lessor for such repairs). Lessor shall have no liability in exercising Lessor's ’s rights under this ArticleArticle XV, nor shall Lessor be responsible for any loss of or damage to Lessee's ’s personal property and equipment in connection therewithequipment.
Appears in 2 contracts
Samples: Lease Agreement (Lennox International Inc), Lease Agreement (Lennox International Inc)
LESSEE'S EQUIPMENT. After any repossession of the Leased Property (whether or not this Lease has been terminated), as a result of the exercise of the Surrender Option or otherwise, Lessee, at its expense and so long as such removal of such Alteration shall not result in a violation of Applicable Law, shall, within a reasonable time after such repossession or within sixty (60) days after Lessee's receipt of Lessor's written request (whichever shall first occur), remove all of Lessee's trade fixtures, personal property and equipment from the Leased Property (to the extent that the same can be readily removed from the Leased Property without causing material damage to or materially impairing the value of the Leased Property); providedPROVIDED, howeverHOWEVER, that Lessee shall not remove any fixturesuch trade fixtures, equipment or personal property which or equipment that has been financed by Lessor under the Operative Documents or otherwise constituting Leased Property (or that constitutes part a replacement of the Leased Propertysuch property). Any of Lessee's trade fixtures, personal property and equipment not so removed by Lessee within such period shall be considered abandoned by Lessee, and title thereto shall without further act vest to in Lessor, and may be appropriated, sold, destroyed or otherwise disposed of by Lessor without notice to Lessee and without obligation to account therefor and Lessee will pay Lessor, upon written demand, all reasonable and documented costs and expenses incurred by Lessor in removing, storing or disposing of the same and all costs and expenses incurred by Lessor to repair any damage to the Leased Property caused by such removal. Lessee will immediately repair at its expense all damage to the Leased Property caused by any such removal (unless such removal is effected by Lessor, in which event Lessee shall pay all reasonable costs and expenses incurred by Lessor for such repairs). Lessor shall have no liability in exercising Lessor's rights under this ArticleARTICLE XV except as set forth in CLAUSE (II) of the first sentence hereof, nor shall Lessor be responsible for any loss of or damage to Lessee's personal property and equipment in connection therewithequipment.
Appears in 2 contracts
Samples: Lease Agreement (Supreme International Corp), Lease Agreement (Supreme International Corp)
LESSEE'S EQUIPMENT. After any repossession of the any Leased Property (whether or not this Lease has been terminated), the related Lessee, at its expense and so long as such removal of such Alteration trade fixture, personal property or equipment shall not result in a violation of Applicable Law, shall, within a reasonable time after such repossession or within sixty ninety (6090) days after such Lessee's receipt of Lessor's written request (whichever shall first occur), remove all of such Lessee's trade fixtures, personal property and equipment from the such Leased Property (to the extent that the same can be readily removed from the such Leased Property without causing material damage to or materially impairing the value of the such Leased Property); provided, however, that such Lessee shall not remove any fixturesuch trade fixtures, equipment or personal property which or equipment that has been financed by Lessor and/or the Lenders under the Operative Documents or otherwise constituting Leased Property (or that constitutes part a replacement of the Leased Propertysuch property). Any of a Lessee's trade fixtures, personal property and equipment not so removed by such Lessee within such period shall be considered abandoned by such Lessee, and title thereto shall without further act vest to in Lessor, and may be appropriated, sold, destroyed or otherwise disposed of by Lessor without notice to any Lessee and without obligation to account therefor and the related Lessee will pay Lessor, upon written demand, all reasonable and documented costs and expenses incurred by Lessor in removing, storing or disposing of the same and all costs and expenses incurred by Lessor to repair any damage to the such Leased Property caused by such removal. Each Lessee will immediately repair at its expense all damage to the such Leased Property caused by any such removal (unless such removal is effected by Lessor, in which event such Lessee shall pay all reasonable costs and expenses incurred by Lessor for such repairs). Lessor shall have no liability in exercising Lessor's rights under this ArticleArticle XV, nor shall Lessor be responsible for any loss of or damage to any Lessee's personal property and equipment in connection therewithequipment.
Appears in 2 contracts
Samples: Master Lease Agreement (Choicepoint Inc), Master Lease Agreement (Choicepoint Inc)
LESSEE'S EQUIPMENT. After any repossession of the Leased Property (whether or not this Lease has been terminated), the Lessee, at its expense and so long as such removal of such Alteration trade fixtures, personal property or equipment shall not result in a violation of Applicable Law, shall, within a reasonable time after such repossession or within sixty ninety (6090) days after the Lessee's ’s receipt of Lessor's ’s written request (whichever shall first occur), remove all of the Lessee's ’s trade fixtures, personal property and equipment from the Leased Property (to the extent that the same can be readily removed from the Leased Property without causing material damage to or materially impairing the value of the Leased Property); provided, however, that the Lessee shall not remove any fixturesuch trade fixtures, equipment or personal property which or equipment that has been financed by Lessor under the Operative Documents or otherwise constituting Leased Property (or that constitutes part a replacement of the Leased Propertysuch property). Any of the Lessee's ’s trade fixtures, personal property and equipment not so removed by the Lessee within such period shall be considered abandoned by the Lessee, and title thereto shall without further act vest to in Lessor, and may be appropriated, sold, destroyed or otherwise disposed of by Lessor without notice to the Lessee and without obligation to account therefor and the Lessee will pay Lessor, upon written demand, all reasonable and documented costs and expenses incurred by Lessor in removing, storing or disposing of the same and all costs and expenses incurred by Lessor to repair any damage to the Leased Property caused by such removal. The Lessee will immediately repair at its expense all damage to the Leased Property caused by any such removal (unless such removal is effected by Lessor, in which event the Lessee shall pay all reasonable costs and expenses incurred by Lessor for such repairs). Lessor shall have no liability in exercising Lessor's ’s rights under this ArticleArticle XV, nor shall Lessor be responsible for any loss of or damage to the Lessee's ’s personal property and equipment in connection therewithequipment.
