Lessee’s Personal Property. Lessee will acquire and maintain throughout the Term such Inventory as is required to operate the Leased Property in the manner contemplated by this Lease. Lessee may (and shall as provided hereinbelow), at its expense, install, affix or assemble or place on any parcels of the Land or in any of the Leased Improvements, any items of personal property (including Inventory) owned by Lessee. Lessee, at the commencement of the Term, and from time to time thereafter, shall provide Lessor with an accurate list of all such items of Lessee’s personal property (collectively, the “Lessee’s Personal Property”). Lessee may, subject to the first sentence of this Section 6.2 and the conditions set forth below, remove any of Lessee’s Personal Property set forth on such list at any time during the Term or upon the expiration or any prior termination of the Term. All of Lessee’s Personal Property, other than Inventory, not removed by Lessee within ten (10) days following the expiration or earlier termination of the Term shall be considered abandoned by Lessee and may be appropriated, sold, destroyed or otherwise disposed of by Lessor without first giving Notice thereof to Lessee, without any payment to Lessee and without any obligation to account therefor. Lessee will, at its expense, restore the Leased Property to the condition required by Subsection 2.3(g), including repair of all damage to the Leased Property caused by the removal of Lessee’s Personal Property, whether effected by Lessee or Lessor. Upon the expiration or earlier termination of the Term, Lessor or its designee shall have the option to purchase all Inventory on hand at the Leased Property at the time of such expiration or termination for a sale price equal to the fair market value of such Inventory. Lessee may make such financing arrangements, title retention agreements, leases or other agreements with respect to Lessee’s Personal Property as it sees fit provided that Lessee first advises Lessor of any such arrangement and such arrangement expressly provides that in the event of Lessee’s default thereunder, Lessor (or its designee) may assume Lessee’s obligations and rights under such arrangement.
Appears in 23 contracts
Samples: Hotel Lease Agreement, Hotel Lease Agreement (Apple REIT Ten, Inc.), Hotel Lease Agreement (Apple REIT Ten, Inc.)
Lessee’s Personal Property. Lessee will may acquire and maintain throughout the Term such Inventory as is required to operate the Leased Property in the manner contemplated by this Lease, in addition to any Inventory that is part of the Leased Property owned by Lessor or purchased by reserved funds of the Lessor. Lessee may (and shall as provided hereinbelow), at its expense, install, affix or assemble or place on any parcels of the Land or in any of the Leased Improvements, any items of personal property (including Inventory) owned by Lessee. Lessee, at the commencement of the Term, and from time to time thereafter, shall provide Lessor with an accurate list of all such items of Lessee’s personal property (collectively, the “Lessee’s Personal Property”). Lessee may, subject to the first sentence of this Section 6.2 and the conditions set forth below, remove any of Lessee’s Personal Property set forth on such list at any time during the Term or upon the expiration or any prior termination of the Term. All of Lessee’s Personal Property, other than Inventory, not removed by Lessee within ten (10) days following the expiration or earlier termination of the Term shall be considered abandoned by Lessee and may be appropriated, sold, destroyed or otherwise disposed of by Lessor without first giving Notice thereof to Lessee, without any payment to Lessee and without any obligation to account therefor. Lessee will, at its expense, restore the Leased Property to the its original condition required by Subsection 2.3(g(ordinary wear and tear excepted), including repair of all damage to the Leased Property caused by the removal of Lessee’s Personal Property, whether effected by Lessee or Lessor. Upon the expiration or earlier termination of the Term, Lessor or its designee shall have the option to purchase all Inventory on hand at the Leased Property at the time of such expiration or termination for a sale price equal to the fair market value of such Inventory. Lessee may make such financing arrangements, title retention agreements, leases or other agreements with respect to Lessee’s Personal Property as it sees fit provided that Lessee first advises Lessor of any such arrangement and such arrangement expressly provides that in the event of Lessee’s default thereunder, Lessor (or its designee) may assume Lessee’s obligations and rights under such arrangement. Notwithstanding anything in this Section 6.2 to the contrary, Lessee shall not remove any of Lessee’s Personal Property and/or enter into any financing arrangements, title retention agreements, leases or other agreements with respect to Lessee’s Personal Property to the extent such actions violate the Loan Documents.
Appears in 8 contracts
Samples: Hotel Lease Agreement (Moody National REIT II, Inc.), Hotel Lease Agreement (Moody National REIT I, Inc.), Hotel Lease Agreement (Moody National REIT II, Inc.)
Lessee’s Personal Property. Lessee will acquire and maintain throughout the Term such Inventory as is required to operate the Leased Property in the manner contemplated by this Lease. Lessee may (and shall as provided hereinbelow), at its expense, install, affix or assemble or place on any parcels of the Land or in any of the Leased Improvements, any items of personal property (including Inventory) owned by Lessee. Lessee, at the commencement of the Term, and from time to time thereafter, shall provide Lessor with an accurate list of all such items of Lessee’s 's personal property (collectively, the “"Lessee’s 's Personal Property”"). Lessee may, subject to the first sentence of this Section 6.2 and the conditions set forth below, remove any of Lessee’s 's Personal Property set forth on such list at any time during the Term or upon the expiration or any prior termination of the Term. All of Lessee’s 's Personal Property, other than Inventory, not removed by Lessee within ten (10) days following the expiration or earlier termination of the Term shall be considered abandoned by Lessee and may be appropriated, sold, destroyed or otherwise disposed of by Lessor without first giving Notice thereof to Lessee, without any payment to Lessee and without any obligation to account therefor. Lessee will, at its expense, restore the Leased Property to the condition required by Subsection 2.3(g), including repair of all damage to the Leased Property caused by the removal of Lessee’s 's Personal Property, whether effected by Lessee or Lessor. Upon the expiration or earlier termination of the Term, Lessor or its designee shall have the option to purchase all Inventory on hand at the Leased Property at the time of such expiration or termination for a sale price equal to the fair market value of such Inventory. Lessee may make such financing arrangements, title retention agreements, leases or other agreements with respect to Lessee’s 's Personal Property as it sees fit provided that Lessee first advises Lessor of any such arrangement and such arrangement expressly provides that in the event of Lessee’s 's default thereunder, Lessor (or its designee) may assume Lessee’s 's obligations and rights under such arrangement.
Appears in 5 contracts
Samples: Hotel Lease Agreement (Apple Suites Inc), Master Hotel Lease Agreement (Apple Hospitality Two Inc), Master Hotel Lease Agreement (Apple Suites Inc)
Lessee’s Personal Property. (a) Lessee will acquire and maintain throughout the Term such Inventory as is required to operate the Leased Property in the manner contemplated by this LeaseLease and, from and after the Capitalization Date, all Hotel Property. Lessee may (and shall as provided hereinbelowherein below), at its expense, install, affix or assemble or place on any parcels of the Land or in any of the Leased Improvements, any items of personal property (including InventoryInventory and Hotel Property) owned by Lessee. Lessee, at the commencement of the Term, and from time to time thereafter, shall provide Lessor with an accurate list of all such items of Lessee’s personal property (collectively, the “Lessee’s Personal Property”). Lessee may, subject to the first sentence of this Section 6.2 and the conditions set forth below, remove any of Lessee’s Personal Property set forth on such list at any time during the Term or upon the expiration or any prior termination of the Term. All of Lessee’s Personal Property, other than Inventory, not removed by Lessee within ten (10) days following the expiration or earlier termination of the Term shall be considered abandoned by Lessee and may be appropriated, sold, destroyed or otherwise disposed of by Lessor without first giving Notice thereof to Lessee, without any payment to Lessee and without any obligation to account therefor. Lessee will, at its expense, restore the Leased Property to the condition required by Subsection 2.3(gSection 9.1(a), including repair of all damage to the Leased Property caused by the removal of Lessee’s Personal Property, whether effected by Lessee or LessorLessee. Upon the expiration or earlier termination of the Term, Lessor or its designee shall have the option to purchase all Inventory and any or all Hotel Property on hand at the Leased Property at the time of such expiration or termination for a sale price equal to the fair market value of such Inventory. Lessee may make such financing arrangements, title retention agreements, leases or other agreements with respect to the Lessee’s Personal Property as it sees fit provided that Lessee first advises Lessor of any such arrangement and such arrangement expressly provides that in the event of Lessee’s default thereunder, Lessor (or its designee) may assume Lessee’s obligations and rights under such arrangement.
(b) From and after the Capitalization Date, Lessee, at its expense, shall acquire and maintain, and install, affix or assemble or place on the Land and in the Leased Improvements, all Hotel Property, all of which shall be deemed to be part of Lessee’s Personal Property for all purposes hereunder, and none of which shall be deemed to be Leased Property with respect to any period after the Capitalization Date.
Appears in 4 contracts
Samples: Master Lease Agreement, Master Lease Agreement (Supertel Hospitality Inc), Master Lease Agreement (Supertel Hospitality Inc)
Lessee’s Personal Property. Lessee will acquire and maintain throughout the Term such Inventory as is required to operate the Leased Property in the manner contemplated by this Lease. Lessee may (and shall as provided hereinbelow), at its expense, install, affix or assemble or place on any parcels of the Land or in any of the Leased Improvements, any items of personal property (including Inventory) owned by Lessee. Lessee, at the commencement of the Term, and from time to time thereafter, shall provide Lessor with an accurate list of all such items of Lessee’s 's personal property (collectively, the “"Lessee’s 's Personal Property”"). Lessee may, subject to the first sentence of this Section 6.2 and the conditions set forth below, remove any of Lessee’s 's Personal Property set forth on such list at any time during the Term or upon the expiration or any prior termination of the Term. All of Lessee’s 's Personal Property, other than Inventory, not removed by Lessee within ten sixty (1060) days following the expiration or earlier termination of the Term shall be considered abandoned by Lessee and may be appropriated, sold, destroyed or otherwise disposed of by Lessor without first giving Notice thereof to Lessee, without any payment to Lessee and without any obligation to account therefor. Lessee will, at its expense, restore the Leased Property to the condition required by Subsection 2.3(g)Section 9.1.3, including repair of all damage to the Leased Property caused by the removal of Lessee’s 's Personal Property, whether effected by Lessee or Lessor. Upon Notwithstanding the foregoing, upon the expiration or earlier termination of the Term, Lessor Lessee shall sell and Lessor, or its designee designee, shall have the option to purchase all Inventory on hand at the Leased Property at the time of such expiration or termination for a sale price equal to the fair market value of such Inventory, as evidenced by invoices, receipts, or other reasonable documentation. Lessee may make such financing arrangements, title retention agreements, leases or other agreements with respect to the Lessee’s 's Personal Property as it sees fit provided that Lessee first advises Lessor of any such arrangement and such arrangement expressly provides that in the event of Lessee’s 's default thereunder, Lessor (or its designee) may assume Lessee’s 's obligations and rights under such arrangement.
Appears in 3 contracts
Samples: Lease Agreement (Host Funding Inc), Lease Agreement (Host Funding Inc), Lease Agreement (Host Funding Inc)
Lessee’s Personal Property. Lessee will acquire and maintain throughout through the Term such Inventory as is required to operate the Leased Property in the manner contemplated by this Lease. Lessee may (and shall as provided hereinbelow), at its expense, install, affix or assemble or place on any parcels of the Land or in any of the Leased Improvements, any items of personal property (including Inventory) owned by Lessee. Lessee, at the commencement of the Term, and from time to time thereafter, shall provide Lessor with an accurate list of all such items of Lessee’s 's personal property (collectively, the “"Lessee’s 's Personal Property”"). Lessee may, subject to the first sentence of this Section 6.2 and the conditions set forth below, remove any of Lessee’s 's Personal Property set forth on such list at any time during the Term or upon the expiration or any prior termination of the Term. All of Lessee’s 's Personal Property, other than Inventory, not removed by Lessee within ten (10) days following the expiration or earlier termination of the Term shall be considered abandoned by Lessee and may be appropriated, sold, destroyed destroyed, or otherwise disposed of by Lessor without first giving Notice thereof to Lessee, without any payment to Lessee and without any obligation to account therefor. Lessee will, at its expense, restore the Leased Property to the condition required by Subsection 2.3(gSection 9.1(d), including repair of all damage to the Leased Property caused by the removal of Lessee’s 's Personal Property, whether effected by Lessee or Lessor. Upon the expiration or earlier termination of the Term, Lessor or its designee shall have the option to purchase all Inventory on hand at the Leased Property at the time of such expiration or termination for a sale price equal to the fair market value of such Inventory. Lessee may make such financing arrangements, title retention agreements, leases or other agreements with respect to Lessee’s 's Personal Property as it sees fit provided that Lessee first advises Lessor of any such arrangement and such arrangement expressly provides that in the event of Lessee’s 's default thereunder, Lessor (or its designee) may assume Lessee’s 's obligations and rights under such arrangement.
Appears in 3 contracts
Samples: Lease Agreement (Strategic Hotel Capital Inc), Lease Agreement (Strategic Hotel Capital Inc), Lease Agreement (Strategic Hotel Capital Inc)
Lessee’s Personal Property. Lessee will acquire and maintain --------------------------- throughout the Term such Inventory as is required to operate the Leased Property in the manner contemplated by this Lease. Lessee may (and shall as provided hereinbelow), at its expense, install, affix or assemble or place on any parcels of the Land or in any of the Leased Improvements, any items of personal property (including Inventory) owned by Lessee. Lessee, at the commencement of the Term, and from time to time thereafter, shall provide Lessor with an accurate list of all such items of Lessee’s 's personal property (collectively, the “"Lessee’s 's Personal Property”"). Lessee may, subject to the first sentence of this Section 6.2 and the conditions set forth below, remove any of Lessee’s 's Personal Property set forth on such list at any time during the Term or upon the expiration or any prior termination of the Term. All of Lessee’s 's Personal Property, other than Inventory, not removed by Lessee within ten (10) days following the expiration or earlier termination of the Term shall be considered abandoned by Lessee and may be appropriated, sold, destroyed or otherwise disposed of by Lessor without first giving Notice thereof to Lessee, without any payment to Lessee and without any obligation to account therefor. Lessee will, at its expense, restore the Leased Property to the condition required by Subsection 2.3(g), including repair of all damage to the Leased Property caused by the removal of Lessee’s 's Personal Property, whether effected by Lessee or Lessor. Upon the expiration or earlier termination of the Term, Lessor or its designee shall have the option to purchase all Inventory on hand at the Leased Property at the time of such expiration or termination for a sale price equal to the fair market value of such Inventory. Lessee may make such financing arrangements, title retention agreements, leases or other agreements with respect to Lessee’s 's Personal Property as it sees fit provided that Lessee first advises Lessor of any such arrangement and such arrangement expressly provides that in the event of Lessee’s 's default thereunder, Lessor (or its designee) may assume Lessee’s 's obligations and rights under such arrangement.
Appears in 2 contracts
Samples: Hotel Lease Agreement (Apple Suites Inc), Master Hotel Lease Agreement (Apple Hospitality Two Inc)
Lessee’s Personal Property. Lessee will acquire and maintain throughout the Term such Inventory and replacement photocopy, fax machines and postage machines (collectively, "OFFICE MACHINES") as is required to operate the Leased Property in the manner contemplated by this Lease. The Inventory, including any additions thereto and/or replacements thereof, will be supplied by, and remain the property of, Lessee. Lessee may (and shall as provided hereinbelow), at its expense, install, affix or assemble or place on any parcels of the Land or in any of the Leased Improvements, any items of personal property (including InventoryInventory and Office Machines) owned by Lessee. Lessee, at the commencement of the Term, and from time to time thereafter, shall provide Lessor with an accurate list of all such items of Lessee’s 's personal property (collectively, including the “Lessee’s Personal Property”Inventory and Office Machines, the "LESSEE'S PERSONAL PROPERTY"). Lessee may, subject to the first sentence of this Section 6.2 and the conditions set forth below, remove any of Lessee’s 's Personal Property set forth on such list at any time during the Term or upon the expiration or any prior termination of the Term. All of Lessee’s 's Personal Property, other than Inventory, not removed by Lessee within ten thirty (1030) days following the expiration or earlier termination of the Term shall be considered abandoned by Lessee and may be appropriated, sold, destroyed or otherwise disposed of by Lessor without first giving Notice thereof to Lessee, without any payment to Lessee and without any obligation to account therefor. Lessee will, at its expense, repair and restore the Leased Property to the condition required by Subsection 2.3(g9.1(d), including repair of all damage to the Leased Property caused by the removal of Lessee’s 's Personal Property, whether effected by Lessee or if permitted hereunder by Lessor. Upon the expiration or earlier termination of the Term, Lessor Lessor, or its designee designee, shall have the option to purchase all Inventory on hand at the Leased Property at the time of such expiration or termination for a sale price equal to the fair market value Lessee's actual cost of such Inventory, as evidenced by invoices, receipts, or other reasonable documentation or as reasonably estimated by Lessor in the absence of such documentation. Lessee may make such financing arrangements, title retention agreements, leases or other agreements with respect to Lessee’s 's Personal Property as it sees fit provided that Lessee first advises Lessor of any such arrangement and such arrangement expressly provides that in the event of Lessee’s 's default thereunder, Lessor (or its designee) may assume Lessee’s 's obligations and rights under such arrangement.
Appears in 2 contracts
Samples: Lease Agreement (Bristol Hotels & Resorts Inc), Lease Agreement (Felcor Lodging Trust Inc)
Lessee’s Personal Property. (a) Lessee will acquire and maintain throughout the Term such Inventory as is required to operate the Leased Property in the manner contemplated by this LeaseLease and, from and after the Capitalization Date, all Hotel Property. Lessee may (and shall as provided hereinbelowherein below), at its expense, install, affix or assemble or place on any parcels of the Land or in any of the Leased Improvements, any items of personal property (including InventoryInventory and Hotel Property) owned by Lessee. Lessee, at the commencement of the Term, and from time to time thereafter, shall provide Lessor with an accurate list of all such items of Lessee’s 's personal property (collectively, the “"Lessee’s 's Personal Property”"). Lessee may, subject to the first sentence of this Section 6.2 and the conditions set forth below, remove any of Lessee’s 's Personal Property set forth on such list at any time during the Term or upon the expiration or any prior termination of the Term. All of Lessee’s 's Personal Property, other than Inventory, not removed by Lessee within ten (10) days following the expiration or earlier termination of the Term shall be considered abandoned by Lessee and may be appropriated, sold, destroyed or otherwise disposed of by Lessor without first giving Notice thereof to Lessee, without any payment to Lessee and without any obligation to account therefor. Lessee will, at its expense, restore the Leased Property to the condition required by Subsection 2.3(gSection 9.1(a), including repair of all damage to the Leased Property caused by the removal of Lessee’s 's Personal Property, whether effected by Lessee or LessorLessee. Upon the expiration or earlier termination of the Term, Lessor or its designee shall have the option to purchase all Inventory and any or all Hotel Property on hand at the Leased Property at the time of such expiration or termination for a sale price equal to the fair market value of such Inventory. Lessee may make such financing arrangements, title retention agreements, leases or other agreements with respect to the Lessee’s 's Personal Property as it sees fit provided that Lessee first advises Lessor of any such arrangement and such arrangement expressly provides that in the event of Lessee’s 's default thereunder, Lessor (or its designee) may assume Lessee’s 's obligations and rights under such arrangement.
(b) From and after the Capitalization Date, Lessee, at its expense, shall acquire and maintain, and install, affix or assemble or place on the Land and in the Leased Improvements, all Hotel Property, all of which shall be deemed to be part of Lessee's Personal Property for all purposes hereunder, and none of which shall be deemed to be Leased Property with respect to any period after the Capitalization Date.
Appears in 2 contracts
Samples: Master Lease Agreement (Humphrey Hospitality Trust Inc), Master Lease Agreement (Humphrey Hospitality Trust Inc)
Lessee’s Personal Property. Lessee will acquire and maintain throughout the Term such Inventory as is required to operate the Leased Property in the manner contemplated by this Lease. Lessee may (and shall as provided hereinbelow), at its expense, install, affix or assemble or place on any parcels of the Land or in any of the Leased Improvements, any items of personal property (including Inventory) owned by Lessee. Lessee, at the commencement of the Term, and from time to time thereafter, shall provide Lessor with an accurate list of all such items of Lessee’s personal property (collectively, the “Lessee’s Personal Property”). Lessee may, subject to the first sentence of this Section 6.2 and the conditions set forth below, remove any of Lessee’s Personal Property set forth on such list at any time during the Term or upon the expiration or any prior termination of the Term. All of Lessee’s Personal Property, other than Inventory, not removed by Lessee within ten (10) days following the expiration or earlier termination of the Term shall be considered abandoned by Lessee and may be appropriated, sold, destroyed or otherwise disposed of by Lessor without first giving Notice thereof to Lessee, without any payment to Lessee and without any obligation to account therefor. Lessee will, at its expense, restore the Leased Property to the its original condition required by Subsection 2.3(g(ordinary wear and tear excepted), including repair of all damage to the Leased Property caused by the removal of Lessee’s Personal Property, whether effected by Lessee or Lessor. Upon the expiration or earlier termination of the Term, Lessor or its designee shall have the option to purchase all Inventory on hand at the Leased Property at the time of such expiration or termination for a sale price equal to the fair market value of such Inventory. Lessee may make such financing arrangements, title retention agreements, leases or other agreements with respect to Lessee’s Personal Property as it sees fit provided that Lessee first advises Lessor of any such arrangement and such arrangement expressly provides that in the event of Lessee’s default thereunder, Lessor (or its designee) may assume Lessee’s obligations and rights under such arrangement. Notwithstanding anything in this Section 6.2 to the contrary, Lessee shall not remove any of Lessee’s Personal Property and/or enter into any financing arrangements, title retention agreements, leases or other agreements with respect to Lessee’s Personal Property to the extent such actions violate the Loan Documents.
Appears in 2 contracts
Samples: Hotel Lease Agreement (Moody National REIT I, Inc.), Hotel Lease Agreement (Moody National REIT I, Inc.)
Lessee’s Personal Property. Lessee will acquire shall provide and maintain throughout during the Term such Inventory Personal Property, in addition to the Leased Personal Property, as is required shall be necessary and appropriate in order to operate the Leased Property Facilities for the Primary Intended Use in compliance with all licensure and certification requirements, in compliance with all applicable Legal Requirements and Insurance Requirements and otherwise in accordance with customary practice in the manner contemplated by industry for the Primary Intended Use. Without the prior written consent of Lessor, Lessee shall not permit or suffer Lessee's Personal Property to be subject to any lien, charge, Encumbrance, financing statement or contract of sale or the like. Unless Lessee purchases the Leased Properties as provided in this Lease. Lessee may (and shall as provided hereinbelow), at its expense, install, affix or assemble or place on any parcels upon the expiration of the Land Term or in the earlier termination of this Lease, without the payment of any of the Leased Improvementsadditional consideration by Lessor, any items of personal property (including Inventory) owned by Lessee. LesseeLessee shall be deemed to have sold, at the commencement of the Termassigned, transferred and from time conveyed to time thereafter, shall provide Lessor with an accurate list of all such items of Lessee’s personal property (collectively's right, the “Lessee’s Personal Property”). Lessee may, subject title and interest in and to the first sentence of this Section 6.2 and the conditions set forth below, remove any of Lessee’s 's Personal Property set forth on that, in Lessor's reasonable judgment, is integral to the Primary Intended Use of the Facilities (or if some other use thereof has been approved by Lessor as required herein, such list other use as is then being made by Lessee) and, as provided in Section 34.1, Lessor shall have the option to purchase any of Lessee's Personal Property that is not then integral to such use. Without Lessor's prior written consent, Lessee shall not remove Lessee's Personal Property that is in use at any time during the expiration or earlier termination of the Term from the Leased Properties until such option to purchase has expired or been waived in writing by Lessor. Any of Lessee's Personal Property that is not integral to the use of the Facilities being made by Lessee and is not purchased by Lessor pursuant to Section 34.1 may be removed by Lessee upon the expiration or any prior earlier termination of the Term. All of Lessee’s Personal Propertythis Lease, other than Inventoryand, if not removed by Lessee within ten twenty (1020) days following the expiration or earlier termination of the Term this Lease, shall be considered abandoned by Lessee and may be appropriated, sold, destroyed or otherwise disposed of by Lessor without first giving Notice notice thereof to Lessee, Lessee and without any payment to Lessee and without or any obligation to account therefor. Lessee willshall reimburse Lessor for any and all expense incurred by Lessor in disposing of any of Lessee's Personal Property that Lessee may remove but within such twenty (20) day period fails to remove, and shall either at its expense, own expense restore the Leased Property Properties to the condition required by Subsection 2.3(g)Section 9.1.5, including repair of all damage to the Leased Property Properties caused by the removal of any of Lessee’s 's Personal Property, whether effected or reimburse Lessor for any and all expense incurred by Lessee or Lessor. Upon the expiration or earlier termination of the Term, Lessor or its designee shall have the option to purchase all Inventory on hand at the Leased Property at the time of for such expiration or termination for a sale price equal to the fair market value of such Inventory. Lessee may make such financing arrangements, title retention agreements, leases or other agreements with respect to Lessee’s Personal Property as it sees fit provided that Lessee first advises Lessor of any such arrangement restoration and such arrangement expressly provides that in the event of Lessee’s default thereunder, Lessor (or its designee) may assume Lessee’s obligations and rights under such arrangementrepair.
Appears in 2 contracts
Samples: Master Lease (Williams Companies Inc), Purchase and Sale Agreement (Williams Companies Inc)
Lessee’s Personal Property. Lessee will acquire shall provide and maintain throughout during the Term such Inventory Personal Property, in addition to Lessor’s Personal Property, as is required shall be reasonably necessary and appropriate in order to operate the Facilities for the Primary Intended Use in compliance with all licensure and certification requirements and in compliance with all applicable Legal Requirements and Insurance Requirements. Upon the expiration or earlier termination of this Master Lease as to any or all of the Leased Property Properties other than as a result of Lessee’s purchase of the Leased Properties or any portion thereof in accordance with the manner contemplated by terms of this Lease. Master Lease (i) Lessee may (and shall as provided hereinbelow)have the right, at its sole cost and expense, install, affix or assemble or place on any parcels of the Land or in any of to remove from the Leased ImprovementsProperties or the Leased Property(ies) as to which this Master Lease has terminated, any items of personal property (including Inventory) owned by Lessee. Lessee, at the commencement of the Term, and from time to time thereafter, shall provide Lessor with an accurate list of all such items of Lessee’s personal property (collectivelyas applicable, the “Lessee’s Personal Property”). Lessee may, subject to the first sentence of this Section 6.2 and the conditions set forth below, remove any of Excluded Lessee’s Personal Property set forth on such list at any time during unless there is then outstanding an Event of Default hereunder and Lessor elects to exercise its rights with respect to the Term or upon Excluded Lessee’s Personal Property in accordance with the expiration or any prior termination terms of the Term. All Security Agreement and (ii) the Relinquished Lessee’s Property shall be and remain the property of Lessor and Lessee shall, upon request, execute such documents as may be reasonably necessary to convey to Lessor all of Lessee’s right, title and interest therein free and clear of all liens, claims, charges and encumbrances. Any of the Excluded Lessee’s Personal Property, other than Inventory, not removed by Property which Lessee fails to remove from the affected Leased Property(ies) within ten twenty (1020) days following the expiration or earlier termination of the Term this Master Lease shall be considered abandoned by Lessee and may be appropriated, sold, destroyed or otherwise disposed of by Lessor without first giving Notice notice thereof to Lessee, Lessee and without any payment to Lessee and without or any obligation to account therefortherefore. Lessee will, shall reimburse Lessor for any and all expenses reasonably incurred by Lessor in disposing of any of the Excluded Lessee’s Personal Property in accordance with the immediately preceding sentence and shall either at its expense, own expense restore the Leased Property Properties to the condition required by Subsection 2.3(g)Section 9.1.7, including repair of all damage damages to the Leased Property Properties caused by the removal of any of the Excluded Lessee’s Personal Property, whether effected or reimburse Lessor for any and all expense reasonably incurred by Lessee Lessor for such restoration and repair. Effective on not less than sixty (60) days prior written notice, or Lessor. Upon the such shorter notice as shall be appropriate if this Master Lease is terminated prior to its expiration or earlier termination of the Termdate, Lessor or its designee shall have the option to purchase some or all Inventory on hand of Excluded Lessee’s Personal Property, at the Leased Property at the time of such expiration or termination of this Master Lease, for a sale price an amount equal to the then fair market value of thereof, subject to, and with appropriate price adjustments for, all equipment leases, conditional sale contracts, UCC-1 financing statements and other encumbrances to which such Inventory. Lessee may make such financing arrangements, title retention agreements, leases or other agreements with respect to Lessee’s Personal Property as it sees fit provided that Lessee first advises Lessor of any such arrangement and such arrangement expressly provides that in the event of Lessee’s default thereunder, Lessor (or its designee) may assume Lessee’s obligations and rights under such arrangementpersonal property is subject.
Appears in 2 contracts
Samples: Master Lease Agreement (Omega Healthcare Investors Inc), Master Lease Agreement (Sun Healthcare Group Inc)
Lessee’s Personal Property. Lessee will acquire Upon commencement of the Term, Lessor shall make available at no charge to Lessee, for Lessee's use in connection with the operation and maintain throughout management of the Term such Facility, all Inventory located at the Facility on the Commencement Date (the "Initial Inventory"). The parties acknowledge and agree that as of the date of this Lease the amount of Initial Inventory at the Facility is consistent with the amount of Inventory customarily maintained in a hotel of the type and character of the Facility and as otherwise is required to operate the Leased Property in the manner contemplated by this LeaseLease and in compliance with the Franchise Agreement and all Legal Requirements. Throughout the Term, Lessee shall maintain a full stock of Inventory at the Facility at the levels substantially similar to or greater than those existing on the date hereof. As the Initial Inventory is depleted, Lessee shall purchase, at its sole cost and expense, any replacement Inventory which may be required. The Inventory, including any additions and/or replacements thereof, shall be and remain the property of Lessee. Lessee may (and shall as provided hereinbelow), at its expense, install, affix or assemble or place on any parcels of the Land or in any of the Leased Improvements, any items of personal property (including Inventory, Furniture and Equipment) owned by Lessee. Lessee, at the commencement of the Term, and from time to time thereafter, shall provide Lessor with an accurate list of all such items of Lessee’s personal property Lessee (collectively, the “"Lessee’s 's Personal Property”"). Lessee may, subject to the first sentence of this Section 6.2 and the conditions set forth below, remove any of Lessee’s Personal Property set forth on such list at any time during the Term or upon the expiration or any prior termination of the Term. All of Lessee’s 's Personal Property, other than Inventory, not removed by Lessee within ten thirty (1030) days following the expiration or earlier termination of the Term shall be considered abandoned by Lessee and may be appropriated, sold, destroyed or otherwise disposed of by Lessor without first giving Notice thereof to Lessee, Lessee without any payment to Lessee and without any obligation to account therefor. Lessee will, at its expense, restore the Leased Property to the condition required by Subsection 2.3(gSection 9.1(d), including repair of all damage to the Leased Property caused by the removal of Lessee’s 's Personal Property, whether effected by Lessee or Lessor. Upon the expiration or earlier termination of the Term, Lessor or its designee shall have the option to purchase all Inventory on hand at the Leased Property at the time of such expiration or termination for a sale price equal to the fair market value of such Inventory. Lessee may make such financing arrangements, title retention agreements, leases or other agreements with respect to Lessee’s Personal Property as it sees fit provided that Lessee first advises Lessor of any such arrangement and such arrangement expressly provides that in the event of Lessee’s default thereunder, Lessor (or its designee) may assume Lessee’s obligations and rights under such arrangement.
Appears in 2 contracts
Samples: Merger Agreement (Capstar Hotel Co), Merger Agreement (American General Hospitality Corp)
Lessee’s Personal Property. Throughout the Term, Lessee will acquire acquire, own, maintain and maintain throughout the Term replace such personal property (other than Capital Expenditures) and Inventory as is required to operate the Leased Property as hotels and, otherwise, in the manner contemplated by this Lease. At all times during the Term, Lessee shall maintain an adequate and customary supply of Inventory. Lessee may (and shall as provided hereinbelowherein below), at its expense, install, affix or assemble or place on any parcels of the Land or in any of the Leased Improvements, any items of personal property (including Inventory) owned by Lessee (collectively, the "Lessee's Personal Property"). Lessee, at the commencement of the Term, and from time to time thereafter, shall provide Lessor with an accurate list of all such items of the Lessee’s personal property (collectively, the “Lessee’s 's Personal Property”). Lessee may, subject to the first sentence of conditions set forth in this Section 6.2 and the conditions set forth belowSection 6.3, remove any of Lessee’s 's Personal Property set forth on such list at any time during the Term or upon the expiration or any prior termination of the Term. All of Lessee’s 's Personal Property, other than Inventory, Property not removed by Lessee within ten (10) days following the expiration or earlier termination of the Term shall be considered abandoned by Lessee and may be appropriated, sold, destroyed or otherwise disposed of by Lessor without first giving Notice thereof to Lessee, without any payment to Lessee and without any obligation to account therefor. Lessee will, at its expense, restore the Leased Property to the condition required by Subsection 2.3(gSection 9.1(b), including repair of all damage to the Leased Property caused by the removal of Lessee’s 's Personal Property, whether effected by Lessee or Lessor. Upon the expiration or earlier termination of the Term, Lessor or its designee shall have the option to purchase all Inventory on hand at the Leased Property at the time of such expiration or termination for a sale price equal to the fair market value of such Inventory. Lessee may make such financing arrangements, title retention agreements, leases or other agreements with respect to the Lessee’s 's Personal Property as it sees fit provided that Lessee first advises Lessor of any such arrangement and such arrangement expressly provides that in the event of Lessee’s 's default thereunder, Lessor (or its designee) may assume Lessee’s 's obligations and rights under such arrangement.
Appears in 2 contracts
Samples: Percentage Lease Agreement (Red Lion Inns Limited Partnership), Percentage Lease Agreement (Boykin Lodging Co)
Lessee’s Personal Property. Lessee will acquire and maintain -------------------------- throughout the Term such Inventory as is required to operate the Leased Property in the manner contemplated by this Lease. Lessee may (and shall as provided hereinbelow), at its expense, install, affix or assemble or place on any parcels of the Land or in any of the Leased Improvements, any items of personal property (including Inventory) owned by Lessee. Lessee, at the commencement of the Term, and from time to time thereafter, shall provide Lessor with an accurate list of all such items of Lessee’s 's personal property (collectively, the “"Lessee’s 's Personal Property”"). Lessee may, subject to the first sentence of this Section 6.2 and the conditions set forth below, remove any of Lessee’s 's Personal Property set forth on such list at any time during the Term or upon the expiration or any prior termination of the Term. All of Lessee’s 's Personal Property, other than Inventory, not removed by Lessee within ten (10) days following the expiration or earlier termination of the Term shall be considered abandoned by Lessee and may be appropriated, sold, destroyed or otherwise disposed of by Lessor without first giving Notice thereof to Lessee, without any payment to Lessee and without any obligation to account therefor. Lessee will, at its expense, restore the Leased Property to the condition required by Subsection 2.3(g), including repair of all damage to the Leased Property caused by the removal of Lessee’s 's Personal Property, whether effected by Lessee or Lessor. Upon the expiration or earlier termination of the Term, Lessor or its designee shall have the option to purchase all Inventory on hand at the Leased Property at the time of such expiration or termination for a sale price equal to the fair market value of such Inventory. Lessee may make such financing arrangements, title retention agreements, leases or other agreements with respect to Lessee’s 's Personal Property as it sees fit provided that Lessee first advises Lessor of any such arrangement and such arrangement expressly provides that in the event of Lessee’s 's default thereunder, Lessor (or its designee) may assume Lessee’s 's obligations and rights under such arrangement.
Appears in 2 contracts
Samples: Master Hotel Lease Agreement (Apple Hospitality Two Inc), Hotel Lease Agreement (Apple Suites Inc)
Lessee’s Personal Property. Lessee will acquire shall provide and maintain throughout during the Term such Inventory Personal Property, in addition to Lessor’s Personal Property, as is required shall be reasonably necessary and appropriate in order to operate the Facilities for the Primary Intended Use in compliance with all licensure and certification requirements and in compliance with all applicable Legal Requirements and Insurance Requirements. Upon the expiration or earlier termination of this Master Lease as to any or all of the Leased Property Properties other than as a result of Lessee’s purchase of the Leased Properties or any portion thereof in accordance with the manner contemplated by terms of this Lease. Master Lease (i) Lessee may (and shall as provided hereinbelow)have the right, at its sole cost and expense, install, affix or assemble or place on any parcels of the Land or in any of to remove from the Leased ImprovementsProperties or the Leased Property(ies) as to which this Master Lease has terminated, any items of personal property (including Inventory) owned by Lessee. Lessee, at the commencement of the Term, and from time to time thereafter, shall provide Lessor with an accurate list of all such items of Lessee’s personal property (collectivelyas applicable, the “Lessee’s Personal Property”). Lessee may, subject to the first sentence of this Section 6.2 and the conditions set forth below, remove any of Excluded Lessee’s Personal Property set forth on such list at any time during unless there is then outstanding an Event of Default hereunder and Lessor elects to exercise its rights with respect to the Term or upon Excluded Lessee’s Personal Property in accordance with the expiration or any prior termination terms of the Term. All Amended Security Agreement and (ii) the Relinquished Lessee’s Property shall be and remain the property of Lessor and Lessee shall, upon request, execute such documents as may be reasonably necessary to convey to Lessor all of Lessee’s right, title and interest therein free and clear of all liens, claims, charges and encumbrances. Any of the Excluded Lessee’s Personal Property, other than Inventory, not removed by Property which Lessee fails to remove from the affected Leased Property(ies) within ten twenty (1020) days following the expiration or earlier termination of the Term this Master Lease shall be considered abandoned by Lessee and may be appropriated, sold, destroyed or otherwise disposed of by Lessor without first giving Notice notice thereof to Lessee, Lessee and without any payment to Lessee and without or any obligation to account therefortherefore. Lessee will, shall reimburse Lessor for any and all expenses reasonably incurred by Lessor in disposing of any of the Excluded Lessee’s Personal Property in accordance with the immediately preceding sentence and shall either at its expense, own expense restore the Leased Property Properties to the condition required by Subsection 2.3(g)Section 9.1.7, including repair of all damage damages to the Leased Property Properties caused by the removal of any of the Excluded Lessee’s Personal Property, whether effected or reimburse Lessor for any and all expense reasonably incurred by Lessee or Lessor. Upon the expiration or earlier termination of the Term, Lessor or its designee shall have the option to purchase all Inventory on hand at the Leased Property at the time of for such expiration or termination for a sale price equal to the fair market value of such Inventory. Lessee may make such financing arrangements, title retention agreements, leases or other agreements with respect to Lessee’s Personal Property as it sees fit provided that Lessee first advises Lessor of any such arrangement restoration and such arrangement expressly provides that in the event of Lessee’s default thereunder, Lessor (or its designee) may assume Lessee’s obligations and rights under such arrangementrepair.
Appears in 2 contracts
Samples: Master Lease Agreement (Sun Healthcare Group Inc), Master Lease Agreement (Omega Healthcare Investors Inc)
Lessee’s Personal Property. Lessee will acquire and maintain throughout the Term such Inventory as is required to operate the Leased Property in the manner contemplated by this Lease. Lessee may (and shall as provided hereinbelow)Lessee, at its expense, shall install, affix or affix, assemble or and place on any parcels of the Land or in any of the Leased Improvements, any items of personal property (including Inventory) owned by Lessee. Lessee, at Property the commencement of the Term, and from time to time thereafter, shall provide Lessor with an accurate list of all such items of Lessee’s personal property (collectively, the “Lessee’s Personal Property”). Lessee mayshall not, subject without the prior written consent of Lessor (such consent not to the first sentence be unreasonably withheld, conditioned or delayed provided that no Event of this Section 6.2 and the conditions set forth belowDefault then exists), remove any of Lessee’s Personal Property set forth on such list at any time from the Leased Property except for removal (a) of inventory, (b) because of damage, obsolescence, upgrade or replacement or (c) in the ordinary course of Lessee’s Business. Lessee shall provide and maintain during the entire Term or upon all such Lessee’s Personal Property as shall be necessary to operate each Property in material compliance with all licensure and certification requirements, in material compliance with all applicable Legal Requirements and Insurance Requirements, and otherwise in accordance with customary practice in the industry for the Primary Intended Use. Following the expiration or any prior earlier termination of this Lease with respect to any one or more of the Term. All Properties and subject to Lessor’s option to purchase such Lessee Personal Property as provided in Section 34.1, Lessee agrees that all of Lessee’s Personal Property, other than Inventory, Property relating to such one or more Properties (for which Lessor has authorized removal as provided above) not removed by Lessee within ten fifteen (1015) days following the expiration or earlier termination of the Term this Lease with respect thereto shall be considered abandoned by Lessee and may be appropriated, sold, destroyed or otherwise disposed of by Lessor without first giving Notice (at Lessee’s cost) with prior written notice thereof to Lessee, without any payment to Lessee and without any obligation to Lessee to account therefor. Lessee will, at its expense, restore the Leased Property to the condition required by Subsection 2.3(g), including and repair of all damage to the Leased Property caused by the installation or removal of Lessee’s Personal Property, whether effected affected by Lessee, Lessor, any Lessee lender, or Lessor. Upon the expiration or earlier termination of the Term, Lessor or its designee shall have the option to purchase all Inventory on hand at the Leased Property at the time of such expiration or termination for a sale price equal to the fair market value of such Inventory. Lessee may make such financing arrangements, title retention agreements, leases or other agreements with respect to Lessee’s Personal Property as it sees fit provided that Lessee first advises Lessor of any such arrangement and such arrangement expressly provides that in the event of Lessee’s default thereunder, Lessor (or its designee) may assume Lessee’s obligations and rights under such arrangementFacility Lender.