Appears in 1 contract
LESSEE'S EQUIPMENT. Except as expressly provided in this ARTICLE XVI, Lessor waives any statutory and/or contractual lien on Lessee's personal property as security for this Lease. After any repossession of the Leased Property (whether or not this Lease has been terminated), Lessee, at its expense and so long as such removal of such Alteration shall not result in a violation of Applicable Law, shall, within a reasonable time after such repossession or within sixty (60) days after Lessee's receipt of Lessor's written request (whichever shall first occur), remove all of Lessee's trade fixtures, personal property and equipment from the Leased Property (to the extent that the same can be readily removed from the Leased Property without causing material damage to or materially impairing the value of the Leased Property); providedPROVIDED, howeverHOWEVER, that Lessee shall not remove remove, and Lessor shall have a lien upon, any fixture, equipment or personal property which constitutes part of the Leased Property. Any of Lessee's trade fixtures, personal property and equipment not so removed by Lessee within such period shall be considered abandoned by Lessee, and title thereto shall without further act vest to Lessor, and may be appropriated, sold, destroyed or otherwise disposed of by Lessor without notice to Lessee and without obligation to account therefor and Lessee will pay Lessor, upon written demand, all reasonable and documented costs and expenses incurred by Lessor in removing, storing or disposing of the same and all costs and expenses incurred by Lessor to repair any damage to the Leased Property caused by such removal. Lessee will immediately repair at its expense all damage to the Leased Property caused by any such removal (unless such removal is effected by Lessor, in which event Lessee shall pay all reasonable costs and expenses incurred by Lessor for such repairs). Lessor shall have no liability in exercising Lessor's rights under this Article, nor shall Lessor be responsible for any loss of or damage to Lessee's personal property and equipment in connection therewith.
Appears in 1 contract
Samples: Lease Agreement (STB Systems Inc)
LESSEE'S EQUIPMENT. After any repossession of the any Leased Property (whether or not this Lease has been terminated), the related Lessee, at its expense and so long as such removal of such Alteration trade fixture, personal property or equipment shall not result in a violation of Applicable Law, shall, within a reasonable time after such repossession or within sixty ninety (6090) days after such Lessee's receipt of Lessor's written request (whichever shall first occur), remove all of such Lessee's trade fixtures, personal property and equipment from the such Leased Property (to the extent that the same can be readily removed from the such Leased Property without causing material damage to or materially impairing the value of the such Leased Property); provided, however, that such Lessee shall not remove any fixturesuch trade fixtures, equipment or personal property which or equipment that has been financed by Lessor and/or the Lenders under the Operative Documents or otherwise constituting Leased Property (or that constitutes part a replacement of the Leased Propertysuch property). Any of a Lessee's trade fixtures, personal property and equipment not so removed by such Lessee within such period shall be considered abandoned by such Lessee, and title thereto shall without further act vest to in Lessor, and may be appropriated, sold, destroyed or otherwise disposed of by Lessor without notice to any Lessee and without obligation to account therefor and the related Lessee will pay Lessor, upon written demand, all reasonable and documented costs and expenses incurred by Lessor in removing, storing or disposing of the same and all costs and expenses incurred by Lessor to repair any damage to the Leased Property leased by it caused by such removal. Each Lessee will immediately repair at its expense all damage to the such Leased Property caused by any such removal (unless such removal is effected by Lessor, in which event such Lessee shall pay all reasonable costs and expenses incurred by Lessor for such repairs). Lessor shall have no liability in exercising Lessor's rights under this ArticleArticle XV, nor shall Lessor be responsible for any loss of or damage to any Lessee's personal property and equipment in connection therewithequipment.
Appears in 1 contract
LESSEE'S EQUIPMENT. After any repossession of the any Leased Property (whether or not this Lease has been terminated), the related Lessee, at its expense and so long as such removal of such Alteration trade fixture, personal property or equipment shall not result in a violation of Applicable Law, shall, within a reasonable time after such repossession or within sixty (60) days after such Lessee's receipt of Lessor's written request (whichever shall first occur), remove all of such Lessee's trade fixtures, personal property and equipment from the such Leased Property (to the extent that the same can be readily removed from the such Leased Property without causing material damage to or materially impairing the value of the such Leased Property); providedPROVIDED, howeverHOWEVER, that such Lessee shall not remove any fixturesuch trade fixtures, equipment or personal property which or equipment that has been financed by Lessor under the Operative Documents or otherwise constituting Leased Property (or that constitutes part a replacement of the Leased Propertysuch property). Any of a Lessee's trade fixtures, personal property and equipment not so removed by such Lessee within such period shall be considered abandoned by such Lessee, and title thereto shall without further act vest to in Lessor, and may be appropriated, sold, destroyed or otherwise disposed of by Lessor without notice to any Lessee and without obligation to account therefor and Lessee the Lessees will pay Lessor, upon written demand, all reasonable and documented costs and expenses incurred by Lessor in removing, storing or disposing of the same and all costs and expenses incurred by Lessor to repair any damage to the such Leased Property caused by such removal. Each Lessee will immediately repair at its expense all damage to the such Leased Property caused by any such removal (unless such removal is effected by Lessor, in which event such Lessee shall pay all reasonable costs and expenses incurred by Lessor for such repairs). Lessor shall have no liability in exercising Lessor's rights under this ArticleARTICLE XV, nor shall Lessor be responsible for any loss of or damage to any Lessee's personal property and equipment in connection therewithequipment.
Appears in 1 contract
LESSEE'S EQUIPMENT. After any repossession of the any Leased Property (whether or not this Lease has been terminated), the related Lessee, at its expense and so long as such removal of such Alteration trade fixture, personal property or equipment shall not result in a violation of Applicable Law, shall, within a reasonable time after such repossession or within sixty ninety (6090) days after such Lessee's receipt of Lessor's written request (whichever shall first occur), remove all of such Lessee's trade fixtures, personal property and equipment from the such Leased Property (to the extent that the same can be readily removed from the such Leased Property without causing material damage to or materially impairing the value of the such Leased Property); provided, however, that such -------- ------- Lessee shall not remove any fixturesuch trade fixtures, equipment or personal property which or equipment that has been financed by Lessor under the Operative Documents or otherwise constituting Leased Property (or that constitutes part a replacement of the Leased Propertysuch property). Any of a Lessee's trade fixtures, personal property and equipment not so removed by such Lessee within such period shall be considered abandoned by such Lessee, and title thereto shall without further act vest to in Lessor, and may be appropriated, sold, destroyed or otherwise disposed of by Lessor without notice to any Lessee and without obligation to account therefor and the related Lessee will pay Lessor, upon written demand, all reasonable and documented costs and expenses incurred by Lessor in removing, storing or disposing of the same and all costs and expenses incurred by Lessor to repair any damage to the such Leased Property caused by such removal. Each Lessee will immediately repair at its expense all damage to the such Leased Property caused by any such removal (unless such removal is effected by Lessor, in which event such Lessee shall pay all reasonable costs and expenses incurred by Lessor for such repairs). Lessor shall have no liability in exercising Lessor's rights under this ArticleArticle XV, nor shall Lessor be responsible for any ---------- loss of or damage to any Lessee's personal property and equipment in connection therewithequipment.