Appears in 2 contracts
Samples: Master Lease Agreement (MPT Operating Partnership, L.P.), Master Lease Agreement (MPT Operating Partnership, L.P.)
Lessee’s Personal Property. Lessee will acquire acquire, own, maintain and maintain replace, at Lessee’s cost and expense, throughout the Term such Inventory as is required to operate the Leased Property in the manner contemplated by this Lease. Lessee may (and shall as provided hereinbelow), at its expense, install, affix or assemble or place on any parcels of the Land or in any of the Leased Improvements, any items of personal property (including Inventory) owned by Lessee. Lessee, at the commencement of the Term, and from time to time thereafter, shall provide Lessor with an accurate list of all such items of Lessee’s personal property (collectively, including Inventory, the “Lessee’s Personal Property”). Lessee may, subject to the first sentence of this Section 6.2 and the conditions set forth below, remove any of Lessee’s Personal Property set forth on such list at any time during the Term or upon the expiration or any prior termination of the Term. All of Lessee’s Personal Property, other than Inventory, not removed by Lessee within ten thirty (1030) days following the expiration or earlier termination of the Term shall be considered abandoned by Lessee and may be appropriated, sold, destroyed or otherwise disposed of by Lessor without first giving Notice thereof to Lessee, without any payment to Lessee and without any obligation to account therefor. Lessee will, at its expense, restore the Leased Property to the condition required by Subsection 2.3(gSection 9.1(d), including repair of all damage to the Leased Property caused by the removal of Lessee’s Personal Property, whether effected by Lessee or Lessor. Upon the expiration or earlier termination of the Term, Lessor or its designee shall have the option to purchase all Inventory (but not less than all) of Lessee’s Personal Property on hand at the Leased Property at the time of such expiration or termination for a sale price (payable in cash on the expiration date of this Lease) equal to the fair market value thereof (or cost in the case of such Inventory). Except as hereinafter set forth, Lessee may make such financing arrangements, title retention agreements, leases or other agreements with respect to Lessee’s Personal Property as it sees fit provided that Lessee first advises Lessor of any such arrangement and such arrangement expressly provides that in the event of Lessee’s default thereunder, Lessor (or its designee) may assume Lessee’s obligations and rights under such arrangement. Lessee shall have the right to lease a van for the purposes of providing shuttle service to hotel guests; provided that the terms and conditions of such lease are approved by Lessor and any secured lender with respect to the Leased Property.
Appears in 2 contracts
Samples: Lease Agreement (Eagle Hospitality Properties Trust, Inc.), Lease Agreement (Highland Hospitality Corp)
Lessee’s Personal Property. Lessee will acquire shall provide and maintain throughout during the Term such Inventory Personal Property, in addition to Lessor's Personal Property, as is required shall be necessary and appropriate in order to operate the Leased Property Facilities for the Primary Intended Use in compliance with all licensure and certification requirements, in compliance with all applicable Legal Requirements and Insurance Requirements and otherwise in accordance with customary practice in the manner contemplated by industry for the Primary Intended Use ("Lessee's Personal Property"). Except to the extent specifically allowed under Section 8.2.1.4, without the prior written consent of Lessor, which consent shall not be unreasonably withheld, Lessee shall not permit or suffer Lessee's Personal Property to be subject to any lien, charge, encumbrance, financing statement or contract of sale or the like other than that provided for in Section 6.4 below. Except for those items of Personal Property listed on Schedule A attached hereto, upon the expiration of the Term or the earlier termination of this Lease. , without the payment of any additional consideration by Lessor, Lessee may shall be deemed to have sold, assigned, transferred and conveyed to Lessor all of Xxxxxx's right, title and interest in and to any of Xxxxxx's Personal Property that, in Lessor's reasonable judgment, is necessary or integral to the Primary Intended Use of the Facilities (and shall or if some other use thereof has been approved by Lessor as required herein, such other use as is then being made by Lessee) and, as provided hereinbelow)in Section 34.1 hereof, at its expense, install, affix or assemble or place on any parcels of Lessor shall have the Land or in any of the Leased Improvements, any items of personal property (including Inventory) owned by Lessee. Lessee, at the commencement of the Term, and from time option to time thereafter, shall provide Lessor with an accurate list of all such items of Lessee’s personal property (collectively, the “Lessee’s Personal Property”). Lessee may, subject to the first sentence of this Section 6.2 and the conditions set forth below, remove purchase any of Lessee’s 's Personal Property set forth on that is not then necessary or integral to such list use ("Lessee's Incidental Personal Property"). In connection with any Personal Property sold, assigned, transferred or conveyed to Lessor pursuant to the preceding sentence, Lessor shall assume any lease or equipment financing obligations of Lessee permitted under Section 8.2.1.4 hereof. Without Lessor's prior written consent, Xxxxxx shall not remove Xxxxxx's Personal Property that is in use at any time during the expiration or earlier termination of the Term from the Leased Properties until such option to purchase has expired or been sooner waived in writing by Xxxxxx. Any of Lessee's Incidental Personal Property that is not purchased by Lessor pursuant to Section 34.1, together with the Personal Property listed on Schedule A attached hereto, may be removed by Lessee upon the expiration or any prior earlier termination of the Term. All of Lessee’s Personal Propertythis Lease, other than Inventoryand, if not removed by Lessee within ten twenty (1020) days following the expiration or earlier termination of the Term this Lease, shall be considered abandoned by Lessee and may be appropriated, sold, destroyed or otherwise disposed of by Lessor without first giving Notice notice thereof to Lessee, Lessee and without any payment to Lessee and without or any obligation to account therefor. Lessee willshall reimburse Lessor for any and all expense incurred by Xxxxxx in disposing of any of Lessee's Personal Property that Lessee may remove but within such twenty (20) day period fails to remove, and shall either at its expense, own expense restore the Leased Property Properties to the condition required by Subsection 2.3(g)Section 9.1.5, including repair of all damage to the Leased Property Properties caused by the removal of any of Lessee’s 's Personal Property, whether effected or reimburse Lessor for any and all expense incurred by Lessee or LessorLessor for such restoration and repair. Upon the expiration or earlier termination Xxxxxx claims to own all of the Term, Personal Property (other than the items listed on Schedule A) now used in connection with the operation of the Facilities. Xxxxxx claims to own certain of the Personal Property which it has purchased as replacement of certain Personal Property owned by Lessor or its designee shall have the option to purchase all Inventory on hand at the Leased commencement of the Existing Leases and certain additional non-replacement Personal Property placed at the Facilities since the commencement of the Existing Leases. Both parties agree that Xxxxxx owned all of the Personal Property at the Facilities at the time of such expiration or termination for a sale price equal to commencement of the fair market value of such Inventory. Existing Leases, and that Lessee may make such financing arrangements, title retention agreements, leases or other agreements with respect to Lessee’s use all of the Personal Property during the Term. Both parties acknowledge and agree that neither (i) the entry into this Lease and related documents, nor (ii) their failure during the Term to insist on resolution of their disagreement as it sees fit provided to whether Lessee now owns certain of the Personal Property shall prejudice their respective claims to ownership of the Personal Property at the end of the Term and that Lessee first advises Lessor the continuance of any such arrangement and such arrangement expressly provides that in the event this disagreement shall not be an Event of Lessee’s default thereunder, Lessor (or its designee) may assume Lessee’s obligations and rights Default under such arrangementthis Lease.
Appears in 2 contracts
Samples: Master Lease (Omega Healthcare Investors Inc), Master Lease (Omega Healthcare Investors Inc)
Lessee’s Personal Property. Lessee will acquire and maintain throughout through the Term such Inventory as is required to operate the Leased Property in the manner contemplated by this Lease. Lessee may (and shall as provided hereinbelow), at its expense, install, affix or assemble or place on any parcels of the Land or in any of the Leased Improvements, any items of personal property (including Inventory) owned by Lessee. Lessee, at the commencement of the Term, and from time to time thereafter, shall provide Lessor with an accurate list of all such items of Lessee’s 's personal property (collectively, the “"Lessee’s 's Personal Property”"). Lessee may, subject to the first sentence of this Section 6.2 and the conditions set forth below, remove any of Lessee’s 's Personal Property set forth on such list at any time during the Term or upon the expiration or any prior termination of the Term. All of Lessee’s 's Personal Property, other than Inventory, not removed by Lessee within ten (10) days following the expiration or earlier termination of the Term shall be considered abandoned by Lessee and may be appropriated, sold, destroyed destroyed, or otherwise disposed of by Lessor without first giving Notice thereof to Lessee, without any payment to Lessee and without any obligation to account therefor. Lessee will, at its expense, restore the Leased Property to the condition required by Subsection 2.3(gSection 9.1(d), including repair of all damage to the Leased Property caused by the removal of Lessee’s Personal Property, whether effected by Lessee or Lessor. Upon the expiration or earlier termination of the Term, Lessor or its designee shall have the option to purchase all Inventory on hand at the Leased Property at the time of such expiration or termination for a sale price equal to the fair market value of such Inventory. Lessee may make such financing arrangements, title retention agreements, leases or other agreements with respect to Lessee’s Personal Property as it sees fit provided that Lessee first advises Lessor of any such arrangement and such arrangement expressly provides that in the event of Lessee’s default thereunder, Lessor (or its designee) may assume Lessee’s obligations and rights under such arrangement.of
Appears in 1 contract
Lessee’s Personal Property. Lessee will acquire and maintain throughout the Term such Inventory as is required to operate the Leased Property in the manner contemplated by this Lease. Lessee may (and shall as provided hereinbelow), at its Lessee's expense, install, affix or assemble or place on any parcels of the Land or in any of the Leased Improvements, any items of tangible personal property (including Inventory) owned by Lessee. Lessee, at the commencement of the Term, and from time to time thereafter, shall provide Lessor with an accurate list of all such items of Lessee’s personal property Lessee (collectively, the “"LESSEE'S PERSONAL PROPERTY"), it being understood that all items of tangible personal property other than Furniture and Equipment and Fixtures located on, and used in connection with, the operation of the Leased Improvements as a hotel, together with all replacements, modifications, alterations and additions thereto, shall be deemed to be the Lessee’s 's Personal Property”). Lessee may, subject to the first sentence of this Section 6.2 and the conditions set forth below, remove any of Lessee’s Personal Property set forth on such list at any time during the Term or upon the expiration or any prior termination of the Term. All of Lessee’s 's Personal Property, other than InventoryInventory (which shall remain with the Leased Premises and be conveyed to Lessor at the expiration of the term at no cost to Lessor), not removed by Lessee within ten (10) days following the expiration or earlier termination of the Term shall be considered abandoned by Lessee and may be appropriated, sold, destroyed or otherwise disposed of by Lessor without first giving Notice thereof to Lessee, without provided that Lessor must compensate Lessee for any payment of such Lessee's Personal Property that it appropriates, sells, destroys or otherwise disposes of in an amount equal to Lessee and without any obligation to account thereforthe fair market value thereof as appraised in conformity with market appraisal standards then in use for the locality in which the property is located, except that the appraisers need not be members of the American Institute of Real Estate Appraisers, but rather shall be appraisers having at least 10 years experience in valuing hotel tangible personal property. Lessee will, at its Lessee's expense, restore the Leased Property to the its original condition required by Subsection 2.3(g(ordinary wear and tear excepted), including repair of all damage to the Leased Property caused by the removal of Lessee’s 's Personal Property, whether effected by Lessee or Lessor. Upon the expiration or earlier termination of the Term, Lessor or its designee shall have the option to purchase all Inventory on hand at the Leased Property at the time of such expiration or termination for a sale price equal to the fair market value of such Inventory. Lessee may make such financing arrangements, title retention agreements, leases or other agreements with respect to the Lessee’s 's Personal Property as it sees fit provided fit; provided, that Lessee first advises Lessor of any such arrangement and such arrangement expressly provides that in the event of Lessee’s 's default thereunder, Lessor (or its Lessor's designee) may cure such default and assume Lessee’s 's obligations and rights under such arrangement.
Appears in 1 contract
Lessee’s Personal Property. Lessee will acquire and maintain throughout the Term such Inventory as is required to operate the Leased Property in the manner contemplated by this Lease. Lessee may (and shall as provided hereinbelow), at its expense, install, affix or assemble or place on any parcels of the Land or in any of the Leased Improvements, any items of personal property (including Inventory) owned by Lessee. Lessee, at the commencement of the Term, and from time to time thereafter, shall provide Lessor with an accurate list of all such items of Lessee’s 's personal property (collectively, the “"Lessee’s 's Personal Property”"). Lessee may, subject to the first sentence of this Section 6.2 and the conditions set forth below, remove any of Lessee’s 's Personal Property set forth on such list at any time during the Term or upon the expiration or any prior termination of the Term. All of Lessee’s 's Personal Property, other than Inventory, not removed by Lessee within ten (10) days following the expiration or earlier termination of the Term shall be considered abandoned by Lessee and may be appropriated, sold, destroyed or otherwise disposed of by Lessor without first giving Notice thereof to Lessee, without any payment to Lessee and without any obligation to account therefor. Lessee will, at its expense, restore the Leased Property to the condition required by Subsection 2.3(gSection 9.1(d), including repair of all damage to the Leased Property caused by the removal of Lessee’s 's Personal Property, whether effected by Lessee or Lessor. Upon the expiration or earlier termination of the Term, Lessor Lessee shall sell and Lessor, or its designee designee, shall have the option to purchase all Inventory on hand at the Leased Property at the time of such expiration or termination for a sale price equal to the fair market value lesser of Lessee's actual cost of such Inventory. Lessee may make such financing arrangements, title retention agreementsas evidenced by invoices, leases receipts, or other agreements with respect reasonable documentation, or the then Fair Market Value thereof. The option provided for herein shall be exercised by written notice to Lessee which Lessor shall give on or before the date of such expiration or earlier termination. Lessee’s Personal Property as it sees fit provided that Lessee first advises Lessor of any such arrangement and such arrangement expressly provides that in the event of Lessee’s default thereunder, Lessor (or its designee) may assume Lessee’s obligations and rights under such arrangement.
Appears in 1 contract
Lessee’s Personal Property. Lessee will acquire shall provide and maintain throughout maintain, during the Term entire Term, such Inventory Personal Property, in addition to Lessor's Personal Property, as is required shall be necessary and appropriate in order to operate the Leased Property each Facility for its Primary Intended Use in compliance with all licensure and certification requirements, in compliance with all applicable Legal Requirements and Insurance Requirements and otherwise in accordance with customary practice in the manner contemplated by industry for the Primary Intended Use. Upon the expiration or earlier termination of this Lease. , without the payment of any additional consideration by Lessor, Lessee may (shall be deemed to have sold, assigned, transferred and shall as provided hereinbelow)conveyed to Lessor all of Lessee's right, at its expense, install, affix or assemble or place on any parcels of the Land or title and interest in and to any of the respective Lessee's Personal Property that is integral to the use of the respective Facilities for their Primary Intended Use, and shall, upon Lessor's request, execute and deliver to Lessor a xxxx of sale with respect thereto, and without Lessor's prior written consent Lessee shall not remove the same from the respective Leased Improvements, any items Properties. Any of personal property (including Inventory) owned Lessee's Personal Property that is not integral to the use of the respective Facilities at such time may be removed by Lessee. Lessee, at the commencement of the Termand, and from time to time thereafter, shall provide Lessor with an accurate list of all such items of Lessee’s personal property (collectively, the “Lessee’s Personal Property”). Lessee may, subject to the first sentence of this Section 6.2 and the conditions set forth below, remove any of Lessee’s Personal Property set forth on such list at any time during the Term or upon the expiration or any prior termination of the Term. All of Lessee’s Personal Property, other than Inventory, if not removed by Lessee within ten thirty (1030) days following the expiration or earlier termination of the Term this Lease, shall be considered abandoned by Lessee and may be appropriated, sold, destroyed or otherwise disposed of by Lessor without first giving Notice notice thereof to Lessee, Lessee and without any payment to Lessee and without or any obligation to account therefor. Lessee will, at its their expense, restore the Leased Property to the condition required by Subsection 2.3(g), including repair of all damage to the Leased Property Properties that is caused by the removal of any of Lessee’s 's Personal Property, whether effected by Lessee or Lessor. Upon the expiration or earlier termination of the Term, Lessor or its designee shall have the option to purchase all Inventory on hand at the Leased Property at the time of such expiration or termination for a sale price equal to the fair market value of such Inventory. Lessee may make such financing arrangements, title retention agreements, leases or other agreements with respect to Lessee’s Personal Property as it sees fit provided that Lessee first advises Lessor of any such arrangement and such arrangement expressly provides that in the event of Lessee’s default thereunder, Lessor (or its designee) may assume Lessee’s obligations and rights under such arrangement.
Appears in 1 contract
Lessee’s Personal Property. Lessee will may acquire and maintain throughout the Term such Inventory as is required to operate the Leased Property in the manner contemplated by this Lease, in addition to any Inventory that is part of the Leased Property owned by Lessor or purchased by reserved funds of the Lessor. Lessee may (and shall as provided hereinbelow), at its expense, install, affix or assemble or place on any parcels of the Land or in any of the Leased Improvements, any items of personal persona] property (including Inventory) owned by Lessee. Lessee, at the commencement of the Term, and from time to time thereafter, shall provide Lessor with an accurate list of all such items of Lessee’s personal property (collectively, the “Lessee’s Personal Property”). Lessee may, subject to the first sentence of this Section 6.2 and the conditions set forth below, remove any of Lessee’s Personal Property set forth on such list at any time during the Term or upon the expiration or any prior termination of the Term. All of Lessee’s Personal Property, other than Inventory, not removed by Lessee within ten (10) days following the expiration or earlier termination of the Term shall be considered abandoned by Lessee and may be appropriated, sold, destroyed or otherwise disposed of by Lessor without first giving Notice thereof to Lessee, without any payment to Lessee and without any obligation to account therefor. Lessee will, at its expense, restore the Leased Property to the its original condition required by Subsection 2.3(g(ordinary wear and tear excepted), including repair of all damage to the Leased Property caused by the removal of Lessee’s Personal Property, whether effected by Lessee or Lessor. Upon the expiration or earlier termination of the Term, Lessor or its designee shall have the option to purchase all Inventory on hand at the Leased Property at the time of such expiration or termination for a sale price equal to the fair market value of such Inventory. Lessee may make such financing arrangements, title retention agreements, leases or other agreements with respect to Lessee’s Personal Property as it sees fit provided that Lessee first advises Lessor of any such arrangement and such arrangement expressly provides that in the event of Lessee’s default thereunder, Lessor (or its designee) may assume Lessee’s obligations and rights under such arrangement. Notwithstanding anything in this Section 6.2 to the contrary, Lessee shall not remove any of Lessee’s Personal Property and/or enter into any financing arrangements, title retention agreements, leases or other agreements with respect to Lessee’s Personal Property to the extent such actions violate the Loan Documents.
Appears in 1 contract
Samples: Hotel Lease Agreement (Moody National REIT II, Inc.)
Lessee’s Personal Property. Lessee will acquire acquire, own, maintain and maintain replace throughout the Term such Inventory as is required to operate the Leased Property in the manner contemplated by this Master Lease. Lessee may (and shall as provided hereinbelow), at its expense, install, affix or assemble or place on any parcels of the Land or in any of the Leased Improvements, any items of personal property (including Inventory) owned by Lessee. Lessee, at the commencement of the Term, and from time to time thereafter, shall provide Lessor with an accurate list of all such items of Lessee’s 's personal property (collectively, including Inventory, the “"Lessee’s 's Personal Property”"). Lessee may, subject to the first sentence of this Section 6.2 and the conditions set forth below, remove any of Lessee’s 's Personal Property set forth on such list at any time during the Term or upon the expiration or any prior termination of the Term. All of Lessee’s 's Personal Property, other than Inventory, not removed by Lessee within ten thirty (1030) days following the expiration or earlier termination of the Term shall be considered abandoned by Lessee and may be appropriated, sold, destroyed or otherwise disposed of by Lessor without first giving Notice thereof to Lessee, without any payment to Lessee and without any obligation to account therefor. Lessee will, at its expense, restore the Leased Property to the condition required by Subsection 2.3(gSection 9.1(d), including repair of all damage to the Leased Property caused by the removal of Lessee’s 's Personal Property, whether effected by Lessee or Lessor. Upon the expiration or earlier termination of the TermTerm with respect to a Leased Property, Lessor or its designee shall have the option to purchase all Inventory (but not less than all) of Lessee's Personal Property on hand at the Leased Property at the time of such expiration or termination for a sale price (payable in cash on the expiration date of this Master Lease) equal to the fair market value of such Inventorythereof. Except as hereinafter set forth, Lessee may make such financing arrangements, title retention agreements, leases or other agreements with respect to Lessee’s 's Personal Property as it sees fit provided that Lessee first advises Lessor of any such arrangement and such arrangement expressly provides that in the event of Lessee’s 's default thereunder, Lessor (or its designee) may assume Lessee’s 's obligations and rights under such arrangement. Lessee shall have the right to lease a van for the purposes of providing shuttle service to hotel guests; provided that the terms and conditions of such lease are approved by Lessor and any secured lender with respect to the Leased Property.
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Lessee’s Personal Property. Lessee will acquire and maintain throughout the Term such Inventory as is required to operate the Leased Property in the manner contemplated by this Lease. Lessee may (and shall as provided hereinbelow)Lessee, at its expense, shall install, affix or affix, assemble or and place on any parcels of the Land or in any of the Leased Improvements, any items of personal property (including Inventory) owned by Lessee. Lessee, at Property the commencement of the Term, and from time to time thereafter, shall provide Lessor with an accurate list of all such items of Lessee’s personal property (collectively, the “Lessee’s Personal Property”). Lessee may, which Lessee’s Personal Property shall be subject to any security interests and liens as provided in Section 16.6. Except for inventory or for removal because of damage, obsolescence, upgrade or replacement, Lessee shall not, without the first sentence prior written consent of this Section 6.2 and the conditions set forth belowLessor (such consent not to be unreasonably withheld, conditioned or delayed provided that no Event of Default then exists, remove any of Lessee’s Personal Property set forth on such list at any time from the Leased Property. Lessee shall provide and maintain during the entire Term or upon all such Lessee’s Personal Property as shall be necessary to operate each Facility in compliance with all licensure and certification requirements, in compliance with all applicable Legal Requirements and Insurance Requirements, and otherwise in accordance with customary practice in the industry for the Primary Intended Use. Following the expiration or any prior earlier termination of this Lease with respect to the Term. All portion of the Leased Property relating to any one or more of the Facilities and subject to Lessor’s option to purchase such Lessee Personal Property as provided in Section 34.3, Lessee agrees that all of Lessee’s Personal Property, other than Inventory, Property relating to such portion of the Leased Property (for which Lessor has authorized removal as provided above) not removed by Lessee within ten fifteen (1015) days following the expiration or earlier termination of the Term this Lease with respect thereto shall be considered abandoned by Lessee and may be appropriated, sold, destroyed or otherwise disposed of by Lessor without first giving Notice (at Lessee’s cost) with prior written notice thereof to Lessee, without any payment to Lessee and without any obligation to Lessee to account therefor. Lessee will, at its expense, restore the Leased Property to the condition required by Subsection 2.3(g), including and repair of all damage to the Leased Property caused by the installation or removal of Lessee’s Personal Property, whether effected affected by Lessee, Lessor, any Lessee lender, or Lessor. Upon the expiration or earlier termination of the Term, Lessor or its designee shall have the option to purchase all Inventory on hand at the Leased Property at the time of such expiration or termination for a sale price equal to the fair market value of such Inventory. Lessee may make such financing arrangements, title retention agreements, leases or other agreements with respect to Lessee’s Personal Property as it sees fit provided that Lessee first advises Lessor of any such arrangement and such arrangement expressly provides that in the event of Lessee’s default thereunder, Lessor (or its designee) may assume Lessee’s obligations and rights under such arrangementFacility Lender.
Appears in 1 contract
Samples: Master Lease Agreement (MPT Operating Partnership, L.P.)
Lessee’s Personal Property. Lessee will acquire and maintain throughout the Term such Inventory as is required to operate the Leased Property each Facility in the manner contemplated by this Lease. Lessee may (and shall as provided hereinbelowherein below), at its expense, install, affix or assemble or place on any parcels of the Land or in any of the Leased Improvements, any items of personal property (including Inventory) owned by Lessee. Lessee, at the commencement of the Term, and from time to time thereafter, shall provide Lessor with an accurate list of all such items of Lessee’s 's personal property (collectively, the “"Lessee’s 's Personal Property”"). Subject to the option of the Lessor provided in Article XXXV below, Lessee may, subject to the first sentence of this Section 6.2 and the conditions set forth below, remove any of Lessee’s 's Personal Property set forth on such list at any time during the Term or upon the expiration or any prior termination of the Term. All of Lessee’s 's Personal Property, other than Inventory, Property not removed by Lessee within ten (10) days following the expiration or earlier termination of the Term or purchased by Lessor pursuant to such option, shall be considered abandoned by Lessee and may be appropriated, sold, destroyed or otherwise disposed of by Lessor without first giving Notice thereof to Lessee, without any payment to Lessee and without any obligation to account therefor. Lessee will, at its expense, restore the Leased Property to the condition required by Subsection 2.3(gSection 9.1(4), including repair of all damage to the Leased Property caused by the removal of Lessee’s 's Personal Property, whether effected by Lessee or Lessor. Upon the expiration or earlier termination of the Term, Lessor or its designee shall have the option to purchase all Inventory on hand at the Leased Property at the time of such expiration or termination for a sale price equal to the fair market value of such Inventory. Lessee may make such financing arrangements, title retention agreements, leases or other agreements with respect to the Lessee’s 's Personal Property as it sees fit provided that Lessee first advises Lessor of any such arrangement and such arrangement expressly provides that in the event of Lessee’s 's default thereunder, Lessor (or its designee) may assume Lessee’s 's obligations and rights under such arrangement. Such financing arrangements shall also provide that they will be assumable by the Lessor in the event of its purchase of Lessee's Personal Property subject thereto in the event of Lessor's purchase thereof pursuant to the terms of this Lease.
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Lessee’s Personal Property. Lessee will acquire and maintain throughout the Term such Inventory as is required to operate the Leased Property in the manner contemplated by this Lease. Lessee may (and shall as provided hereinbelow), at its expense, install, affix or assemble or place on any parcels of the Land or in any of the Leased Improvements, any items of personal property (including Inventory) owned by Lessee. Lessee, at the commencement of the Term, and from time to time thereafter, shall provide Lessor with an accurate list of all such items of Lessee’s 's personal property (collectively, the “Lessee’s Personal Property”"LESSEE'S PERSONAL PROPERTY"). Lessee may, subject to the first sentence of this Section 6.2 and the conditions set forth below, remove any of Lessee’s 's Personal Property set forth on such list at any time during the Term or upon the expiration or any prior termination of the Term. All of Lessee’s 's Personal Property, other than Inventory, not removed by Lessee within ten (10) days following the expiration or earlier termination of the Term shall be considered abandoned by Lessee and may be appropriated, sold, destroyed or otherwise disposed of by Lessor without first giving Notice thereof to Lessee, without any payment to Lessee and without any obligation to account therefor. Lessee will, at its expense, restore the Leased Property to the condition required by Subsection 2.3(gSection 9.1(d), including repair of all damage to the Leased Property caused by the removal of Lessee’s 's Personal Property, whether effected by Lessee or Lessor. Upon the expiration or earlier termination of the Term, Lessor or its designee shall have the option to purchase all Inventory on hand at the Leased Property at the time of such expiration or termination (other than Inventory with to respect to which the Manager has exercised any purchase option under the Management Agreement) for a sale price equal to the fair market value of such Inventory. Lessee may make such financing arrangements, title retention agreements, leases or other agreements with respect to Lessee’s 's Personal Property as it sees fit provided that Lessee first advises Lessor of any such arrangement and such arrangement expressly provides that in the event of Lessee’s 's default thereunder, Lessor (or its designee) may assume Lessee’s 's obligations and rights under such arrangement.
Appears in 1 contract
Samples: Contract for Purchase and Sale of Hotels (Felcor Suite Hotels Inc)
Lessee’s Personal Property. Lessee will acquire shall provide and maintain throughout during the Term such Inventory Personal Property, in addition to the Leased Personal Property, as is required shall be necessary and appropriate in order to operate the Leased Property Facilities for the Primary Intended Use in compliance with all licensure and certification requirements, in compliance with all applicable Legal Requirements and Insurance Requirements and otherwise in accordance with customary practice in the manner contemplated by industry for the Primary Intended Use. Without the prior written consent of Lessor, Lessee shall not permit or suffer Lessee's Personal Property to be subject to any lien, charge, Encumbrance, financing statement or contract of sale or the like. Unless Lessee purchases the Leased Properties as provided in this Lease. Lessee may (and shall as provided hereinbelow), at its expense, install, affix or assemble or place on any parcels upon the expiration of the Land Term or in the earlier termination of this Lease, without the payment of any of the Leased Improvementsadditional consideration by Lessor, any items of personal property (including Inventory) owned by Lessee. LesseeLessee shall be deemed to have sold, at the commencement of the Termassigned, transferred and from time conveyed to time thereafter, shall provide Lessor with an accurate list of all such items of Lessee’s personal property (collectively's right, the “Lessee’s Personal Property”). Lessee may, subject title and interest in and to the first sentence of this Section 6.2 and the conditions set forth below, remove any of Lessee’s 's Personal Property set forth on that, in Lessor's reasonable judgment, is integral to the Primary Intended Use of the Facilities (or if some other use thereof has been approved by Lessor as required herein, such list other use as is then being made by Lessee) and, as provided in Section 34.1, Lessor shall have the option to purchase any of Lessee's Personal Property that is not then integral to such use. Without Lessor's prior written consent, Lessee shall not remove Lessee's Personal Property that is in use at any time during the expiration or earlier termination of the Term from the Leased Properties until such option to purchase has expired or been waived in writing by Lessor. Any of Lessee's Personal Property that is not integral to the use of the Facilities being made by Lessee and is not purchased by Lessor pursuant to Section 34.1 may be removed by Lessee upon the expiration or any prior earlier termination of the Term. All of Lessee’s Personal Propertythis Lease, other than Inventoryand, if not removed by Lessee within ten twenty (1020) days following the expiration or earlier termination of the Term this Lease, shall be considered abandoned by Lessee and may be appropriated, sold, destroyed or otherwise disposed of by Lessor without first giving Notice notice thereof to Lessee, Lessee and without any payment to Lessee and without or any obligation to account therefor. Lessee willshall reimburse Lessor for any and all expense incurred by Lessor in disposing of any of Lessee's Personal Property that Lessee may remove but within such twenty (20) day period fails to remove, and shall either at its expense, own expense restore the 20 Leased Property Properties to the condition required by Subsection 2.3(g)Section 9.1.5, including repair of all damage to the Leased Property Properties caused by the removal of any of Lessee’s 's Personal Property, whether effected or reimburse Lessor for any and all expense incurred by Lessee or Lessor. Upon the expiration or earlier termination of the Term, Lessor or its designee shall have the option to purchase all Inventory on hand at the Leased Property at the time of for such expiration or termination for a sale price equal to the fair market value of such Inventory. Lessee may make such financing arrangements, title retention agreements, leases or other agreements with respect to Lessee’s Personal Property as it sees fit provided that Lessee first advises Lessor of any such arrangement restoration and such arrangement expressly provides that in the event of Lessee’s default thereunder, Lessor (or its designee) may assume Lessee’s obligations and rights under such arrangementrepair.
Appears in 1 contract
Lessee’s Personal Property. Lessee will acquire All machinery, equipment, furniture, furnishings, inventory, supplies, movable walls or partitions, computers (and maintain throughout the Term such Inventory as is required to operate all associated software), trade fixtures or other personal property at the Leased Property Properties now or hereafter owned by Lessee (or leased by Lessee from parties other than Lessor) and located at or used in connection with the manner contemplated business operated by this Lease. Lessee may (on the Leased Properties, together with all replacements, alterations, additions and accessions thereto, shall as provided hereinbelow)belong to Lessee and be a part of "Lessee's Personal Property." Lessee may, at its expense, from time to time during the Term of this Lease install, affix or assemble or place on any parcels of the Land or in any of the Leased Improvements, Improvements any items of personal property (including Inventory) owned by the Lessee. Lessee's Personal Property and may remove, at replace or substitute for the commencement of the Termsame, and from time to time thereaftertime, in the ordinary course of Lessee's business. Such property shall provide Lessor with an accurate list at all times remain the personal property of all such Lessee. Except for those items of Lessee’s personal property (collectivelyPersonal Property listed on EXHIBIT D attached hereto and subject, the “Lessee’s Personal Property”). Lessee mayhowever, subject to the first sentence prior rights, if any, held by AmSouth under the AmSouth Loan Documents or any extensions, renewals, amendments, modifications or replacements thereof, upon the expiration of the Term or the earlier termination of this Section 6.2 Lease, without the payment of any additional consideration by Lessor, Lessee shall be deemed to have sold, assigned, transferred and the conditions set forth belowconveyed to Lessor all of Lessee's right, remove title and interest in and to any of Lessee’s 's Personal Property set forth on that, in Lessor's reasonable judgment, is necessary or integral to the Primary Intended Use (or if some other use thereof has been approved by Lessor as required herein, such list at other use as is then being made by Lessee) and Lessor shall have the option to purchase any time during of Lessee's Personal Property that is not then necessary or integral to such use ("Lessee's Incidental Personal Property") for an amount equal to the Term or upon the then book value thereof. Such option shall be exercised by written notice to Lessee not more than 120 days nor less than ninety (90) days before expiration or any prior termination of the Term. All In connection with any Personal Property sold, assigned, transferred or conveyed to Lessor pursuant to the preceding sentence, Lessor shall assume any lease or equipment financing obligations of Lessee’s . Without Lessor's prior written consent, Lessee shall not remove Lessee's Personal Property, other than Inventory, not removed by Lessee within ten (10) days following Property that is in use at the expiration or earlier termination of the Term shall be considered abandoned by Lessee and may be appropriated, sold, destroyed or otherwise disposed of by Lessor without first giving Notice thereof to Lessee, without any payment to Lessee and without any obligation to account therefor. Lessee will, at its expense, restore from the Leased Property to the condition required by Subsection 2.3(g), including repair of all damage to the Leased Property caused by the removal of Lessee’s Personal Property, whether effected by Lessee or Lessor. Upon the expiration or earlier termination of the Term, Lessor or its designee shall have the Properties until such option to purchase all Inventory on hand at the Leased Property at the time has expired or been sooner waived in writing by Lessor. Any of such expiration or termination for a sale price equal to the fair market value of such Inventory. Lessee may make such financing arrangements, title retention agreements, leases or other agreements with respect to Lessee’s 's Incidental Personal Property as it sees fit provided that Lessee first advises is not purchased by Lessor of any such arrangement and such arrangement expressly provides that in pursuant hereto, together with the event of Personal Property listed on EXHIBIT D attached hereto, may be removed by Lessee’s default thereunder, Lessor (or its designee) may assume Lessee’s obligations and rights under such arrangement.
Appears in 1 contract
Samples: Master Lease Agreement (Advocat Inc)
Lessee’s Personal Property. Lessee will acquire shall provide and maintain throughout during the Term such Inventory Personal Property, in addition to Lessor’s Personal Property, as is required shall be necessary and appropriate in order to operate the Leased Property Facilities for the Primary Intended Use in compliance with all licensure and certification requirements, in compliance with all applicable Legal Requirements and Insurance Requirements and otherwise in accordance with customary practice in the manner contemplated by industry for the Primary Intended Use. Without the prior written consent of Lessor, except as permitted under Section 8.2.7, Lessee shall not permit or suffer Lessee’s Personal Property to be subject to any lien, charge, encumbrance, financing statement or contract of sale or the like. Upon the expiration of the Term or the earlier termination of this Lease. , without the payment of any additional consideration by Lessor, Lessee may (shall be deemed to have sold, assigned, transferred and shall as provided hereinbelow), at its expense, install, affix or assemble or place on any parcels of the Land or in any of the Leased Improvements, any items of personal property (including Inventory) owned by Lessee. Lessee, at the commencement of the Term, and from time conveyed to time thereafter, shall provide Lessor with an accurate list of all such items of Lessee’s personal property (collectivelyright, the “Lessee’s Personal Property”). Lessee may, subject title and interest in and to the first sentence of this Section 6.2 and the conditions set forth below, remove any of Lessee’s Personal Property set forth on that, in Lessor’s reasonable judgment, is integral to the Primary Intended Use of the Facilities (or if some other use thereof has been approved by Lessor as required herein, such list other use as is then being made by Lessee) and, as provided in Section 33.1 hereof, Lessor shall have the option to purchase any of Lessee’s Personal Property that is not then integral to such use. Without Lessor’s prior written consent, Lessee shall not remove Lxxxxx’s Personal Property that is in use at any time during the expiration or earlier termination of the Term from the Leased Properties until such option to purchase has expired or been waived in writing by Lessor. Any of Lessee’s Personal Property that is not integral to the use of the Facilities being made by Lessee and is not purchased by Lessor pursuant to Section 33.1 may be removed by Lessee upon the expiration or any prior earlier termination of the Term. All of Lessee’s Personal Propertythis Lease, other than Inventoryand, if not removed by Lessee within ten twenty (1020) days following the expiration or earlier termination of the Term this Lease, shall be considered abandoned by Lessee and may be appropriated, sold, destroyed or otherwise disposed of by Lessor without first giving Notice notice thereof to Lessee, Lessee and without any payment to Lessee and without or any obligation to account therefor. Lessee willshall reimburse Lessor for any and all expense incurred by Lxxxxx in disposing of any of Lessee’s Personal Property that Lessee may remove but within such twenty (20) day period fails to remove, and shall either at its expense, own expense restore the Leased Property Properties to the condition required by Subsection 2.3(g)Section 9.1.5, including repair of all damage to the Leased Property Properties caused by the removal of any of Lessee’s Personal Property, whether effected or reimburse Lessor for any and all expense incurred by Lessee or Lessor. Upon the expiration or earlier termination of the Term, Lessor or its designee shall have the option to purchase all Inventory on hand at the Leased Property at the time of for such expiration or termination for a sale price equal to the fair market value of such Inventory. Lessee may make such financing arrangements, title retention agreements, leases or other agreements with respect to Lessee’s Personal Property as it sees fit provided that Lessee first advises Lessor of any such arrangement restoration and such arrangement expressly provides that in the event of Lessee’s default thereunder, Lessor (or its designee) may assume Lessee’s obligations and rights under such arrangementrepair.