Appears in 1 contract
LESSEE'S EQUIPMENT. After any repossession of the any Leased Property (whether or not this Lease has been terminated), Lessee, at its expense and so long as such removal of such Alteration shall not result in a violation of Applicable Law, shall, within a reasonable time after such repossession or within sixty (60) days after Lessee's receipt of Lessor's written request (whichever shall first occur), remove all of Lessee's trade fixtures, personal property and equipment from the such Leased Property (to the extent that the same can be readily removed from the such Leased Property without causing material damage to or materially impairing the value of the such Leased Property); provided, however, that Lessee shall not remove any such trade fixtures, personal property or equipment that (i) has been financed by Lessor under the Operative Documents or otherwise constituting Leased Property (or that constitutes a replacement of such property) or (ii) with respect to which Lessor notifies Lessee that it is exercising its purchase option (in which case, Lessor shall pay to Lessee the fair market value of such trade fixture, equipment or personal property which constitutes part or equipment on such date of repossession and Lessee shall execute and deliver a bill of sale therefor to Lessor), provided that the Leased Propertypurchase option xxx forth in this clause (ii) shall not apply to Lessee's inventory. Any of Lessee's trade fixtures, personal property and equipment not so removed by Lessee within such period shall be considered abandoned by Lessee, and title thereto shall without further act vest to in Lessor, and may be appropriated, sold, destroyed or otherwise disposed of by Lessor without notice to Lessee and without obligation to account therefor and Lessee will pay Lessor, upon written demand, all reasonable and documented costs and expenses incurred by Lessor in removing, storing or disposing of the same and all costs and expenses incurred by Lessor to repair any damage to the such Leased Property caused by such removal. Lessee will immediately repair at its expense all damage to the such Leased Property caused by any such removal (unless such removal is effected by Lessor, in which event Lessee shall pay all reasonable costs and expenses incurred by Lessor for such repairs). Lessor shall have no liability in exercising Lessor's rights under this ArticleArticle XV except as set forth in clause (ii) of the first sentence hereof, nor shall Lessor be responsible for any loss of or damage to Lessee's personal property and equipment in connection therewithequipment.
Appears in 1 contract
Samples: Master Agreement (Aaron Rents Inc)
LESSEE'S EQUIPMENT. After any repossession of the any Leased Property (whether or not this Lease has been terminated), the related Lessee, at its expense and so long as such removal of such Alteration trade fixture, personal property or equipment shall not result in a violation of Applicable Law, shall, within a reasonable time after such repossession or within sixty ninety (6090) days after such Lessee's receipt of Lessor's written request (whichever shall first occur), remove all of such Lessee's trade fixtures, personal property and equipment from the such Leased Property (to the extent that the same can be readily removed from the such Leased Property without causing material damage to or materially impairing the value of the such Leased Property); providedPROVIDED, howeverHOWEVER, that such Lessee shall not remove any fixturesuch trade fixtures, equipment or personal property which or equipment that has been financed by Lessor and/or the Lenders under the Operative Documents or otherwise constituting Leased Property (or that constitutes part a replacement of the Leased Propertysuch property). Any of a Lessee's trade fixtures, personal property and equipment not so removed by such Lessee within such period shall be considered abandoned by such Lessee, and title thereto shall without further act vest to in Lessor, and may be appropriated, sold, destroyed or otherwise disposed of by Lessor without notice to any Lessee and without obligation to account therefor and the related Lessee will pay Lessor, upon written demand, all reasonable and documented costs and expenses incurred by Lessor in removing, storing or disposing of the same and all costs and expenses incurred by Lessor to repair any damage to the such Leased Property caused by such removal. Each Lessee will immediately repair at its expense all damage to the such Leased Property caused by any such removal (unless such removal is effected by Lessor, in which event such Lessee shall pay all reasonable costs and expenses incurred by Lessor for such repairs). Lessor shall have no liability in exercising Lessor's rights under this ArticleARTICLE XV, nor shall Lessor be responsible for any loss of or damage to any Lessee's personal property and equipment in connection therewithequipment.
Appears in 1 contract
Samples: Master Lease Agreement (Allete Inc)
LESSEE'S EQUIPMENT. After any repossession of the any Leased Property (whether or not this Lease has been terminated), the related Lessee, at its expense and so long as such removal of such Alteration trade fixture, personal property or equipment shall not result in a violation of Applicable Law, shall, within a reasonable time after such repossession or within sixty (60) days after such Lessee's receipt of Lessor's written request (whichever shall first occur), remove all of Lessee's trade fixtures, personal property and equipment from the Leased Property (to the extent that the same can be readily removed from the such Leased Property without causing material damage to or materially impairing the value of the such Leased Property); provided, however, -------- ------- that such Lessee shall not remove any fixturesuch trade fixtures, equipment or personal property which or equipment that has been financed by Lessor under the Operative Documents or otherwise constituting Leased Property (or that constitutes part a replacement of the Leased Propertysuch property). Any of a Lessee's trade fixtures, personal property and equipment not so removed by such Lessee within such period shall be considered abandoned by such Lessee, and title thereto shall without further act vest to in Lessor, and may be appropriated, sold, destroyed or otherwise disposed of by Lessor without notice to any Lessee and without obligation to account therefor and the related Lessee will pay Lessor, upon written demand, all reasonable and documented costs and expenses incurred by Lessor in removing, storing or disposing of the same and all costs and expenses incurred by Lessor to repair any damage to the such Leased Property caused by such removal. Each Lessee will immediately repair at its expense all damage to the such Leased Property caused by any such removal (unless such removal is effected by Lessor, in which event such Lessee shall pay all reasonable costs and expenses incurred by Lessor for such repairs). Lessor shall have no liability in exercising Lessor's rights in good faith and using reasonable care under this ArticleArticle XV, nor shall Lessor be responsible for any ---------- loss of or damage to any Lessee's personal property and equipment in connection therewithequipment.