Appears in 1 contract
Lessee’s Personal Property. Lessee will acquire and maintain throughout the Term such Inventory as is required to operate the Leased Property in the manner contemplated by this Lease. Lessee may (and shall as provided hereinbelow), at its Lessee’s expense, install, affix or assemble or place on any parcels of the Land or in any of the Leased Improvements, any items of tangible personal property (including Inventory) owned by Lessee. Lessee, at the commencement of the Term, and from time to time thereafter, shall provide Lessor with an accurate list of all such items of Lessee’s personal property Lessee (collectively, the “Lessee’s Personal Property”). Lessee may, subject it being understood that all items of tangible personal property other than Furniture and Equipment and Fixtures located on, and used in connection with, the operation of the Leased Improvements as a hotel, together with all replacements, modifications, alterations and additions thereto, shall be deemed to be the first sentence of this Section 6.2 and the conditions set forth below, remove any of Lessee’s Personal Property set forth on such list at any time during the Term or upon the expiration or any prior termination of the TermProperty. All of Lessee’s Personal Property, other than InventoryInventory (which shall remain with the Leased Premises and be conveyed to Lessor at the expiration of the term at no cost to Lessor), not removed by Lessee within ten (10) days following the expiration or earlier termination of the Term shall be considered abandoned by Lessee and may be appropriated, sold, destroyed or otherwise disposed of by Lessor without first giving Notice thereof to Lessee, without provided that Lessor must compensate Lessee for any payment of such Lessee’s Personal Property that it appropriates, sells, destroys or otherwise disposes of in an amount equal to Lessee and without any obligation to account thereforthe fair market value thereof as appraised in conformity with market appraisal standards then in use for the locality in which the property is located, except that the appraisers need not be members of the American Institute of Real Estate Appraisers, but rather shall be appraisers having at least 10 years experience in valuing hotel tangible personal property. Lessee will, at its Lessee’s expense, restore the Leased Property to the its original condition required by Subsection 2.3(g(ordinary wear and tear excepted), including repair of all damage to the Leased Property caused by the removal of Lessee’s Personal Property, whether effected by Lessee or Lessor. Upon the expiration or earlier termination of the Term, Lessor or its designee shall have the option to purchase all Inventory on hand at the Leased Property at the time of such expiration or termination for a sale price equal to the fair market value of such Inventory. Lessee may make such financing arrangements, title retention agreements, leases or other agreements with respect to the Lessee’s Personal Property as it sees fit provided fit; provided, that Lessee first advises Lessor of any such arrangement and such arrangement expressly provides that in the event of Lessee’s default thereunder, Lessor (or its Lessor’s designee) may cure such default and assume Lessee’s obligations and rights under such arrangement.
Appears in 1 contract
Lessee’s Personal Property. Lessee will acquire and maintain throughout the Term such Inventory as is required to operate the Leased Property in the manner contemplated by this Lease. Lessee may (and shall as provided hereinbelow)Lessee, at its expense, shall install, affix or affix, assemble or and place on any parcels of the Land or in any of the Leased Improvements, any items of personal property (including Inventory) owned by Lessee. Lessee, at Property the commencement of the Term, and from time to time thereafter, shall provide Lessor with an accurate list of all such items of Lessee’s personal property (collectively, the “Lessee’s Personal Property”). Lessee may, which Lessee’s Personal Property shall be subject to the first sentence security interests and liens as provided in Section 16.6. Lessee shall not, without the prior written consent of this Section 6.2 and the conditions set forth belowXxxxxx (such consent not to be unreasonably withheld, conditioned or delayed, provided there is no Event of Default by Xxxxxx then continuing hereunder), remove any of Xxxxxx’s Personal Property from the Leased Property. Lessee shall provide and maintain during the entire Term all such Lessee’s Personal Property as shall be necessary to operate the Facility in compliance with all licensure and certification requirements, in compliance with all applicable Legal Requirements and Insurance Requirements, and otherwise in accordance with customary practice in the industry for the Primary Intended Use. Xxxxxx agrees that all of Lessee’s Personal Property set forth on such list at any time during the Term or upon the expiration or any prior termination of the Term. All of Lessee’s Personal Property, other than Inventory, (for which Lessor has authorized removal as provided above) not removed by Lessee within ten fifteen (1015) days following the expiration or earlier termination of the Term this Lease shall be considered abandoned by Lessee and may be appropriated, sold, destroyed or otherwise disposed of by Lessor (at Lessee’s cost) without first giving Notice notice thereof to Lessee, without any payment to Lessee Lessee, and without any obligation to Lessee to account therefor. Lessee will, at its expense, restore the Leased Property to the condition required by Subsection 2.3(g), including and repair of all damage to the Leased Property caused by the installation or removal of Lessee’s Personal Property, whether effected affected by Lessee, Lessor, any Lessee lender, or Lessor. Upon the expiration or earlier termination of the Term, Lessor or its designee shall have the option to purchase all Inventory on hand at the Leased Property at the time of such expiration or termination for a sale price equal to the fair market value of such Inventory. Lessee may make such financing arrangements, title retention agreements, leases or other agreements with respect to Lessee’s Personal Property as it sees fit provided that Lessee first advises Lessor of any such arrangement and such arrangement expressly provides that in the event of Lessee’s default thereunder, Lessor (or its designee) may assume Lessee’s obligations and rights under such arrangementFacility Lender.
Appears in 1 contract
Samples: Lease Agreement
Lessee’s Personal Property. Lessee will acquire All machinery, equipment, furniture, furnishings, inventory, supplies, movable walls or partitions, computers (and maintain throughout the Term such Inventory as is required to operate all associated software), trade fixtures or other personal property at the Leased Property now or hereafter owned by Lessee (or leased by Lessee from parties other than Lessor), if any, and located at or used in connection with the manner contemplated business operated by this Lease. Lessee may (on the Leased Property, together with all replacements, alterations, additions and accessions thereto, shall as provided hereinbelow)belong to Lessee and be a part of “Lessee’s Personal Property.” Lessee may, at its expense, from time to time during the Term of this Lease install, affix or assemble or place on any parcels of the Land or in any of the Leased Improvements, Improvements any items of personal property (including Inventory) owned by the Lessee. Lessee’s Personal Property and may remove, at replace or substitute for the commencement of the Term, and same from time to time thereafter, shall provide Lessor with an accurate list of all such items in the ordinary course of Lessee’s business. Such property shall at all times remain the personal property (collectively, the “Lessee’s Personal Property”). Lessee may, subject to the first sentence of this Section 6.2 and the conditions set forth below, remove any of Lessee’s Personal Property set forth on such list at any time during the Term or upon the expiration or any prior termination of the Term. All of Lessee’s Personal Property, other than Inventory, not removed by Lessee within ten (10) days following Upon the expiration or earlier termination of this Lease, Lessee may and shall have the Term shall be considered abandoned by Lessee and may be appropriatedright to remove all of Lessee’s Personal Property from the Leased Property subject, soldhowever, destroyed or otherwise disposed to the provisions of by Lessor without first giving Notice thereof to Lessee, without any payment to Lessee and without any obligation to account thereforArticle 28 below. Lessee willshall, at its expense, restore the Leased Property to the condition required by Subsection 2.3(g), including repair of all damage to the Leased Property caused by the any removal of Lessee’s Personal Property, whether effected and Lessor may prevent such removal until proof, reasonably satisfactory to Lessor, is presented by Lessee or Lessorreflecting its ability to repair any damage caused by such removal. Upon the expiration or earlier termination of the Term, Lessor or its designee shall have the option to purchase all Inventory on hand at the Leased Property at the time of such expiration or termination for a sale price equal Anything herein to the fair market value of such Inventory. contrary notwithstanding, Lessee may make such financing arrangements, title retention agreements, leases or other agreements with respect to not remove Lessee’s Personal Property as it sees fit provided that from the Leased Property during or after the Lease Term if an Event of Default on the part of Lessee first advises Lessor of any such arrangement shall have occurred and such arrangement expressly provides that be continuing at the time or in the event such removal is in accordance with a plan of Lessee’s default thereunderLessee to discontinue business operations from the Leased Property prior to the expiration of the Term of this Lease, Lessor (or its designee) may assume Lessee’s obligations except in the case of early termination of this Lease by Lessee as allowed and rights under such arrangementprovided for elsewhere in this Lease.
Appears in 1 contract
Samples: Lease Agreement (With Option to Purchase) (Advocat Inc)
Lessee’s Personal Property. Lessee will acquire and maintain throughout the Term such Inventory as is required to operate the Leased Property in the manner contemplated by this Lease. Lessee may (and shall as provided hereinbelow), at its expense, install, affix or assemble or place on any parcels of the Land or in any of the Leased Improvements, any items of personal property (including Inventory) owned by Lessee. Lessee, at the commencement of the Term, and from time to time thereafter, shall provide Lessor with an accurate list of all such items of Lessee’s personal property (collectively, the “Lessee’s Personal Property”). Lessee may, subject to the first sentence of this Section 6.2 and the conditions set forth below, remove any of Lessee’s Personal Property set forth on such list at any time during the Term or upon the expiration or any prior termination of the Term. All of Lessee’s Personal Property, other than Inventory, not removed by Lessee within ten (10) days following the expiration or earlier termination of the Term shall be considered abandoned by Lessee and may be appropriated, sold, destroyed or otherwise disposed of by Lessor without first giving Notice thereof to Lessee, without any payment to Lessee and without any obligation to account therefor. Lessee will, at its expense, restore the Leased Property to the condition required by Subsection 2.3(gSection 9.1(d), including repair of all damage to the Leased Property caused by the removal of Lessee’s Personal Property, whether effected by Lessee or Lessor. Upon the expiration or earlier termination of the Term, Lessor Lessee shall sell and Lessor, or its designee designee, shall have the option to purchase all Inventory on hand at the Leased Property at the time of such expiration or termination for a sale price equal to the fair market value Lessee’s actual cost of such Inventory, as evidenced by invoices, receipts, or other reasonable documentation. Lessee may make such financing arrangements, title retention agreements, leases or other agreements with respect to the Lessee’s Personal Property as it sees fit provided that Lessee first advises Lessor of any such arrangement and such arrangement expressly provides that in the event of Lessee’s default thereunder, Lessor (or its designee) may assume Lessee’s obligations and rights under such arrangement.
Appears in 1 contract
Lessee’s Personal Property. Lessee will acquire and maintain throughout the Term such Inventory as is required to operate the Leased Property in the manner contemplated by this Lease. Lessee may (and shall as provided hereinbelow)Lessee, at its expense, shall install, affix or affix, assemble or and place on any parcels of the Land or in any of the Leased Improvements, any items of personal property (including Inventory) owned by Lessee. Lessee, at Property the commencement of the Term, and from time to time thereafter, shall provide Lessor with an accurate list of all such items of Lessee’s personal property (collectively, the “Lessee’s Personal Property”). Lessee may, which Lessee’s Personal Property shall be subject to any security interests and liens as provided in Section 16.6. Except for inventory or for removal because of damage, obsolescence, upgrade or replacement, Lessee shall not, without the first sentence prior written consent of this Section 6.2 and the conditions set forth belowLessor (such consent not to be unreasonably withheld, conditioned or delayed provided that no Event of Default then exists), remove any of Lessee’s Personal Property set forth on such list at any time from the Leased Property. Lessee shall provide and maintain during the entire Term or upon all such Lessee’s Personal Property as shall be necessary to operate each Property in compliance in all material respects with all licensure and certification requirements, in compliance in all material respects with all applicable Legal Requirements and Insurance Requirements, and otherwise in accordance with customary practice in the industry for the Primary Intended Use. Following the expiration or any prior earlier termination of this Lease with respect to any one or more of the Term. All Properties and subject to Lessor’s option to purchase such Lessee Personal Property as provided in Section 34.2, Lessee agrees that all of Lessee’s Personal Property, other than Inventory, Property relating to such one or more Properties (for which Lessor has authorized removal as provided above) not removed by Lessee within ten fifteen (1015) days following the expiration or earlier termination of the Term this Lease with respect thereto shall be considered abandoned by Lessee and may be appropriated, sold, destroyed or otherwise disposed of by Lessor without first giving Notice (at Lessee’s cost) with prior written notice thereof to Lessee, without any payment to Lessee and without any obligation to Lessee to account therefor. Lessee will, at its expense, restore the Leased Property to the condition required by Subsection 2.3(g), including and repair of all damage to the Leased Property caused by the installation or removal of Lessee’s Personal Property, whether effected affected by Lessee, Lessor, any Lessee lender, or Lessor. Upon any Facility Lender, unless caused by the expiration gross negligence or earlier termination willful misconduct of the Term, Lessor or its designee shall have the option to purchase all Inventory on hand at the Leased Property at the time of such expiration or termination for a sale price equal to the fair market value of such Inventory. Lessee may make such financing arrangements, title retention agreements, leases or other agreements with respect to Lessee’s Personal Property as it sees fit provided that Lessee first advises Lessor of any such arrangement and such arrangement expressly provides that in the event of Lessee’s default thereunder, Lessor (or its designee) may assume Lessee’s obligations and rights under such arrangementFacility Lender.
Appears in 1 contract
Samples: Master Lease Agreement (MPT Operating Partnership, L.P.)
Lessee’s Personal Property. Throughout the Term, Lessee will acquire acquire, own, maintain and maintain throughout the Term replace such personal property (other than Capital Expenditures) and Inventory as is required to operate the Leased Property as a hotel and, otherwise, in the manner contemplated by this Lease. At all times during the Term Lessee shall maintain an adequate and customary supply of inventory. Lessee may (and shall as provided hereinbelowherein below), at its expense, install, affix or assemble or place on any parcels of the Land or in any of the Leased Improvements, any items of personal property (including Inventory) owned by Lessee (collectively, the "Lessee's Personal Property"). Lessee, at the commencement of the Term, and from time to time thereafter, shall provide Lessor with an accurate list of all such items of the Lessee’s personal property (collectively, the “Lessee’s 's Personal Property”). Lessee may, subject to the first sentence of conditions set forth in this Section 6.2 and the conditions set forth belowSection 6.3, remove any of Lessee’s 's Personal Property set forth on such list at any time during the Term or upon the expiration or any prior termination of the Term. All of Lessee’s 's Personal Property, other than Inventory, Property not removed by Lessee within ten (10) days following the expiration or earlier termination of the Term shall be considered abandoned by Lessee and may be appropriated, sold, destroyed or otherwise disposed of by Lessor without first giving Notice thereof to Lessee, without any payment to Lessee and without any obligation to account therefor. Lessee will, at its expense, restore the Leased Property to the condition required by Subsection 2.3(gSection 9.1(d), including repair of all damage to the Leased Property caused by the removal of Lessee’s 's Personal Property, whether effected by Lessee or Lessor. Upon the expiration or earlier termination of the Term, Lessor or its designee shall have the option to purchase all Inventory on hand at the Leased Property at the time of such expiration or termination for a sale price equal to the fair market value of such Inventory. Lessee may make such financing arrangements, title retention agreements, leases or other agreements with respect to the Lessee’s 's Personal Property as it sees fit provided that Lessee first advises Lessor of any such arrangement and such arrangement expressly provides that in the event of Lessee’s 's default thereunder, Lessor (or its designee) may assume Lessee’s 's obligations and rights under such arrangement.
7.1 CONDITION OF THE LEASED PROPERTY. Lessee acknowledges receipt and delivery of possession of the Leased Property. Lessee has examined and otherwise has knowledge of the condition of the Leased Property and has found the same to be satisfactory for its purposes hereunder. Lessee is leasing the Leased Property "as is," "where is" and with "all faults," in its present condition. Lessee waives any claim or action against Lessor in respect of the condition of the Leased Property. THE LEASED PROPERTY IS DEMISED IN ITS PRESENT CONDITION WITHOUT REPRESENTATION OR WARRANTY (EXPRESSED OR IMPLIED) BY LESSOR AND SUBJECT TO THE RIGHTS OF PARTIES IN POSSESSION, AND TO THE EXISTING STATE OF TITLE INCLUDING ALL CURRENT AND FUTURE COVENANTS, CONDITIONS, RESTRICTIONS, EASEMENTS AND OTHER MATTERS (NOT LIMITED TO ITEMS OF RECORD) INCLUDING ALL APPLICABLE LEGAL REQUIREMENTS, THE LIEN OF FINANCING INSTRUMENTS, MORTGAGES, DEEDS OF TRUST AND SECURITY DEEDS, AND INCLUDING OTHER MATTERS WHICH WOULD BE DISCLOSED BY AN INSPECTION OF THE LEASED PROPERTY OR BY AN ACCURATE SURVEY THEREOF. LESSOR MAKES NO WARRANTY OR REPRESENTATION, EXPRESS OR IMPLIED, IN RESPECT OF THE LEASED PROPERTY, OR ANY PART THEREOF, EITHER AS TO ITS FITNESS FOR USE, DESIGN OR CONDITION FOR ANY PARTICULAR USE OR PURPOSE OR OTHERWISE, AS TO THE QUALITY OF THE MATERIAL OR WORKMANSHIP THEREIN, LATENT OR PATENT, IT BEING AGREED THAT ALL SUCH RISKS ARE TO BE BORNE BY LESSEE. LESSEE ACKNOWLEDGES THAT THE LEASED PROPERTY HAS BEEN INSPECTED BY LESSEE AND IS SATISFACTORY TO IT. Notwithstanding the foregoing, however, to the extent permitted by law, Lessor hereby assigns to Lessee all of Lessor's rights to proceed against any predecessor in title other than Lessee (or an Affiliate of Lessee which conveyed the Leased Property to Lessor) for breaches of warranties or representations or for latent defects in the Leased Property. Lessor shall fully cooperate with Lessee in the prosecution of any such claim, in Lessor's or Lessee's name, all at Lessee's sole cost and expense. Lessee hereby agrees to indemnify, defend and hold harmless Lessor from and against any claims, obligations and liabilities against or incurred by Lessor in connection with such cooperation. All amounts recovered that are attributable to the period after the Term shall belong to Lessor.
Appears in 1 contract
Lessee’s Personal Property. Lessee will acquire shall have the right to decorate the Premises and maintain throughout affix signs customarily used in its business upon the Term windows, doors, interior and exterior walls of the Premises, and such Inventory free-standing signs as is required to operate are customarily used in the Leased Property Permitted Use and in the manner contemplated and locations permitted by this Lease. Lessee may (applicable law and shall as provided hereinbelow), at its expense, install, affix or assemble or place on any parcels of the Land or in any of the Leased Improvements, any items of personal property (including Inventory) owned by Lessee. Lessee, at the commencement of the Term, and from time to time thereafter, shall provide Lessor with an accurate list of all such items of Lessee’s personal property (collectively, the “Lessee’s Personal Property”). Lessee may, subject to the first sentence of this Section 6.2 and the conditions set forth below, remove any of Lessee’s Personal Property set forth on such list at any time during the Term or upon the expiration or any prior termination of the Term. All of Lessee’s Personal Property, other than Inventory, not removed by Lessee within ten (10) days following the expiration or earlier termination of the Term shall be considered abandoned by Lessee and may be appropriated, sold, destroyed or otherwise disposed of by Lessor without first giving Notice thereof to Lessee, without any payment to Lessee and without any obligation to account therefor. Lessee will, at its expense, restore the Leased Property to the condition required by Subsection 2.3(g), including repair of all damage to the Leased Property caused by the removal of Lessee’s Personal Property, whether effected by Lessee or LessorApproved Easement. Upon the expiration or earlier termination of this Lease, subject to Section 19 of this Lease, Lessee shall remove such signs; provided, however, that in no event may Lessee remove free-standing signage (such as pole-mounted or monument signs) or any signage affixed to any exterior wall of the TermPremises (or on any canopy) without Lessor’s prior written consent, which shall not be unreasonably withheld, delayed or conditioned, it being understood and agreed that it shall not be unreasonable for Lessor to withhold such consent if the action proposed by Lessee, in Lessor’s reasonable judgment, would jeopardize, impede or its designee shall have prohibit the option to purchase all Inventory on hand at the Leased Property at the time re-installation of such expiration signage. If any such signage bears a particular refiner’s or termination for suppliers trademarks and such refiner or supplier requires that such signage be returned, then Lessor’s consent to such removal shall not be required; provided, however, that Lessee shall take such steps as may be necessary to protect (or “grandfather”) the continued use of such signage (e.g., installing a sale price equal temporary blank sign panel) so that signage rights are not lost. Lessee promptly shall make such repairs and restoration of the Premises as are reasonably necessary to repair any damage to the fair market value of such Inventory. Lessee may make such financing arrangements, title retention agreements, leases or other agreements with respect to Lessee’s Personal Property as it sees fit provided that Lessee first advises Lessor Premises from the removal of any such arrangement signage pursuant to this Section 10(a), and such arrangement expressly provides restore any disturbed portion of the Premises as nearly as practicable to its original condition, including resurfacing any blacktop and paved areas that may have been damaged or disturbed, subject to normal wear and tear. All work performed by Lessee in or about the event Premises under this Section 10(a) or otherwise pursuant to the provisions of Lessee’s default thereunder, Lessor (or its designee) may assume Lessee’s obligations this Lease shall be conducted in a good and rights under such arrangementworkmanlike fashion and comply at all times with all applicable laws.