Appears in 1 contract
LESSEE'S EQUIPMENT. After any repossession of the any Leased Property (whether or not this Lease has been terminated), as a result of the exercise of the Surrender Option or otherwise, Lessee, at its expense and so long as such removal of such Alteration trade fixture, personal property or equipment shall not result in a violation of Applicable Law, shall, within a reasonable time after such repossession or within sixty (60) days after Lessee's receipt of Lessor's written request (whichever shall first occur), remove all of Lessee's trade fixtures, personal property and equipment from the such Leased Property (to the extent that the same can be readily removed from the such Leased Property without causing material damage to or materially impairing the value of the such Leased Property); provided, however, that Lessee shall not remove any such trade fixtures, personal property or equipment that (i) has been financed by Lessor under the Operative Documents or otherwise constituting Leased Property (or that constitutes a replacement of such property) or (ii) with respect to which Lessor notifies Lessee that it is exercising the purchase option with respect thereto, which purchase option Lessee hereby grants to Lessor (in which case, Lessor shall pay to Lessee the fair market value of such trade fixture, equipment or personal property which constitutes part or equipment on such date of repossession (as determined by mutual agreement of Lessor and Lessee or, if no mutual agreement is promptly achieved, by an appraiser reasonably acceptable to Lessor and Lessee) and Lessee shall execute and deliver a xxxx of sale therefor to Lessor), provided that the purchase option set forth in this clause (ii) shall not apply to Lessee's inventory or to any personal property of Lessee not used or useful in connection with the Leased Property. Any of Lessee's trade fixtures, personal property and equipment not so removed by Lessee within such period shall be considered abandoned by Lessee, and title thereto shall without further act vest to in Lessor, and may be appropriated, sold, destroyed or otherwise disposed of by Lessor without notice to Lessee and without obligation to account therefor and Lessee will pay Lessor, upon written demand, all reasonable and documented costs and expenses incurred by Lessor in removing, storing or disposing of the same and all costs and expenses incurred by Lessor to repair any damage to the such Leased Property caused by such removal. Lessee will immediately repair at its expense all damage to the such Leased Property caused by any such removal (unless such removal is effected by Lessor, in which event Lessee shall pay all reasonable costs and expenses incurred by Lessor for such repairs). Lessor shall have no liability in exercising Lessor's rights under this ArticleArticle XV except as set forth in clause (ii) of the first sentence hereof, nor shall Lessor be responsible for any loss of or damage to Lessee's personal property and equipment in connection therewithequipment.
Appears in 1 contract
Samples: Master Agreement (Ruby Tuesday Inc)
LESSEE'S EQUIPMENT. After any repossession of the any Leased Property (whether or not this Lease has been terminated), Lessee, at its expense and so long as such removal of such Alteration trade fixture, personal property or equipment shall not result in a violation of Applicable Law, shall, within a reasonable time after such repossession or within sixty (60) days after Lessee's receipt of Lessor's written request (whichever shall first occur), remove all of Lessee's trade fixtures, personal property and equipment from the such Leased Property (to the extent that the same can be readily removed from the such Leased Property without causing material damage to or materially impairing the value of the such Leased Property); provided, however, that Lessee shall not remove any such trade fixtures, personal property or equipment that (i) has been financed by Lessor under the Operative Documents or otherwise constituting Leased Property (or that constitutes a replacement of such property) or (ii) with respect to which Lessor notifies Lessee that it is exercising the purchase option with respect thereto, which purchase option Lessee hereby grants to Lessor (in which case, Lessor shall pay to Lessee the fair market value of such trade fixture, equipment or personal property which constitutes part or equipment on such date of repossession (as determined by mutual agreement of Lessor and Lessee or, if no mutual agreement is promptly achieved, by an appraiser reasonably acceptable to Lessor and Lessee) and Lessee shall execute and deliver a bill of sale therefor to Lessor), xxovided that the purchase option set forth in this clause (ii) shall not apply to Lessee's inventory or to any personal property of Lessee not used or useful in connection with the Leased Property. Any of Lessee's trade fixtures, personal property and equipment not so removed by Lessee within such period shall be considered abandoned by Lessee, and title thereto shall without further act vest to in Lessor, and may be appropriated, sold, destroyed or otherwise disposed of by Lessor without notice to Lessee and without obligation to account therefor and Lessee will pay Lessor, upon written demand, all reasonable and documented costs and expenses incurred by Lessor in removing, storing or disposing of the same and all costs and expenses incurred by Lessor to repair any damage to the such Leased Property caused by such removal. Lessee will immediately repair at its expense all damage to the such Leased Property caused by any such removal (unless such removal is effected by Lessor, in which event Lessee shall pay all reasonable costs and expenses incurred by Lessor for such repairs). Lessor shall have no liability in exercising Lessor's rights under this ArticleArticle XV except as set forth in clause (ii) of the first sentence hereof, nor shall Lessor be responsible for any loss of or damage to Lessee's personal property and equipment in connection therewithequipment.
Appears in 1 contract
Samples: Master Agreement (Ruby Tuesday Inc)
LESSEE'S EQUIPMENT. After any repossession of the any Leased Property (whether or not this Lease has been terminated), Lessee, at its expense and so long as such removal of such Alteration trade fixture, personal property or equipment shall not result in a violation of Applicable Law, shall, within a reasonable time after such repossession or within sixty ninety (6090) days after Lessee's ’s receipt of Lessor's ’s written request (whichever shall first occur), remove all of Lessee's ’s trade fixtures, personal property and equipment from the such Leased Property (to the extent that the same can be readily removed from the such Leased Property without causing material damage to or materially impairing the value of the such Leased Property); provided, however, that Lessee shall not remove any fixturesuch trade fixtures, equipment or personal property which or equipment that has been financed by Lessor and/or the Lenders under the Operative Documents or otherwise constituting Leased Property (or that constitutes part a replacement of the Leased Propertysuch property). Any of Lessee's ’s trade fixtures, personal property and equipment not so removed by Lessee within such period shall be considered abandoned by Lessee, and title thereto shall without further act vest to in Lessor, and may be appropriated, sold, destroyed or otherwise disposed of by Lessor without notice to Lessee and without obligation to account therefor and Lessee will pay Lessor, upon written demand, all reasonable and documented costs and expenses incurred by Lessor in removing, storing or disposing of the same and all costs and expenses incurred by Lessor to repair any damage to the such Leased Property caused by such removal. Lessee will immediately repair at its expense all damage to the such Leased Property caused by any such removal (unless such removal is effected by Lessor, in which event Lessee shall pay all reasonable costs and expenses incurred by Lessor for such repairs). Lessor shall have no liability in exercising Lessor's ’s rights under this ArticleArticle XV, nor shall Lessor be responsible for any loss of or damage to Lessee's ’s personal property and equipment. Notwithstanding anything to the contrary set forth in this Lease, Lessor shall have no interest in, or Lien on, any of Lessee’s computer and data processing equipment in connection therewithor other personal property unless the Funding Parties have financed such equipment or other personal property or Lessee does not remove such equipment or personal property as and when required pursuant to this Article XV.