Appears in 1 contract
Lessee’s Personal Property. On Commencement Date, all Inventory will be transferred without consideration from Lessor to Lessee for use on the Leased Property and Lessee will acquire and maintain throughout the Term such Inventory as is required to operate the Leased Property in the manner contemplated by this Lease. Lessee may (and shall as provided hereinbelowbelow), at its expense, install, affix or assemble or place on any parcels of the Land or in any of the Leased Lease Improvements, any items of personal property (including Inventory) owned by Lessee. Lessee, at the commencement of the Term, and from time to time thereafter, shall provide Lessor with an accurate list of all such items of Lessee’s 's personal property (collectively, the “"Lessee’s 's Personal Property”"). Lessee may, subject to the first sentence of this Section 6.2 6.5 and the conditions set forth below, remove any of Lessee’s 's Personal Property set forth on such list at any time during the Term or upon the expiration or any prior termination of the Term. All of Lessee’s 's Personal Property, other than Inventory, not removed by Lessee within ten thirty (1030) days following the expiration or earlier termination of the Term shall be considered abandoned by Lessee and may be appropriated, sold, destroyed or otherwise disposed of by Lessor without first giving Notice thereof to Lessee, without any payment to Lessee and without any obligation to account therefor. Lessee will, at its expense, restore the Leased Property to the condition required by Subsection 2.3(gSection 9.1(c), including repair of all damage to the Leased Property caused by the removal of Lessee’s 's Personal Property, whether effected Property by Lessee or LessorLessee. Upon Commencement Date, Lessee received all Inventory on hand at the Leased Premises; upon the expiration or earlier termination of the Term, Lessor or its designee Lessee shall have the option to purchase leave all Inventory on hand at the Leased Property at the time of such expiration or termination for a sale price equal in amounts and condition similar to the fair market value amounts and condition of such Inventorythe Inventory on hand upon Commencement Date. Lessee may make such financing arrangements, title retention agreements, leases or other agreements with respect to Lessee’s 's Personal Property as it sees fit provided that Lessee first advises Lessor of any such arrangement and such arrangement expressly provides that in the event of Lessee’s 's default thereunder, Lessor (or its designee) may assume Lessee’s 's obligations and rights under such arrangement.
Appears in 1 contract
Lessee’s Personal Property. Lessee will acquire and maintain throughout the Term such Inventory and replacement photocopy, fax machines and postage machines (collectively, "Office Machines") as is required to operate the Leased Property in the manner contemplated by this Lease. The Inventory, including any additions thereto and/or replacements thereof, will be supplied by, and remain the property of, Lessee. Lessee may (and shall as provided hereinbelow), at its expense, install, affix or assemble or place on any parcels of the Land or in any of the Leased Improvements, any items of personal property (including InventoryInventory and Office Machines) owned by Lessee. Lessee, at the commencement of the Term, and from time to time thereafter, shall provide Lessor with an accurate list of all such items of Lessee’s 's personal property (collectively, including the “Inventory and Office Machines, the "Lessee’s 's Personal Property”"). Lessee may, subject to the first sentence of this Section 6.2 and the conditions set forth below, remove any of Lessee’s 's Personal Property set forth on such list at any time during the Term or upon the expiration or any prior termination of the Term. All of Lessee’s 's Personal Property, other than Inventory, not removed by Lessee within ten thirty (1030) days following the expiration or earlier termination of the Term shall be considered abandoned by Lessee and may be appropriated, sold, destroyed or otherwise disposed of by Lessor without first giving Notice thereof to Lessee, without any payment to Lessee and without any obligation to account therefor. Lessee will, at its expense, repair and restore the Leased Property to the condition required by Subsection 2.3(gSection 9.1(d), including repair of all damage to the Leased Property caused by the removal of Lessee’s 's Personal Property, whether effected by Lessee or if permitted hereunder by Lessor. Upon the expiration or earlier termination of the Term, Lessor Lessor, or its designee designee, shall have the option to purchase all Inventory on hand at the Leased Property at the time of such expiration or termination for a sale price equal to the fair market value Lessee's actual cost of such Inventory. Lessee may make such financing arrangements, title retention agreementsas evidenced by invoices, leases receipts, or other agreements with respect to Lessee’s Personal Property as it sees fit provided that Lessee first advises Lessor of any such arrangement and such arrangement expressly provides that in the event of Lessee’s default thereunder, Lessor (or its designee) may assume Lessee’s obligations and rights under such arrangement.other
Appears in 1 contract
Lessee’s Personal Property. Lessee will acquire and maintain -------------------------- throughout the Term such Inventory as is required to operate the Leased Property each Facility in the manner contemplated by this Lease. Lessee may (and shall as provided hereinbelowherein below), at its expense, install, affix or assemble or place on any parcels of the Land or in any of the Leased Improvements, any items of personal property (including Inventory) owned by Lessee. Lessee, at the commencement of the Term, and from time to time thereafter, shall provide Lessor with an accurate list of all such items of Lessee’s 's personal property (collectively, the “"Lessee’s 's Personal Property”"). Subject to the option of the Lessor provided in Article XXXV below, Lessee may, subject to the first sentence of this Section 6.2 and the conditions set forth below, remove any of Lessee’s 's Personal Property set forth on such list at any time during the Term or upon the expiration or any prior termination of the Term. All of Lessee’s 's Personal Property, other than Inventory, Property not removed by Lessee within ten (10) days following the expiration or earlier termination of the Term or purchased by Lessor pursuant to such option, shall be considered abandoned by Lessee and may be appropriated, sold, destroyed or otherwise disposed of by Lessor without first giving Notice thereof to Lessee, without any payment to Lessee and without any obligation to account therefor. Lessee will, at its expense, restore the Leased Property to the condition required by Subsection 2.3(gSection 9.1(4), including repair of all damage to the Leased Property caused by the removal of Lessee’s 's Personal Property, whether effected by Lessee or Lessor. Upon the expiration or earlier termination of the Term, Lessor or its designee shall have the option to purchase all Inventory on hand at the Leased Property at the time of such expiration or termination for a sale price equal to the fair market value of such Inventory. Lessee may make such financing arrangements, title retention agreements, leases or other agreements with respect to the Lessee’s 's Personal Property as it sees fit provided that Lessee first advises Lessor of any such arrangement and such arrangement expressly provides that in the event of Lessee’s 's default thereunder, Lessor (or its designee) may assume Lessee’s 's obligations and rights under such arrangement. Such financing arrangements shall also provide that they will be assumable by the Lessor in the event of its purchase of Lessee's Personal Property subject thereto in the event of Lessor's purchase thereof pursuant to the terms of this Lease.
Appears in 1 contract
Lessee’s Personal Property. Lessee will acquire acquire, own, maintain and maintain replace, at Lessee's cost and expense, throughout the Term such Inventory as is required to operate the Leased Property in the manner contemplated by this Lease. Lessee may (and shall as provided hereinbelow), at its expense, install, affix or assemble or place on any parcels of the Land or in any of the Leased Improvements, any items of personal property (including Inventory) owned by Lessee. Lessee, at the commencement of the Term, and from time to time thereafter, shall provide Lessor with an accurate list of all such items of Lessee’s 's personal property (collectively, including Inventory, the “"Lessee’s 's Personal Property”"). Lessee may, subject to the first sentence of this Section 6.2 *** and the conditions set forth below, remove any of Lessee’s 's Personal Property set forth on such list at any time during the Term or upon the expiration or any prior termination of the Term. All of Lessee’s 's Personal Property, other than Inventory, not removed by Lessee within ten thirty (1030) days following the expiration or earlier termination of the Term shall be considered abandoned by Lessee and may be appropriated, sold, destroyed or otherwise disposed of by Lessor without first giving Notice thereof to Lessee, without any payment to Lessee and without any obligation to account therefor. Lessee will, at its expense, restore the Leased Property to the condition required by Subsection 2.3(g)Error! Reference source not found., including repair of all damage to the Leased Property caused by the removal of Lessee’s 's Personal Property, whether effected by Lessee or Lessor. Upon the expiration or earlier termination of the Term, Lessor or its designee shall have the option to purchase all Inventory (but not less than all) of Lessee's Personal Property on hand at the Leased Property at the time of such expiration or termination for a sale price (payable in cash on the expiration date of this Lease) equal to the fair market value thereof (or cost in the case of such Inventory). Except as hereinafter set forth, Lessee may make such financing arrangements, title retention agreements, leases or other agreements with respect to Lessee’s 's Personal Property as it sees fit provided that Lessee first advises Lessor of any such arrangement and such arrangement expressly provides that in the event of Lessee’s 's default thereunder, Lessor (or its designee) may assume Lessee’s 's obligations and rights under such arrangement. Lessee shall have the right to lease a van for the purposes of providing shuttle service to hotel guests; provided that the terms and conditions of such lease are approved by Lessor and any secured lender with respect to the Leased Property.
Appears in 1 contract
Lessee’s Personal Property. Lessee will acquire and maintain throughout the Term such Inventory as is required to operate the Leased Property in the manner contemplated by this Lease. Lessee may (and shall as provided hereinbelow), at its expense, install, affix or assemble or place on any parcels of the Land or in any of the Leased Improvements, any items of personal property (including Inventory) owned by Lessee. Lessee, at the commencement of the Term, and from time to time thereafter, shall provide Lessor with an accurate list of all such items of Lessee’s 's personal property (collectively, the “"Lessee’s 's Personal Property”"). Lessee may, subject to the option granted under Section 37 below and in the first sentence of this Section 6.2 and the conditions set forth below, remove any of Lessee’s 's Personal Property set forth on such list (and any other personal property even if not set forth on such list) at any time during the Term or upon the expiration or any prior termination of the Term. All of Lessee’s 's Personal Property, other than InventoryInventory (which shall remain with the Leased Premises and be conveyed to Lessor at the expiration of the term at no cost to Lessor), not removed by Lessee within ten (10) days following the expiration or earlier termination of the Term shall be considered abandoned by Lessee and may be appropriated, sold, destroyed or otherwise disposed of by Lessor without first giving Notice thereof to Lessee, without any payment to Lessee and without any obligation to account therefor. Lessee will, at its expense, restore the Leased Property to the condition required by Subsection 2.3(g)its original condition, including repair of all damage to the Leased Property caused by the removal of Lessee’s 's Personal Property, whether effected by Lessee or Lessor. Upon the expiration or earlier termination of the Term, Lessor or its designee shall have the option to purchase all Inventory on hand at the Leased Property at the time of such expiration or termination for a sale price equal to the fair market value of such Inventory. Lessee may make such financing arrangements, title retention agreements, leases or other agreements with respect to the Lessee’s 's Personal Property as it sees fit provided fit; provided, that Lessee first advises Lessor of any such arrangement and such arrangement expressly provides that in the event of Lessee’s 's default thereunder, Lessor (or its designee) may cure such default and assume Lessee’s 's obligations and rights under such arrangement.
Appears in 1 contract
Samples: Revolving Credit Agreement (Sunstone Hotel Investors Inc)
Lessee’s Personal Property. Lessee will acquire and maintain throughout the Term such Inventory as is required to operate the Leased Property in the manner contemplated by this Lease. Lessee may (and shall as provided hereinbelowherein below), at its expense, install, affix or assemble or place on any parcels of the Land or in any of the Leased Improvements, any items of personal property (including Inventory) owned by Lessee. Lessee, at the commencement of the Term, and from time to time thereafter, shall provide Lessor with an accurate list of all such items of Lessee’s personal property (collectively, the “Lessee’s Personal Property”). Lessee may, subject to the first sentence of this Section 6.2 and the conditions set forth below, remove any of Lessee’s Personal Property set forth on such list at any time during the Term or upon the expiration or any prior termination of the Term. All of Lessee’s Personal Property, other than Inventory, not removed by Lessee within ten (10) days following the expiration or earlier termination of the Term shall be considered abandoned by Lessee and may be appropriated, sold, destroyed or otherwise disposed of by Lessor without first giving Notice thereof to Lessee, without any payment to Lessee and without any obligation to account therefor. Lessee will, at its expense, restore the Leased Property to the condition required by Subsection 2.3(gSection 9.1(a), including repair of all damage to the Leased Property caused by the removal of Lessee’s Personal Property, whether effected by Lessee or LessorLessee. Upon the expiration or earlier termination of the Term, Lessor or its designee shall have the option to purchase all Inventory on hand at the Leased Property at the time of such expiration or termination for a sale price equal to the fair market value of such Inventory. Lessee may make such financing arrangements, title retention agreements, leases or other agreements with respect to the Lessee’s Personal Property as it sees fit provided that Lessee first advises Lessor of any such arrangement and such arrangement expressly provides that in the event of Lessee’s default thereunder, Lessor (or its designee) may assume Lessee’s obligations and rights under such arrangement.
Appears in 1 contract
Lessee’s Personal Property. Lessee will acquire and maintain --------------------------- throughout the Term such Inventory as is required to operate the Leased Property in the manner contemplated by this Lease. Lessee may (and shall as provided hereinbelow), at its expense, install, affix or assemble or place on any parcels of the Land or in any of the Leased Improvements, any items of personal property (including Inventory) owned by Lessee. Lessee, at the commencement of the Term, and from time to time thereafter, shall provide Lessor with an accurate list of all such items of Lessee’s 's personal property (collectively, the “"Lessee’s 's Personal Property”"). Lessee may, subject to the first sentence of this Section 6.2 and the conditions set forth below, remove any of Lessee’s 's Personal Property set forth on such list at any time during the Term or upon the expiration or any prior termination of the Term. All of Lessee’s 's Personal Property, other than Inventory, not removed by Lessee within ten (10) days following the expiration or earlier termination of the Term shall be considered abandoned by Lessee and may be appropriated, sold, destroyed or otherwise disposed of by Lessor without first giving Notice thereof to Lessee, without any payment to Lessee and without any obligation to account therefor. Lessee will, at its expense, restore the Leased Property to the condition required by Subsection 2.3(gSection 9.1(a), including repair of all damage to the Leased Property caused by the removal of Lessee’s 's Personal Property, whether effected by Lessee or LessorLessee. Upon the expiration or earlier termination of the Term, Lessor or its designee shall have the option to purchase all Inventory on hand at the Leased Property at the time of such expiration or termination for a sale price equal to the fair market value of such Inventory. Lessee may make such financing arrangements, title retention agreements, leases or other agreements with respect to the Lessee’s 's Personal Property as it sees fit provided that Lessee first advises Lessor of any such arrangement and such arrangement expressly provides that in the event of Lessee’s 's default thereunder, Lessor (or its designee) may assume Lessee’s 's obligations and rights under such arrangement.
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Lessee’s Personal Property. Lessee will acquire (a) Upon commencement of the Term, Lessor shall make available at no charge to Lessee, for Lessee's use in connection with the operation and maintain throughout management of the Term such Facility, all Inventory located at the Facility on the Commencement Date (the "Initial Inventory"). The parties acknowledge and agree that as of the date of this Lease the amount of Initial Inventory at the Facility is consistent with the amount of Inventory customarily maintained in a hotel of the type and character of the Facility and as otherwise is required to operate the Leased Property in the manner contemplated by this LeaseLease and in compliance with the Franchise Agreement and all Legal Requirements. Throughout the Term, Lessee shall maintain a full stock of Inventory at the Facility at the levels substantially similar to or greater than those existing on the date hereof. As the Initial Inventory is depleted, Lessee shall purchase, at its sole cost and expense, any replacement Inventory which may be required. The Inventory, including any additions and/or replacements thereof, shall be and remain the property of Lessee. Lessee may (and shall as provided hereinbelow), at its expense, install, affix or assemble or place on any parcels of the Land or in any of the Leased Improvements, any items of personal property (including Inventory, Furniture and Equipment) owned by Lessee. Lessee, at the commencement of the Term, and from time to time thereafter, shall provide Lessor with an accurate list of all such items of Lessee’s personal property Lessee (collectively, the “"Lessee’s 's Personal Property”"). Lessee may, subject to the first sentence of this Section 6.2 and the conditions set forth below, remove any of Lessee’s Personal Property set forth on such list at any time during the Term or upon the expiration or any prior termination of the Term. All of Lessee’s 's Personal Property, other than Inventory, not removed by Lessee within ten thirty (1030) days following the expiration or earlier termination of the Term shall be considered abandoned by Lessee and may be appropriated, sold, destroyed or otherwise disposed of by Lessor without first giving Notice thereof to Lessee, Lessee without any payment to Lessee and without any obligation to account therefor. Lessee will, at its expense, restore the Leased Property to the condition required by Subsection 2.3(gSection 9.1(d), including repair of all damage to the Leased Property caused by the removal of Lessee’s 's Personal Property, whether effected by Lessee or Lessor. .
(b) Upon the expiration or earlier termination of the TermTerm for any reason, Lessee shall surrender the Inventory to Lessor or its designee shall have in the option to purchase all Inventory on hand amounts and at the Leased Property levels existing on the date of this Lease. In the event that the amount of Inventory at the time of such expiration or termination for a sale price is less than that provided by Lessor on the date hereof (an "Inventory Deficiency"), Lessee shall promptly pay to Lessor the amount equal to the fair market value Fair Market Value of such Inventory. Lessee may make such financing arrangements, title retention agreements, leases or other agreements with respect to Lessee’s Personal Property as it sees fit provided that Lessee first advises Lessor of any such arrangement and such arrangement expressly provides that in the event of Lessee’s default thereunder, Lessor (or its designee) may assume Lessee’s obligations and rights under such arrangementInventory Deficiency.
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Samples: Lease Agreement (American General Hospitality Corp)
Lessee’s Personal Property. Lessee will acquire and maintain throughout the Term such Inventory as is required to operate the Leased Property in the manner contemplated by this Lease. Lessee may (and shall as provided hereinbelow)Lessee, at its expense, shall install, affix or affix, assemble or and place on any parcels of the Land or in any of the Leased Improvements, any items of personal property (including Inventory) owned by Lessee. Lessee, at Property the commencement of the Term, and from time to time thereafter, shall provide Lessor with an accurate list of all such items of Lessee’s personal property (collectively, the “Lessee’s Personal Property”). Lessee may, which Lessee’s Personal Property shall be subject to any security interests and liens as provided in Section 16.6. Except for inventory or for removal because of damage, obsolescence, upgrade or replacement, Lessee shall not, without the first sentence prior written consent of this Section 6.2 and the conditions set forth belowLessor (such consent not to be unreasonably withheld, conditioned or delayed provided that no Event of Default then exists, remove any of Lessee’s Personal Property set forth on such list at any time from the Leased Property. Lessee shall provide and maintain during the entire Term or upon all such Lessee’s Personal Property as shall be necessary to operate each Facility in compliance with all licensure and certification requirements, in compliance with all applicable Legal Requirements and Insurance Requirements, and otherwise in accordance with customary practice in the industry for the Primary Intended Use. Following the expiration or any prior earlier termination of this Lease with respect to the Termportion of the Leased Property relating to any one or more of the Facilities and subject to Lessor’s option to purchase such Lessee Personal Property as provided in Section 34.2. All Lessee agrees that all of Lessee’s Personal Property, other than Inventory, Property relating to such portion of the Leased Property (for which Lessor has authorized removal as provided above) not removed by Lessee within ten fifteen (1015) days following the expiration or earlier termination of the Term this Lease with respect thereto shall be considered abandoned by Lessee and may be appropriated, sold, destroyed or otherwise disposed of by Lessor without first giving Notice (at Lessee’s cost) with prior written notice thereof to Lessee, without any payment to Lessee and without any obligation to Lessee to account therefor. Lessee will, at its expense, restore the Leased Property to the condition required by Subsection 2.3(g), including and repair of all damage to the Leased Property caused by the installation or removal of Lessee’s Personal Property, whether effected affected by Lessee, Lessor, any Lessee lender, or Lessor. Upon the expiration or earlier termination of the Term, Lessor or its designee shall have the option to purchase all Inventory on hand at the Leased Property at the time of such expiration or termination for a sale price equal to the fair market value of such Inventory. Lessee may make such financing arrangements, title retention agreements, leases or other agreements with respect to Lessee’s Personal Property as it sees fit provided that Lessee first advises Lessor of any such arrangement and such arrangement expressly provides that in the event of Lessee’s default thereunder, Lessor (or its designee) may assume Lessee’s obligations and rights under such arrangementFacility Lender.
Appears in 1 contract
Samples: Master Lease Agreement (MPT Operating Partnership, L.P.)