Appears in 1 contract
LESSEE'S EQUIPMENT. After any repossession of the Leased Property (whether or not this Lease has been terminated), the Lessee, at its expense and so long as such removal of such Alteration shall not result in a violation of Applicable Law, shall, within a reasonable time after such repossession or within sixty (60) days after the Lessee's receipt of the Lessor's written request (whichever shall first occur), remove all of the Lessee's trade fixtures, personal property and equipment from the Leased Property (to the extent that the same can be readily removed from the Leased Property without causing material damage to or materially impairing the value of the Leased Property); providedPROVIDED, howeverHOWEVER, that the Lessee shall not remove any fixture, equipment or personal property which constitutes part of the Leased Property. Any of the Lessee's trade fixtures, personal property and equipment not so removed by the Lessee within such period shall be considered abandoned by the Lessee, and title thereto shall without further act vest to the Lessor, and may be appropriated, sold, destroyed or otherwise disposed of by the Lessor without notice to the Lessee and without obligation to account therefor and the Lessee will pay the Lessor, upon written demand, all reasonable and documented costs and expenses incurred by the Lessor in removing, storing or disposing of the same and all costs and expenses incurred by the Lessor to repair any damage to the Leased Property caused by such removal. The Lessee will immediately repair at its expense all damage to the Leased Property caused by any such removal (unless such removal is effected by the Lessor, in which event the Lessee shall pay all reasonable costs and expenses incurred by the Lessor for such repairs). The Lessor shall have no liability in exercising the Lessor's rights under this ArticleARTICLE XVI, nor shall the Lessor be responsible for any loss of or damage to the Lessee's personal property and equipment in connection therewith.
Appears in 1 contract
LESSEE'S EQUIPMENT. After any repossession 9.1 All moveable partitions, business and trade fixtures, machinery and equipment, communications equipment and office equipment, and the property of the Leased Property Lessee referred to in Section 1(b) (whether deemed realty or personal property under applicable law), whether or not attached to or built into the Proper- ty, which is now located on or installed in the Property or is hereafter placed on or installed in the Property by or for the account of Lessee without expense to Lessor and can be removed without structural damage to the Property, and all furniture, furnishings, and other movable personal property owned by Lessee and located now or hereafter in the Property (collectively, "Lessee's Equipment") shall be and shall remain the property of Lessee and may be removed by Lessee at any time during the Term; provided that if any of the Lessee's Equipment is removed, Lessee shall repair or pay the cost of repairing any damage to the Property resulting from the installation and/or removal thereof.
9.2 At or before the expiration of the Term of this Lease has been terminated), Lessee, at its expense and so long as such removal of such Alteration shall not result in a violation of Applicable Law, shall, within a reasonable time after such repossession or within sixty fifteen (6015) days after the date of earlier termination of this Lease, Lessee shall remove from the Property all of the Lessee's receipt Equipment (except such items thereof as Lessor shall have expressly permitted to remain, which property shall become the property of Lessor's written request (whichever shall first occur)Lessor if not removed, remove all of Lessee's trade fixtures, personal property and equipment from the Leased Property (to the extent that the same can be readily removed from the Leased Property without causing material damage to or materially impairing the value of the Leased Property); provided, however, that Lessee shall not remove any fixture, equipment or personal property which constitutes part of the Leased Property. Any of Lessee's trade fixtures, personal property and equipment not so removed by Lessee within such period shall be considered abandoned by Lessee, and title thereto shall without further act vest to Lessor, and may be appropriated, sold, destroyed or otherwise disposed of by Lessor without notice to Lessee and without obligation to account therefor and Lessee will pay Lessor, upon written demand, all reasonable and documented costs and expenses incurred by Lessor in removing, storing or disposing of the same and all costs and expenses incurred by Lessor to repair any damage to the Leased Property caused by such removalresulting from any installation and/or removal of the Lessee's Equipment. Lessee will immediately repair Any items of the Lessee's Equipment which shall remain in the Property after the expiration of the Term of this Lease, or after a period of fifteen (15) days following an earlier termination date, may, at its expense all damage to the Leased Property caused by any such removal (unless such removal is effected by option of Lessor, be deemed to have been abandoned, and in which event Lessee shall pay all reasonable costs and expenses incurred such case such items may be retained by Lessor for as its property or disposed of by Landlord, without liability to Lessee, in such repairs). manner as Lessor shall have no liability in exercising Lessor's rights under this Article, nor shall Lessor be responsible for any loss of or damage to determine at Lessee's personal property and equipment in connection therewithexpense.
Appears in 1 contract
LESSEE'S EQUIPMENT. After any repossession of the any Leased Property by Lessor or the Agent (whether or not this Lease has been terminated), the related Lessee, at its expense and so long as such removal of such Alteration trade fixture, personal property or equipment shall not result in a violation of Applicable Law, shall, within a reasonable time after such repossession or within sixty ninety (6090) days after such Lessee's receipt of Lessor's written request (whichever shall first occur), remove all of such Lessee's trade fixtures, personal property and equipment from the such Leased Property (to the extent that the same can be readily removed from the such Leased Property without causing material damage to or materially impairing the value of the such Leased Property); provided, however, that such Lessee shall not remove any fixture, equipment Funded Equipment (or personal property which that constitutes part a replacement of the Leased Propertysuch property). Any of a Lessee's trade fixtures, personal property and equipment not so removed by such Lessee within such period shall be considered abandoned by such Lessee, and title thereto shall without further act vest to in Lessor, and may be appropriated, sold, destroyed or otherwise disposed of by Lessor without notice to any Lessee and without obligation to account therefor and the related Lessee will pay Lessor, upon written demand, all reasonable and documented costs and expenses incurred by Lessor in removing, storing or disposing of the same and all costs and expenses incurred by Lessor to repair any damage to the such Leased Property caused by such removal. Each Lessee will immediately repair at its expense all damage to the such Leased Property caused by any such removal (unless such removal is effected by Lessor, in which event such Lessee shall pay all reasonable costs and expenses incurred by Lessor for such repairs). Lessor shall have no liability in exercising Lessor's rights under this ArticleArticle XV, nor shall Lessor be responsible for any loss of or damage to any Lessee's personal property and equipment in connection therewithexcept to the extent due to Lessor's gross negligence or willful misconduct.