Lessee’s Personal Property. Lessee will acquire shall provide and maintain throughout during the Term such Inventory Personal Property, in addition to Lessor’s Personal Property, as is required shall be necessary and appropriate in order to operate the Leased Property Facilities for the Primary Intended Use in compliance with all licensure and certification requirements, in compliance with all applicable Legal Requirements and Insurance Requirements and otherwise in accordance with customary practice in the manner contemplated by industry for the Primary Intended Use. Without the prior written consent of Lessor, except as permitted under Section 8.2.6, Lessee shall not permit or suffer Lessee’s Personal Property to be subject to any lien, charge, encumbrance, financing statement or contract of sale or the like. Upon the expiration of the Term or the earlier termination of this Lease. , without the payment of any additional consideration by Lessor, Lessee may (shall be deemed to have sold, assigned, transferred and shall as provided hereinbelow), at its expense, install, affix or assemble or place on any parcels of the Land or in any of the Leased Improvements, any items of personal property (including Inventory) owned by Lessee. Lessee, at the commencement of the Term, and from time conveyed to time thereafter, shall provide Lessor with an accurate list of all such items of Lessee’s personal property (collectivelyright, the “Lessee’s Personal Property”). Lessee may, subject title and interest in and to the first sentence of this Section 6.2 and the conditions set forth below, remove any of Lessee’s Personal Property set forth on that, in Lessor’s reasonable judgment, is integral to the Primary Intended Use of the Facilities (or if some other use thereof has been approved by Lessor as required herein, such list other use as is then being made by Lessee) and, as provided in Section 33.1 hereof, Lessor shall have the option to purchase any of Lessee’s Personal Property that is not then integral to such use. Without Lessor’s prior written consent, Lessee shall not remove Lessee’s Personal Property that is in use at any time during the expiration or earlier termination of the Term from the Leased Properties until such option to purchase has expired or been waived in writing by Lessor. Any of Lessee’s Personal Property that is not integral to the use of the Facilities being made by Lessee and is not purchased by Lessor pursuant to Section 33.1 may be removed by Lessee upon the expiration or any prior earlier termination of the Term. All of Lessee’s Personal Propertythis Lease, other than Inventoryand, if not removed by Lessee within ten twenty (1020) days following the expiration or earlier termination of the Term this Lease, shall be considered abandoned by Lessee and may be appropriated, sold, destroyed or otherwise disposed of by Lessor without first giving Notice notice thereof to Lessee, Lessee and without any payment to Lessee and without or any obligation to account therefor. Lessee willshall reimburse Lessor for any and all expense incurred by Lessor in disposing of any of Lessee’s Personal Property that Lessee may remove but within such twenty (20) day period fails to remove, and shall either at its expense, own expense restore the Leased Property Properties to the condition required by Subsection 2.3(g)Section 9.1.5, including repair of all damage to the Leased Property Properties caused by the removal of any of Lessee’s Personal Property, whether effected or reimburse Lessor for any and all expense incurred by Lessee or Lessor. Upon the expiration or earlier termination of the Term, Lessor or its designee shall have the option to purchase all Inventory on hand at the Leased Property at the time of for such expiration or termination for a sale price equal to the fair market value of such Inventory. Lessee may make such financing arrangements, title retention agreements, leases or other agreements with respect to Lessee’s Personal Property as it sees fit provided that Lessee first advises Lessor of any such arrangement restoration and such arrangement expressly provides that in the event of Lessee’s default thereunder, Lessor (or its designee) may assume Lessee’s obligations and rights under such arrangementrepair.
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Lessee’s Personal Property. Lessee will acquire (a) Upon commencement of the Term, Lessor shall make available to Lessee, for Lessee's use in connection with the operation and maintain throughout management of the Term such Facility, all Inventory located at the Facility on the Commencement Date (the "Initial Inventory"). Except for the food and beverage inventory for which Lessor shall be reimbursed the cost thereof, the Initial Inventory shall be made available at no charge to Lessee. The parties acknowledge and agree that as of the date of this Lease the amount of Initial Inventory at the Facility is consistent with the amount of Inventory customarily maintained in a hotel of the type and character of the Facility and as otherwise is required to operate the Leased Property in the manner contemplated by this Lease and in compliance with the Franchise Agreement and all Legal Requirements. Throughout the Term, Lessee shall maintain a full stock of Inventory at the Facility at the levels substantially similar to or greater than those existing on the date hereof. As the Initial Inventory is depleted, Lessee shall purchase, at its sole cost and expense, any replacement Inventory which may be required. The Inventory, including any additions and/or replacements thereof, shall be and remain the property of Lessee during the Term of this Lease. Lessee may (and shall as provided hereinbelow), at its expense, install, affix or assemble or place on any parcels of the Land or in any of the Leased Improvements, any items of personal property (including Inventory, Furniture and Equipment) owned by Lessee. Lessee, at the commencement of the Term, and from time to time thereafter, shall provide Lessor with an accurate list of all such items of Lessee’s personal property Lessee (collectively, the “"Lessee’s 's Personal Property”"). Lessee may, subject to the first sentence of this Section 6.2 and the conditions set forth below, remove any of Lessee’s Personal Property set forth on such list at any time during the Term or upon the expiration or any prior termination of the Term. All of Lessee’s 's Personal Property, other than Inventory, not removed by Lessee within ten thirty (1030) days following the expiration or earlier termination of the Term shall be considered abandoned by Lessee and may be appropriated, sold, destroyed or otherwise disposed of by Lessor without first giving Notice thereof to Lessee, Lessee without any payment to Lessee and without any obligation to account therefor. Lessee will, at its expense, restore the Leased Property to the condition required by Subsection 2.3(gSection 9.1(d), including repair of all damage to the Leased Property caused by the removal of Lessee’s 's Personal Property, whether effected by Lessee or Lessor. .
(b) Upon the expiration or earlier termination of the TermTerm for any reason, Lessee shall surrender the Inventory to Lessor or its designee shall have in the option to purchase all Inventory on hand amounts and at the Leased Property levels existing on the date of this Lease. Except for the food and beverage inventory for which Lessee shall be reimbursed the cost thereof, the Inventory shall be surrendered at no charge to Lessor. In the event that the amount of Inventory at the time of such expiration or termination for a sale price is less than that provided by Lessor on the date hereof (an "Inventory Deficiency"), Lessee shall promptly pay to Lessor the amount equal to the fair market value Fair Market Value of such Inventory. Lessee may make such financing arrangementsthe Inventory Deficiency.
(c) If, title retention agreementsduring the Term, leases as a result of additions, modifications or other agreements with respect improvements to Lessee’s Personal Property the Leased Property, the ratio (expressed as it sees fit provided that Lessee first advises Lessor a percentage) of any such arrangement and such arrangement expressly provides that in (x) the event of Lessee’s default thereunder, Lessor (or its designee) may assume Lessee’s obligations and rights under such arrangement.adjusted
Appears in 1 contract
Lessee’s Personal Property. Lessee will acquire and maintain throughout the Term such Inventory as is required to operate the Leased Property in the manner contemplated by this Lease. Lessee may (and shall as provided hereinbelow), at its expense, install, affix or assemble or place on any parcels of the Land or in any of the Leased Improvements, any items of personal property (including Inventory) owned by Lessee. Lessee, at the commencement of the Term, and from time to time thereafter, shall provide Lessor with an accurate list of all such items of Lessee’s 's personal property (collectively, the “"Lessee’s 's Personal Property”"). Lessee may, subject to the first sentence of this Section 6.2 and the conditions set forth below, remove any of Lessee’s 's Personal Property set forth on such list at any time during the Term or upon the expiration or any prior termination of the Term. All of Lessee’s 's Personal Property, other than Inventory, not removed by Lessee within ten (10) days following the expiration or earlier termination of the Term shall be considered abandoned by Lessee and may be appropriated, sold, destroyed or otherwise disposed of by Lessor without first giving Notice thereof to Lessee, without any payment to Lessee and without any obligation to account therefor. Lessee will, at its expense, restore the Leased Property to the condition required by Subsection 2.3(g)Section , including repair of all damage to the Leased Property caused by the removal of Lessee’s 's Personal Property, whether effected by Lessee or Lessor. Upon the expiration or earlier termination of the Term, Lessor or its designee shall have the option to purchase all Inventory on hand at the Leased Property at the time of such expiration or termination for a sale price equal to the fair market value of such Inventory. Lessee may make such financing arrangements, title retention agreements, leases or other agreements with respect to the Lessee’s 's Personal Property as it sees fit provided that Lessee first advises Lessor of any such arrangement and such arrangement expressly provides that in the event of Lessee’s 's default thereunder, Lessor (or its designee) may assume Lessee’s 's obligations and rights under such arrangement.
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Lessee’s Personal Property. (a) Lessee will acquire shall have the right to decorate the Premises and maintain throughout affix signs customarily used in its business upon the Term windows, doors, interior and exterior walls of the Premises, and such Inventory free-standing signs as is required to operate are customarily used in the Leased Property conduct of business permitted under this Lease in the manner contemplated and locations reasonably acceptable to Lessor and as are authorized by this Lease. Lessee may (any governmental authority having jurisdiction over the Premises and shall as provided hereinbelow)permitted by any covenants, at its expense, install, affix or assemble or place on any parcels of conditions and restrictions encumbering the Land or in any of the Leased Improvements, any items of personal property (including Inventory) owned by Lessee. Lessee, at the commencement of the Term, and from time to time thereafter, shall provide Lessor with an accurate list of all such items of Lessee’s personal property (collectively, the “Lessee’s Personal Property”). Lessee may, subject to the first sentence of this Section 6.2 and the conditions set forth below, remove any of Lessee’s Personal Property set forth on such list at any time during the Term or upon the expiration or any prior termination of the Term. All of Lessee’s Personal Property, other than Inventory, not removed by Lessee within ten (10) days following the expiration or earlier termination of the Term shall be considered abandoned by Lessee and may be appropriated, sold, destroyed or otherwise disposed of by Lessor without first giving Notice thereof to Lessee, without any payment to Lessee and without any obligation to account therefor. Lessee will, at its expense, restore the Leased Property to the condition required by Subsection 2.3(g), including repair of all damage to the Leased Property caused by the removal of Lessee’s Personal Property, whether effected by Lessee or LessorPremises. Upon the expiration or earlier termination of this Lease, subject to Section 19 of this Lease, Lessee shall remove such signs; provided, however, that in no event may Lessee remove freestanding signage (such as pole-mounted or monument signs) or any signage affixed to any exterior wall of the Premises (or on any canopy) without Lessor’s prior written consent. If any such signage bears the refiner’s (e.g., ExxonMobil’s) trademarks and such refiner requires that such signage be returned to such refiner, then Lessor’s consent to such removal shall not be unreasonably withheld; provided, however, that Lessee shall take such steps as may be necessary to protect (or “grandfather”) the continued use of such signage (e.g., installing a temporary blank sign panel) so that such signage rights are not lost. Lessee promptly shall make such repairs and restoration of the Premises as are reasonably necessary to repair any damage to the Premises from the removal of the signs. All work performed by Lessee in or about the Premises shall comply at all times with all applicable laws and no alteration shall devalue any of the Sites.
(b) During the Term, Lessor Lessee may, at Lessee’s expense, place or its designee install such furniture, trade fixtures, equipment machinery, furnishings, face plates of signage and other articles of movable personal property including, without limitation, but otherwise expressly subject to all of the other terms and conditions of this Lease pertaining to same, UST Systems (collectively, “Lessee’s Personal Property”) on the Premises as may be needed for the conduct of Lessee’s business in accordance with all applicable laws and regulations. It is expressly understood that the term “Lessee’s Personal Property” as used herein shall have not include the option Equipment, and shall in no event extend to purchase all Inventory on hand at the Leased Property at the time of leasehold improvements, fixtures or similar “vanilla box” items such expiration as light fixtures, HVAC equipment, refrigerators, walk-in coolers, freezers, automotive lifts or termination for a sale price equal other fixtures and equipment permanently affixed to the fair market value of such InventoryPremises, which shall at all times be Lessor’s property. Lessee may make such financing arrangementsshall cause all Equipment and UST Systems to be free and clear of any lien, title retention agreements, leases encumbrance or other agreements security interest at all times during the Term of this Lease. Lessee shall not transfer, assign, encumber, or attempt to, or purport to, allow any transfer, assignment, lien, encumbrance or security interest to be granted or filed with respect to any portion of (i) the Equipment, or (ii) the UST Systems.
(c) At the expiration or earlier termination of this Lease, and provided that there is no Event of Default then continuing beyond applicable cure periods, Lessee’s Personal Property may be removed from the Premises, at the option of Lessee. In the alternative, at the expiration or earlier termination of this Lease, Lessor may require Lessee to remove Lessee’s Personal Property from the Premises. Lessee immediately shall make such repairs and restoration of the Premises as it sees fit provided that may be necessary to repair any damage to the Premises from the removal of Lessee’s Personal Property. Any of Lessee’s Personal Property not so removed shall be deemed abandoned, and Lessor may cause such property to be removed from the Premises and disposed of at Lessee’s expense. The provisions of this Section shall survive the expiration or termination of this Lease.
(d) Notwithstanding anything to the contrary set forth in this Lease and the provisions of Section 10(c) above, Lessor shall have the right, in its sole discretion, exercisable by written notice to Lessee first advises Lessor to such effect delivered not less than six (6) months prior to the expiration of any such arrangement and such arrangement expressly provides that this Lease (or as soon as is practical in the event of Lessee’s default thereunderan earlier termination of this Lease or upon an Event of Default), to require Lessee to leave in place at any of the Sites, and to convey to Lessor (or its assignee or designee) for $10.00 with respect to each Site, all or any selected components of any or all of the UST Systems (or the replacements therefor) at the Premises. If Lessor (or its assignee or designee) elects to purchase the UST Systems, or any selected components thereof, at all or any one or more of the Sites, then (i) the UST Systems (or such selected components) shall be delivered to Lessor (or its assignee or designee) in proper working order and condition and in full compliance with all Governmental Regulations and Environmental Laws (as defined in Section 12 below) and such condition shall be evidenced by tank and line tightness and functionality tests performed by reputable and qualified contractors, at Lessee’s expense, no earlier than ten (10) days prior to the conveyance of such items to Lessor (or its assignee or designee), (ii) the UST Systems (or such selected components) shall be delivered to Lessor (or its assignee or designee) free and clear of any lien, charge, encumbrance or other financing device, and (iii) Lessee shall provide Lessor (or its assignee or designee) with a xxxx of sale with respect to the UST Systems (or such selected components) conveying the same in the condition required by the terms of this subsection. The parties hereby agree that Lessor (or its assignee or designee) may assume elect to purchase an entire UST System or any selected components of a UST System located at any one or more or all of the Sites comprising the Premises. If Lessor (or its assignee or designee) elects to purchase the UST Systems, or selected components thereof, at the expiration or sooner termination of this Lease, or upon an Event of Default, and such items are subject to any lien, charge, encumbrance or other financing device, then Lessee shall provide Lessor (or its assignee or designee) with such funds as shall be necessary to pay such lien, charge, encumbrance or other financing device.
(e) It is the intent of the parties that this Lease shall serve as a security agreement granting to Lessor, and Lessee hereby grants to Lessor, a security interest, in accordance with the terms of the Uniform Commercial Code as adopted in the State of New York (the “UCC”), in the UST Systems, the Lessee’s Personal Property, any other personal property of Lessee, and all additions, modifications, products and proceeds thereof (the “Collateral”). Such security interest will secure the obligations of (i) Lessee under this Lease and the Lessee Loan Documents (defined in Section 49 below), and (ii) the Guarantor under the Guaranty (as those terms are defined in Section 13(c) and the obligations of the Guarantors with respect to the Lessee Loan Documents). Such lien and security interest shall be in addition to all rights of distraint available under applicable law. As to all Collateral, Lessor has, without limitation, all of the rights and remedies of a secured party under the UCC. The recordation of a memorandum of this Lease also constitutes a fixture filing in accordance with the provisions of the UCC. If Lessor believes that an “all-asset” collateral description, as contemplated by Section 9-504(2) of the UCC, is appropriate, Lessor is irrevocably authorized to use such arrangementa collateral description, whether in one or more separate filings or as part of the collateral description in a filing that particularly describes the Collateral. Lessor is irrevocably authorized to file UCC Financing Statements and/or fixture filings naming Lessee as debtor, to perfect Lessor’s security interest in the Collateral, in all jurisdictions in which Lessor believes in its sole opinion that such filing is appropriate. Lessor is irrevocably authorized to file such continuation statements and other similar documents as it determines, in its sole opinion, are appropriate to protect and perfect its rights.
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Lessee’s Personal Property. Lessee will acquire shall provide and maintain throughout during the Term such Inventory Personal Property, in addition to Lessor's Personal Property, as is required shall be reasonably necessary and appropriate in order to operate the Facilities for the Primary Intended Use in compliance with all licensure and certification requirements and in compliance with all applicable Legal Requirements and Insurance Requirements. Upon the expiration or earlier termination of this Master Lease as to any or all of the Leased Property Properties other than as a result of Leseee's purchase of the Leased Properties or any portion thereof in accordance with the manner contemplated by terms of this Lease. Master Lease (i) Lessee may (and shall as provided hereinbelow)have the right, at its sole cost and expense, installto remove from the Leased Properties or the Leased Property(ies) as to which this Master Lease has terminated, affix or assemble or place on any parcels as applicable, the Excluded Lessee's Personal Property unless there is then outstanding an Event of Default hereunder and Lessor elects to exercise its rights with respect to the Excluded Lessee's Personal Property in accordance with the terms of the Land or in any Amended Security Agreement and (ii) the Relinquished Lessee's Property shall be and remain the property of Lessor and Lessee shall, upon request, execute such documents as may be reasonably necessary to convey to Lessor all of Lessee's right, title and interest therein free and clear of all liens, claims, charges and encumbrances. Any of the Leased Improvements, any items of personal property (including Inventory) owned by Excluded Lessee. Lessee, at the commencement of the Term, and from time to time thereafter, shall provide Lessor with an accurate list of all such items of Lessee’s personal property (collectively, the “Lessee’s Personal Property”). Lessee may, subject to the first sentence of this Section 6.2 and the conditions set forth below, remove any of Lessee’s 's Personal Property set forth on such list at any time during which Lessee fails to remove from the Term or upon the expiration or any prior termination of the Term. All of Lessee’s Personal Property, other than Inventory, not removed by Lessee affected Leased Property(ies) within ten twenty (1020) days following the expiration or earlier termination of the Term this Master Lease shall be considered abandoned by Lessee and may be appropriated, sold, destroyed or otherwise disposed of by Lessor without first giving Notice notice thereof to Lessee, Lessee and without any payment to Lessee and without or any obligation to account therefortherefore. Lessee will, shall reimburse Lessor for any and all expenses reasonably incurred by Lessor in disposing of any of the Excluded Lessee's Personal Property in accordance with the immediately preceding sentence and shall either at its expense, own expense restore the Leased Property Properties to the condition required by Subsection 2.3(g)Section 9.1.7, including repair of all damage damages to the Leased Property Properties caused by the removal of any of the Excluded Lessee’s 's Personal Property, whether effected or reimburse Lessor for any and all expense reasonably incurred by Lessee or Lessor. Upon the expiration or earlier termination of the Term, Lessor or its designee shall have the option to purchase all Inventory on hand at the Leased Property at the time of for such expiration or termination for a sale price equal to the fair market value of such Inventory. Lessee may make such financing arrangements, title retention agreements, leases or other agreements with respect to Lessee’s Personal Property as it sees fit provided that Lessee first advises Lessor of any such arrangement restoration and such arrangement expressly provides that in the event of Lessee’s default thereunder, Lessor (or its designee) may assume Lessee’s obligations and rights under such arrangementrepair.