Appears in 1 contract
LESSEE'S EQUIPMENT. After any repossession of the Leased Property (whether or not this Lease has been terminated), the Lessee, at its sole cost and expense and so long as such removal of such Alteration trade fixtures, personal property or equipment shall not result in a violation of Applicable Law, shall, within a reasonable time after such repossession or within sixty (60) days after the Lessee's receipt of the Lessor's written request (whichever shall first occur), remove all of the Lessee's trade fixtures, personal property and equipment from the Leased Property (to the extent that the same can be readily removed from the Leased Property without causing material damage to or materially impairing the value of the Leased Property); provided, however, that the Lessee shall not remove any fixturesuch -------- ------- trade fixtures, equipment or personal property which or equipment that has been financed by the Lessor under the Operative Documents or otherwise constituting Leased Property (or that constitutes part a replacement of the Leased Propertysuch property). Any of the Lessee's trade fixtures, personal property and equipment not so removed by the Lessee within such period shall be considered abandoned by the Lessee, and title thereto shall without further act vest to in the Lessor, and may be appropriated, sold, destroyed or otherwise disposed of by the Lessor without notice to the Lessee and without obligation to account therefor and the Lessee will pay the Lessor, upon written demand, all reasonable and documented costs and expenses incurred by the Lessor in removing, storing or disposing of the same and all costs and expenses incurred by the Lessor to repair any damage to the Leased Property caused by such removal. The Lessee will immediately repair at its expense all damage to the Leased Property caused by any such removal (unless such removal is effected by the Lessor, in which event the Lessee shall pay all reasonable costs and expenses incurred by the Lessor for such repairs). The Lessor shall have no liability in exercising the Lessor's rights under this ArticleArticle XV, nor shall the Lessor be responsible ---------- for any loss of or damage to the Lessee's personal property and equipment in connection therewithequipment.
Appears in 1 contract
Samples: Master Lease Agreement (Jones Financial Companies Lp LLP)
LESSEE'S EQUIPMENT. After any repossession of the any Leased Property by Lessor or the Agent (whether or not this Lease has been terminated), the related Lessee, at its expense and so long as such removal of such Alteration trade fixture, personal property or equipment shall not result in a violation of Applicable Law, shall, within a reasonable time after such repossession or within sixty ninety (6090) days after such Lessee's ’s receipt of Lessor's ’s written request (whichever shall first occur), remove all of such Lessee's ’s trade fixtures, personal property and equipment from the such Leased Property (to the extent that the same can be readily removed from the such Leased Property without causing material damage to or materially impairing the value of the such Leased Property); provided, however, that such Lessee shall not remove any fixture, equipment Funded Equipment (or personal property which that constitutes part a replacement of the Leased Propertysuch property). Any of a Lessee's ’s trade fixtures, personal property and equipment not so removed by such Lessee within such period shall be considered abandoned by such Lessee, and title thereto shall without further act vest to in Lessor, and may be appropriated, sold, destroyed or otherwise disposed of by Lessor without notice to any Lessee and without obligation to account therefor and the related Lessee will pay Lessor, upon written demand, all reasonable and documented costs and expenses incurred by Lessor in removing, storing or disposing of the same and all costs and expenses incurred by Lessor to repair any damage to the such Leased Property caused by such removal. Each Lessee will immediately repair at its expense all damage to the such Leased Property caused by any such removal (unless such removal is effected by Lessor, in which event such Lessee shall pay all reasonable costs and expenses incurred by Lessor for such repairs). Lessor shall have no liability in exercising Lessor's ’s rights under this ArticleArticle XV, nor shall Lessor be responsible for any loss of or damage to any Lessee's ’s personal property and equipment in connection therewithexcept to the extent due to Lessor’s gross negligence or willful misconduct.
Appears in 1 contract
LESSEE'S EQUIPMENT. After any repossession of the any Leased Property (whether or not this Lease has been terminated), the related Lessee, at its expense and so long as such removal of such Alteration trade fixture, personal property or equipment shall not result in a violation of Applicable Law, shall, within a reasonable time after such repossession or within sixty ninety (6090) days after such Lessee's receipt of Lessor's written request (whichever shall first occur), remove all of such Lessee's trade fixtures, personal property and equipment from the such Leased Property (to the extent that the same can be readily removed from the such Leased Property without causing material damage to or materially impairing the value of the such Leased Property); provided, however, that such -------- ------- Lessee shall not remove any fixturesuch trade fixtures, equipment or personal property which or equipment that has been financed by Lessor under the Operative Documents or otherwise constituting Leased Property (or that constitutes part a replacement of the Leased Propertysuch property). Any of a Lessee's trade fixtures, personal property and equipment not so removed by such Lessee within such period shall be considered abandoned by such Lessee, and title thereto shall without further act vest to in Lessor, and may be appropriated, sold, destroyed or otherwise disposed of by Lessor without notice to any Lessee and without obligation to account therefor and the related Lessee will pay Lessor, upon written demand, all reasonable and documented costs and expenses incurred by Lessor in removing, storing or disposing of the same and all costs and expenses incurred by Lessor to repair any damage to the such Leased Property caused by such removal. Each Lessee will immediately repair at its expense all damage to the such Leased Property caused by any such removal (unless such removal is effected by Lessor, in which event such Lessee shall pay all reasonable costs and expenses incurred by Lessor for such repairs). Lessor shall have no liability in exercising Lessor's rights under this ArticleArticle XV, nor shall Lessor ---------- be responsible for any loss of or damage to any Lessee's personal property and equipment in connection therewithequipment.
Appears in 1 contract
LESSEE'S EQUIPMENT. After any repossession of the Leased Property (whether or not this Lease has been terminated), as a result of the exercise of the Surrender Option or otherwise, Lessee, at its expense and so long as such removal of such Alteration shall not result in a violation of Applicable Law, shall, within a reasonable time after such repossession or within sixty (60) days after Lessee's receipt of Lessor's written request (whichever shall first occur), remove all of Lessee's trade fixtures, refrigeration equipment, racking, conveyor systems, personal property and equipment from the Leased Property (to the extent that the same can be readily removed from the Leased Property without causing material damage to or materially impairing the value of the Leased Property); provided, however, that Lessee shall not remove any fixturesuch trade fixtures, equipment or refrigeration equipment, racking, conveyor systems, personal property which or equipment that has been financed by Lessor under the Operative Documents or otherwise constituting Leased Property (or that constitutes part a replacement of the Leased Propertysuch property). Any of Lessee's trade fixtures, refrigeration equipment, racking, conveyor systems, personal property and equipment not so removed by Lessee within such period shall be considered abandoned by Lessee, and title thereto shall without further act vest to in Lessor, and may be appropriated, sold, destroyed or otherwise disposed of by Lessor without notice to Lessee and without obligation to account therefor and Lessee will pay Lessor, upon written demand, all reasonable and documented costs and expenses incurred by Lessor in removing, storing or disposing of the same and all costs and expenses incurred by Lessor to repair any damage to the Leased Property caused by such removal. Lessee will immediately repair at its expense all damage to the Leased Property caused by any such removal (unless such removal is effected by Lessor, in which event Lessee shall pay all reasonable costs and expenses incurred by Lessor for such repairs). Lessor shall have no liability in exercising Lessor's rights under this ArticleArticle XV, nor shall Lessor be responsible for any loss of or damage to Lessee's personal property and equipment in connection therewithequipment, except for loss or damage resulting from Lessor's gross negligence or willful misconduct.
Appears in 1 contract
LESSEE'S EQUIPMENT. After any repossession of the Leased Property (whether or not this Lease has been terminated), Lessee, at its expense and so long as such the removal of such Alteration Lessee's trade fixtures, personal property and equipment shall not result in a violation of Applicable Law, shall, within a reasonable time after such repossession or within sixty (60) days after Lessee's receipt of Lessor's written request (whichever shall first occur), remove all of Lessee's trade fixtures, personal property and equipment from the Leased Property (to the extent that the same can be readily removed from the Leased Property without causing material damage to or materially impairing the value of the Leased Property); provided, however, that Lessee shall not remove any fixture, equipment or personal property which constitutes part of the Leased Property. Any of Lessee's trade fixtures, personal property and equipment not so removed by Lessee within such period shall be considered abandoned by Lessee, and title thereto shall without further act vest to in Lessor, and may be appropriated, sold, destroyed or otherwise disposed of by Lessor without notice to Lessee and without obligation to account therefor and Lessee will pay Lessor, upon written demand, all reasonable and documented costs and expenses incurred by Lessor in removing, storing or disposing of the same and all costs and expenses incurred by Lessor to repair any damage to the Leased Property caused by such removal. Lessee will immediately repair at its expense all damage to the Leased Property caused by any such removal (unless such removal is effected by Lessor, in which event Lessee shall pay all reasonable costs and expenses incurred by Lessor for such repairs). Lessor shall have no liability in exercising Lessor's rights under this ArticleArticle XV, nor shall Lessor be responsible for any loss of or damage to Lessee's personal property and equipment in connection therewithequipment.
Appears in 1 contract
LESSEE'S EQUIPMENT. After any repossession of the Leased Property (whether or not this Lease has been terminated), LesseeLessee may, at its expense expense, install or assemble or place on the Land or in the Leased Improvements, and so long as such removal remove and substitute, any items of such Alteration shall not result machinery, equipment, furnishings or trade fixtures or other personal property owned by Lessee and used or useful in a violation of Applicable LawLessee’s business (collectively, shall, within a reasonable time after such repossession or within sixty (60) days after “Lessee's receipt of Lessor's written request (whichever shall first occur’s Equipment”), and Lessee shall remove all of Lessee's trade fixtures, personal property and equipment from the Leased Property (to the extent that the same can be readily removed from upon the Leased Property without causing material damage to expiration or materially impairing the value prior termination of the Leased Property)Term; provided, however, that Lessee shall not have no right to remove any fixture, equipment or personal property item which constitutes part of a Fixture owned by Lessor. All Lessee’s Equipment shall be and remain the Leased Property. Any property of Lessee's trade fixtures, personal property and equipment provided that any of Lessee’s Equipment not so removed by Lessee within such period thirty (30) days of the expiration or earlier termination of this Lease shall be considered abandoned by Lessee, and title thereto shall without further act vest to Lessor, Lessee and may be appropriated, sold, destroyed or otherwise disposed of by Lessor without first giving notice thereof to Lessee. If Lessee intends to not remove all of Lessee’s Equipment on or before the expiration or prior termination of the Term, then Lessee shall send written notice of such intention to Lessor at least thirty (30) days prior to the expiration or prior termination of the Term or, if less notice of any prior termination is received, then within five (5) days of Lessee’s receipt of notice of the termination of the Lease. In the event Lessee does not remove all of Lessee’s Equipment prior to the expiration or prior termination of the Term, Lessee shall continue to pay Basic Rent and without obligation Additional Rent during the entire thirty (30) day period following the expiration or early termination of the Term regardless of Lessee’s occupancy of the Leased Property for less than the full thirty (30) day period following such expiration or termination. The net proceeds received by Lessor from the sale of any abandoned Lessee’s equipment shall be accounted for and offset against Lessor’s claim against Lessee under this Lease, with any surplus promptly remitted to account therefor and Lessee will pay Lessor, upon written demand, all reasonable and documented Lessee. All costs and expenses incurred by Lessor in removing, storing or and disposing of the same and all costs and expenses incurred Lessee’s Equipment shall be paid by Lessor to repair any damage to the Leased Property caused by such removalLessee. Lessee will immediately repair repair, at its expense expense, all damage to the Leased Property caused by any such the removal (unless such removal is of Lessee’s Equipment, whether effected by Lessee or with respect to abandoned Lessee’s Equipment, by Lessor, in which event Lessee shall pay all reasonable costs and expenses incurred by Lessor for such repairs). Lessor shall have no liability in exercising Lessor's rights under this Article, nor shall Lessor not be responsible for any loss of or damage to any of Lessee's personal property and equipment in connection therewith’s Equipment abandoned by Lessee. This Section 6.2 shall survive the expiration or early termination of this Lease.
Appears in 1 contract
Samples: Lease (Gc Net Lease Reit, Inc.)
LESSEE'S EQUIPMENT. After any repossession of the Leased Property (whether or not this Lease has been terminated), the Lessee, at its sole cost and expense and so long as such removal of such Alteration trade fixtures, personal property or equipment shall not result in a violation of Applicable Law, shall, within a reasonable time after such repossession or within sixty (60) days after the Lessee's receipt of the Lessor's written request (whichever shall first occur), remove all of the Lessee's trade fixtures, personal property and equipment from the Leased Property (to the extent that the same can be readily removed from the Leased Property without causing material damage to or materially impairing the value of the Leased Property); provided, -------- however, that the Lessee shall not remove any fixturesuch trade fixtures, equipment or ------- personal property which or equipment that has been financed by the Lessor under the Operative Documents or otherwise constituting Leased Property (or that constitutes part a replacement of the Leased Propertysuch property). Any of the Lessee's trade fixtures, personal property and equipment not so removed by the Lessee within such period shall be considered abandoned by the Lessee, and title thereto shall without further act vest to in the Lessor, and may be appropriated, sold, destroyed or otherwise disposed of by the Lessor without notice to the Lessee and without obligation to account therefor and the Lessee will pay the Lessor, upon written demand, all reasonable and documented costs and expenses incurred by the Lessor in removing, storing or disposing of the same and all costs and expenses incurred by the Lessor to repair any damage to the Leased Property caused by such removal. The Lessee will immediately repair at its expense all damage to the Leased Property caused by any such removal (unless such removal is effected by the Lessor, in which event the Lessee shall pay all reasonable costs and expenses incurred by the Lessor for such repairs). The Lessor shall have no liability in exercising the Lessor's rights under this ArticleArticle XV, nor shall the ---------- Lessor be responsible for any loss of or damage to the Lessee's personal property and equipment in connection therewithequipment.
Appears in 1 contract
Samples: Master Lease Agreement (Jones Financial Companies Lp LLP)
LESSEE'S EQUIPMENT. After any repossession of the Leased Property (whether or not this Lease has been terminated), as a result of the exercise of the Surrender Option or otherwise, Lessee, at its expense and so long as such removal of such Alteration shall not result in a violation of Applicable Law, shall, within a reasonable time after such repossession or within sixty (60) days after Lessee's receipt of Lessor's written request (whichever shall first occur), remove all of Lessee's trade fixtures, personal property and equipment from the Leased Property (to the extent that the same can be readily removed from the Leased Property without causing material damage to or materially impairing the value of the Leased Property); provided, however, that Lessee shall not remove any fixturesuch trade -------- ------- fixtures, equipment or personal property which or equipment that have been financed by Lessor under the Operative Documents or otherwise constituting Leased Property (or that constitutes part a replacement of the Leased Propertysuch property). Any of Lessee's trade fixtures, personal property and equipment not so removed by Lessee within such period shall be considered abandoned by Lessee, and title thereto shall without further act vest to in Lessor, and may be appropriated, sold, destroyed or otherwise disposed of by Lessor without notice to Lessee and without obligation to account therefor and Lessee will pay Lessor, upon written demand, all reasonable and documented costs and expenses incurred by Lessor in removing, storing or disposing of the same and all reasonable costs and expenses incurred by Lessor to repair any damage to the Leased Property caused by such removal. Lessee will immediately repair at its expense all damage to the Leased Property caused by any such removal (unless such removal is effected by Lessor, in which event Lessee shall pay all reasonable costs and expenses incurred by Lessor for such repairs). Lessor shall have no liability in exercising Lessor's rights under this ArticleArticle XV except as ---------- set forth in clause (ii) of the first sentence hereof, nor shall Lessor be ----------- responsible for any loss of or damage to Lessee's personal property and equipment in connection therewithequipment.
Appears in 1 contract
LESSEE'S EQUIPMENT. After any repossession of the any Leased Property (whether or not this Lease has been terminated), the related Lessee, at its expense and so long as such removal of such Alteration trade fixture, personal property or equipment shall not result in a violation of Applicable Law, shall, within a reasonable time after such repossession or within sixty (60) days after such Lessee's receipt of Lessor's written request (whichever shall first occur), remove all of such Lessee's trade fixtures, personal property and equipment from the such Leased Property (to the extent that the same can be readily removed from the such Leased Property without causing material damage to or materially impairing the value of the such Leased Property); provided, however, that such Lessee shall not remove any such trade fixtures, personal property or equipment that (i) has been financed by Lessor under the Operative Documents or otherwise constituting Leased Property (or that constitutes a replacement of such property) or (ii) with respect to which Lessor notifies such Lessee that it is exercising the purchase option with respect thereto, which purchase option each Lessee hereby grants to Lessor (in which case, Lessor shall pay to such Lessee the fair market value of such trade fixture, equipment or personal property which constitutes part or equipment on such date of repossession (as determined by mutual agreement of Lessor and such Lessee or, if no mutual agreement is promptly achieved, by an appraiser reasonably acceptable to Lessor and such Lessee) and such Lessee shall execute and deliver a xxxx of sale therefor to Lessor), provided that the purchase option set forth in this clause (ii) shall not apply to any Lessee's inventory or to any personal property of any Lessee not used or useful in connection with the Leased Property. Any of a Lessee's trade fixtures, personal property and equipment not so removed by such Lessee within such period shall be considered abandoned by such Lessee, and title thereto shall without further act vest to in Lessor, and may be appropriated, sold, destroyed or otherwise disposed of by Lessor without notice to any Lessee and without obligation to account therefor and the related Lessee will pay Lessor, upon written demand, all reasonable and documented costs and expenses incurred by Lessor in removing, storing or disposing of the same and all costs and expenses incurred by Lessor to repair any damage to the such Leased Property caused by such removal. Each Lessee will immediately repair at its expense all damage to the such Leased Property caused by any such removal (unless such removal is effected by Lessor, in which event such Lessee shall pay all reasonable costs and expenses incurred by Lessor for such repairs). Lessor shall have no liability in exercising Lessor's rights under this ArticleArticle XV except as set forth in clause (ii) of the first sentence hereof, nor shall Lessor be responsible for any loss of or damage to any Lessee's personal property and equipment in connection therewithequipment.
Appears in 1 contract