Appears in 1 contract
Lessee’s Personal Property. Lessee will acquire and maintain throughout the Term such Inventory as is required to operate the Leased Property in the manner contemplated by this Lease. Lessee may (and shall as provided hereinbelow)Lessee, at its expense, shall install, affix or affix, assemble or and place on any parcels of the Land or in any of the Leased Improvements, any items of personal property (including Inventory) owned by Lessee. Lessee, at Property the commencement of the Term, and from time to time thereafter, shall provide Lessor with an accurate list of all such items of Lessee’s personal property (collectively, the “Lessee’s Personal Property”). Lessee mayshall provide and maintain during the entire Term all such Lessee’s Personal Property as shall be necessary to operate each Property in compliance in all material respects with all licensure and certification requirements, in compliance in all material respects with all applicable Legal Requirements and Insurance Requirements, and otherwise substantially in accordance with customary practice in the industry for the Primary Intended Use. Following the expiration or earlier termination of this Lease with respect to any one or more of the Properties and subject to the first sentence of this Lessor’s option to purchase such Lessee Personal Property as provided in Section 6.2 and the conditions set forth below34.1, remove any Lessee agrees that all of Lessee’s Personal Property set forth on relating to such list at any time during the Term one or upon the expiration or any prior termination of the Term. All of Lessee’s Personal Property, other than Inventory, more Properties not removed by Lessee within ten fifteen (1015) days following the expiration or earlier termination of the Term this Lease with respect thereto shall be considered abandoned by Lessee and may be appropriated, sold, destroyed or otherwise disposed of by Lessor without first giving Notice (at Lessee’s cost) with prior written notice thereof to Lessee, without any payment to Lessee and without any obligation to Lessee to account therefor. Lessee will, at its expense, restore the Leased Property to the condition required by Subsection 2.3(g), including and repair of all damage to the Leased Property caused by the installation or removal of Lessee’s Personal Property, ordinary wear and tear excepted, whether effected affected by Lessee, Lessor, any Lessee lender, or Lessor. Upon any Facility Lender, unless caused by the expiration gross negligence or earlier termination willful misconduct of the Term, Lessor or its designee any Facility Lender. Lessee shall have the option right to purchase all Inventory on hand at create a security interest in the Leased Property at the time of such expiration or termination for a sale price equal to the fair market value of such Inventory. Lessee may make such financing arrangements, title retention agreements, leases or other agreements with respect to Lessee’s Personal Property as it sees fit provided that Lessee first advises Lessor in favor of any such arrangement lender of Lessee, and such arrangement expressly provides that in the event Lessor hereby waives any liens on (all rights to assert any lien on) any of Lessee’s default thereunderPersonal Property. Lessor hereby agrees that Lessee’s lender may enter onto the Leased Property and take possession of the Lessee’s Personal Property in accordance with the Intercreditor Agreement and in such a manner as to not unreasonably disrupt the normal operations of the applicable Property; provided, Lessor (that, Lessee, at its sole cost and expense, shall be liable to repair any damage or destruction caused to the Leased Property by Lessee’s lender or its designee) may assume Lessee’s obligations and rights under such arrangementrepresentatives in connection therewith.
Appears in 1 contract
Samples: Master Lease Agreement (MPT Operating Partnership, L.P.)
Lessee’s Personal Property. Lessee will acquire and maintain throughout the Term such Inventory as is required to operate the Leased Property in the manner contemplated by this Lease. Lessee may (and shall as provided hereinbelow), at its expense, install, affix or assemble or place on any parcels of the Land or in any of the Leased Improvements, any items of personal property (including Inventory) owned by Lessee. Lessee, at the commencement of the Term, and from time to time thereafter, shall provide Lessor with an accurate list of all such items of Lessee’s 's personal property (collectively, the “"Lessee’s 's Personal Property”"). Lessee may, subject to the first sentence of this Section 6.2 and the conditions set forth below, remove any of Lessee’s 's Personal Property set forth on such list at any time during the Term or upon the expiration or any prior termination of the Term. All of Lessee’s 's Personal Property, other than Inventory, not removed by Lessee within ten (10) days following the expiration or earlier termination of the Term shall be considered abandoned by Lessee and may be appropriated, sold, destroyed or otherwise disposed of by Lessor without first giving Notice thereof to Lessee, without any payment to Lessee and without any obligation to account therefor. Lessee will, at its expense, restore the Leased Property to the condition required by Subsection 2.3(gSection 9.1(d), including repair of all damage to the Leased Property caused by the removal of Lessee’s 's Personal Property, whether effected by Lessee or Lessor. Upon the expiration or earlier termination of the Term, Lessor or its designee shall have the option to purchase all Inventory on hand at the Leased Property at the time of such expiration or termination (other than Inventory with to respect to which the Manager has exercised any purchase option under the Management Agreement) for a sale price equal to the fair market value of such Inventory. Lessee may make such financing arrangements, title retention agreements, leases or other agreements with respect to Lessee’s 's Personal Property as it sees fit provided that Lessee first advises Lessor of any such arrangement and such arrangement expressly provides that in the event of Lessee’s 's default thereunder, Lessor (or its designee) may assume Lessee’s 's obligations and rights under such arrangement.
Appears in 1 contract
Samples: Contract for Purchase and Sale of Hotels (Itt Corp /Nv/)
Lessee’s Personal Property. Lessee will acquire (a) Upon commencement of the Term, Lessor shall make available at no charge to Lessee, for Lessee's use in connection with the operation and maintain throughout management of the Term such Facility, all Inventory located at the Facility on the Commencement Date (the "Initial Inventory"). The parties acknowledge and agree that as of the date of this Lease the amount of Initial Inventory at the Facility is consistent with the amount of Inventory customarily maintained in a hotel of the type and character of the Facility and as otherwise is required to operate the Leased Property in the manner contemplated by this LeaseLease and in compliance with the Franchise Agreement and all Legal Requirements. Throughout the Term, Lessee shall maintain a full stock of Inventory at the Facility at the levels substantially similar to or greater than those existing on the date hereof. As the Initial Inventory is depleted, Lessee shall purchase, at its sole cost and expense, any replacement Inventory which may be required. The Inventory, including any additions and/or replacements thereof, shall be and remain the property of Lessee. Lessee may (and shall as provided hereinbelow), at its expense, install, affix or assemble or place on any parcels of the Land or in any of the Leased Improvements, any items of personal property (including Inventory, Furniture and Equipment) owned by Lessee. Lessee, at the commencement of the Term, and from time to time thereafter, shall provide Lessor with an accurate list of all such items of Lessee’s personal property Lessee (collectively, the “"Lessee’s 's Personal Property”"). Lessee may, subject to the first sentence of this Section 6.2 and the conditions set forth below, remove any of Lessee’s Personal Property set forth on such list at any time during the Term or upon the expiration or any prior termination of the Term. All of Lessee’s 's Personal Property, other than Inventory, not removed by Lessee within ten thirty (1030) days following the expiration or earlier termination of the Term shall be considered abandoned by Lessee and may be appropriated, sold, destroyed or otherwise disposed of by Lessor without first giving Notice thereof to Lessee, Lessee without any payment to Lessee and without any obligation to account therefor. Lessee will, at its expense, restore the Leased Property to the condition required by Subsection 2.3(gSection 9.1(d), including repair of all damage to the Leased Property caused by the removal of Lessee’s 's Personal Property, whether effected by Lessee or Lessor. .
(b) Upon the expiration or earlier termination of the TermTerm for any reason, Lessee shall surrender the Inventory to Lessor or its designee shall have in the option to purchase all Inventory on hand amounts and at the Leased Property levels existing on the date of this Lease. In the event that the amount of Inventory at the time of such expiration or termination for a sale price is less than that provided by Lessor on the date hereof (an "Inventory Deficiency"), Lessee shall promptly pay to Lessor the amount equal to the fair market value Fair Market Value of the Inventory Deficiency.
(c) If, during the Term, as a result of additions, modifications or improvements to the Leased Property, the ratio (expressed as a percentage) of (x) the adjusted basis for Federal income tax purposes of that portion of the Leased Property consisting of personal property, to (y) the adjusted basis for such purposes of the Leased Property, shall exceed l5%, Lessor, at its option, may sell to Lessee (and Lessee shall purchase from Lessor) a sufficient quantity of such Inventorypersonal property as shall be necessary so that the aforesaid percentage does not exceed l5%. Lessee may make such financing arrangements, title retention agreements, leases or other agreements The aforesaid sale shall be at Fair Market Value for the items sold and shall otherwise be in accordance with respect to Lessee’s Personal Property as it sees fit provided that Lessee first advises Lessor the provisions of any such arrangement and such arrangement expressly provides that in Section 18.1 below (including a contemporaneous equitable reduction of the event of Lessee’s default thereunder, Lessor (or its designee) may assume Lessee’s obligations and rights Rent payable under such arrangementSection 3.1).
Appears in 1 contract
Samples: Purchase and Sale Agreement (Prime Hospitality Corp)
Lessee’s Personal Property. Lessee will acquire shall provide and maintain throughout during the Term such Inventory Personal Property, in addition to the Leased Personal Property, as is required shall be necessary and appropriate in order to operate the Leased Property Facilities for the Primary Intended Use in compliance with all licensure and certification requirements, in compliance with all applicable Legal Requirements and Insurance Requirements and otherwise in accordance with customary practice in the manner contemplated by industry for the Primary Intended Use. Without the prior written consent of Lessor, Lessee shall not permit or suffer Lessee's Personal Property to be subject to any lien, charge, Encumbrance, financing statement or contract of sale or the like. Unless Lessee purchases the Leased Properties as provided in this Lease. Lessee may (and shall as provided hereinbelow), at its expense, install, affix or assemble or place on any parcels upon the expiration of the Land Term or in the earlier termination of this Lease, without the payment of any of the Leased Improvementsadditional consideration by Lessor, any items of personal property (including Inventory) owned by Lessee. LesseeLessee shall be deemed to have sold, at the commencement of the Termassigned, transferred and from time conveyed to time thereafter, shall provide Lessor with an accurate list of all such items of Lessee’s personal property (collectively's right, the “Lessee’s Personal Property”). Lessee may, subject title and interest in and to the first sentence of this Section 6.2 and the conditions set forth below, remove any of Lessee’s 's Personal Property set forth on that, in Lessor's reasonable judgment, is integral to the Primary Intended Use of the Facilities (or if some other use thereof has been approved by Lessor as required herein, such list other use as is then being made by Lessee) and, as provided in Section 34.1, Lessor shall have the option to purchase any of Lessee's Personal Property that is not then integral to such use. Without Lessor's prior written consent, Lessee shall not remove Lessee's Personal Property that is in use at any time during the expiration or earlier termination of the Term from the Leased Properties until such option to purchase has expired or been waived in writing by Lessor. Any of Lessee's Personal Property that is not integral to the use of the Facilities being made by Lessee and is not purchased by Lessor pursuant to Section 34.1 may be removed by Lessee upon the expiration or any prior earlier termination of the Term. All of Lessee’s Personal Propertythis Lease, other than Inventoryand, if not removed by Lessee within ten twenty (1020) days following the expiration or earlier termination of the Term this Lease, shall be considered abandoned by Lessee and may be appropriated, sold, destroyed or otherwise disposed of by Lessor without first giving Notice notice thereof to Lessee, Lessee and without any payment to Lessee and without or any obligation to account therefor. Lessee willshall reimburse Lessor for any and all expense incurred by Lessor in disposing of any of Lessee's Personal Property that Lessee may remove but within such twenty (20) day period fails to remove, and shall either at its expense, own expense restore the Leased Property 20 Properties to the condition required by Subsection 2.3(g)Section 9.1.5, including repair of all damage to the Leased Property Properties caused by the removal of any of Lessee’s 's Personal Property, whether effected or reimburse Lessor for any and all expense incurred by Lessee or Lessor. Upon the expiration or earlier termination of the Term, Lessor or its designee shall have the option to purchase all Inventory on hand at the Leased Property at the time of for such expiration or termination for a sale price equal to the fair market value of such Inventory. Lessee may make such financing arrangements, title retention agreements, leases or other agreements with respect to Lessee’s Personal Property as it sees fit provided that Lessee first advises Lessor of any such arrangement restoration and such arrangement expressly provides that in the event of Lessee’s default thereunder, Lessor (or its designee) may assume Lessee’s obligations and rights under such arrangementrepair.
Appears in 1 contract
Lessee’s Personal Property. (a) Upon commencement of the Term, (i) Lessor shall transfer (to the extent owned by Lessor) to Lessee will acquire all Consumable Supplies at the Facility for their fair market value, and maintain throughout (ii) Lessor shall transfer (to the Term such extent owned by Lessor) to Lessee all Nonconsumable Inventory as located at the Facility on the Commencement Date (the "Initial Nonconsumable Inventory"). At all times during ------------------------------- the Term, Lessee shall maintain, or cause Manager to maintain, Inventory consistent with the amount of inventory which is customarily maintained in a hotel of the type and character of the Facility and is otherwise required to operate the Leased Property in the manner contemplated by this LeaseLease and in compliance with the Management Agreement and all Legal Requirements. All Inventory, to the extent not owned by the Manager pursuant to the Management Agreement, shall be the property of Lessee, subject to Lessee's obligations under Section 6.2(b). Lessee may (and shall as provided -------------- hereinbelow), at its expense, but subject to the Management Agreement, install, affix or assemble or place on any parcels of the Land or in any of the Leased Improvements, any items of personal property (including Inventory) owned by Lessee. Lessee, at the commencement of the Term, and from time to time thereafter, shall provide Lessor with an accurate list of all such items of Lessee’s personal property Lessee (collectively, the “"Lessee’s 's Personal Property”"). Lessee may, subject -------------------------- to the first second sentence of this Section 6.2 6.2(a) and the conditions set forth in -------------- Section 6.2(b) below, remove any of Lessee’s 's Personal Property set forth on such -------------- list at any time during the Term or upon the expiration or any prior termination of the Term. All of Lessee’s 's Personal Property, other than Inventory, not removed by Lessee within ten thirty (1030) days following the expiration or earlier termination of the Term shall be considered abandoned by Lessee and may be appropriated, sold, destroyed or otherwise disposed of by Lessor without first giving Notice thereof to Lessee, without any payment to Lessee and without any obligation to account therefor. Lessee will, at its expense, restore the Leased Property to the condition required by Subsection 2.3(gSection 9.1(d), including repair of all -------------- damage to the Leased Property caused by the removal of Lessee’s 's Personal Property, whether effected by Lessee or Lessor. Upon .
(b) Lessor and Lessee agree that the expiration or earlier termination transfer of Consumable Supplies and Initial Nonconsumable Inventory from Lessor to Lessee upon commencement of the Term, Lessor or its designee Term shall have the option to purchase all Inventory on hand at the Leased Property at the time of such expiration or termination for be treated as a sale price equal to of the Initial Nonconsumable Inventory for the fair market value thereof (the "Purchase Price"). The Purchase Price, plus -------------- interest thereon at the applicable federal rate published pursuant to Section 1274(d) of such Inventorythe Internal Revenue Code of 1986, as amended, shall be payable in equal monthly installments over the Term and shall be credited against amounts of Base Rent and Percentage Rent payable under this Lease. Nothing in this Section 6.2(b) shall be interpreted to give rise to any obligation of Lessee may to -------------- make such financing arrangementsany payment to Lessor, title retention agreements, leases or other agreements with respect but instead this Section 6.2(b) is intended to Lessee’s Personal Property -------------- characterize payments otherwise denominated as it sees fit provided that Rent as payments of the Purchase Price and interest thereon. Lessor and Lessee first advises Lessor shall determine the Purchase Price in their joint inventory of any such arrangement and such arrangement expressly provides that in the event Facility to be conducted within fifteen (15) days of Lessee’s default thereunder, Lessor (or its designee) may assume Lessee’s obligations and rights under such arrangementthe date hereof.
Appears in 1 contract
Lessee’s Personal Property. Lessee will acquire and maintain throughout the Term such Inventory as is required to operate the Leased Property in the manner contemplated by this Lease. Lessee may (and shall as provided hereinbelow)Lessee, at its expense, shall install, affix or affix, assemble or and place on any parcels the Leased Property, the Lessee's Personal Property (other than the Licenses), which Lessee's Personal Property shall be subject to the security interests and liens as provided in Section 16.8 of this Lease. Lessee shall not, without the Land or prior written consent of Lessor (which consent may be withheld in the event Lessee is in default hereunder) remove any of the Lessee's Personal Property from the Leased Improvements, any items Property except in the ordinary course of personal property (including Inventory) owned by Lesseebusiness and not material to the Primary Intended Use. Lessee, at the commencement of the Term, and from time to time thereafter, Lessee shall provide Lessor with an accurate list of and maintain during the entire Term all such items Lessee's Personal Property as shall be necessary in order to operate the Facility in compliance with all licensure and certification requirements, in compliance with all applicable Legal Requirements and Insurance Requirements and otherwise in accordance with customary practice in the industry for the Primary Intended Use. If removal is authorized by Lessor as provided herein, all of Lessee’s personal property (collectively, the “Lessee’s Personal Property”). Lessee may, subject to the first sentence of this Section 6.2 and the conditions set forth below, remove any of Lessee’s 's Personal Property set forth on such list at any time during the Term or upon the expiration or any prior termination of the Term. All of Lessee’s Personal Property, other than Inventory, not removed by Lessee within ten seven (107) days following the expiration or earlier termination of the Term this Lease shall be considered abandoned by Lessee and may be appropriated, sold, destroyed or otherwise disposed of by Lessor without first giving Notice notice thereof to Lessee, without any payment to Lessee and without any obligation to Lessee to account therefor. Lessee will, at its expense, restore the Leased Property to the condition required by Subsection 2.3(g), including and repair of all damage to the Leased Property caused by the removal of Lessee’s 's Personal Property, normal wear and tear excepted, whether effected by Lessee, Lessor, any Lessee lender, or Lessor. Upon the expiration or earlier termination of the Term, any Lessor or its designee shall have the option to purchase all Inventory on hand at the Leased Property at the time of such expiration or termination for a sale price equal to the fair market value of such Inventory. Lessee may make such financing arrangements, title retention agreements, leases or other agreements with respect to Lessee’s Personal Property as it sees fit provided that Lessee first advises Lessor of any such arrangement and such arrangement expressly provides that in the event of Lessee’s default thereunder, Lessor (or its designee) may assume Lessee’s obligations and rights under such arrangementlender.
Appears in 1 contract
Lessee’s Personal Property. At all times during the Term, Lessee will acquire shall maintain Inventory consistent with the amount of inventory which is customarily maintained in a hotel of the type and maintain throughout character of the Term such Inventory as Facility and is otherwise required to operate the Leased Property in the manner contemplated by this LeaseLease and in compliance with the Franchise Agreement and all Legal Requirements. All Inventory acquired subsequent to the date hereof shall be the property of Lessee. Lessee may (and shall as provided hereinbelow), at its expense, install, affix or assemble or place on any parcels of the Land or in any of the Leased Improvements, any items of personal property (including Inventory) owned by Lessee. Lessee, at the commencement of the Term, and from time to time thereafter, shall provide Lessor with an accurate list of all such items of Lessee’s personal property Lessee (collectively, the “"Lessee’s 's Personal Property”"). Lessee may, subject to the first following sentence of this Section 6.2 and the conditions set forth below6.2, remove any of Lessee’s 's Personal Property set forth on such list at any time during the Term or upon the expiration or any prior termination of the Term. All of Lessee’s 's Personal Property, other than Inventory, Property not removed by Lessee within ten (10) 30 days following the expiration or earlier termination of the Term shall be considered abandoned by Lessee and may be appropriated, sold, destroyed or otherwise disposed of by Lessor without first giving Notice thereof to Lessee, without any payment to Lessee and without any obligation to account therefor. Lessee will, at its expense, restore the Leased Property to the condition required by Subsection 2.3(gSection 9.1(d), including repair of all damage to the Leased Property caused by the removal of Lessee’s 's Personal Property, whether effected by Lessee or Lessor. Upon the expiration or earlier termination of the Term, Lessor or its designee shall have the option to purchase all Inventory on hand at the Leased Property at the time of such expiration or termination for a sale price equal to the fair market value of such Inventory. Lessee may make such financing arrangements, title retention agreements, leases or other agreements with respect to Lessee’s Personal Property as it sees fit provided that Lessee first advises Lessor of any such arrangement and such arrangement expressly provides that in the event of Lessee’s default thereunder, Lessor (or its designee) may assume Lessee’s obligations and rights under such arrangement.
Appears in 1 contract
Lessee’s Personal Property. (a) Upon commencement of the Term, (i) Lessor shall transfer (to the extent owned by Lessor) to Lessee will acquire all Consumable Supplies at the Facility for their fair market value, and maintain throughout (ii) Lessor shall transfer (to the Term such extent owned by Lessor) to Lessee all Nonconsumable Inventory as located at the Facility on the Commencement Date (the "Initial Nonconsumable Inventory"). At all times during ------------------------------- the Term, Lessee shall maintain, or cause Manager to maintain, Inventory consistent with the amount of inventory which is customarily maintained in a hotel of the type and character of the Facility and is otherwise required to operate the Leased Property in the manner contemplated by this LeaseLease and in compliance with the Management Agreement and all Legal Requirements. All Inventory, to the extent not owned by the Manager pursuant to the Management Agreement, shall be the property of Lessee, subject to Lessee's obligations under Section 6.2(b). Lessee may (and shall as provided hereinbelow), at its -------------- expense, but subject to the Management Agreement, install, affix or assemble or place on any parcels of the Land or in any of the Leased Improvements, any items of personal property (including Inventory) owned by Lessee. Lessee, at the commencement of the Term, and from time to time thereafter, shall provide Lessor with an accurate list of all such items of Lessee’s personal property Lessee (collectively, the “"Lessee’s 's Personal Property”"). Lessee may, subject to the first second sentence of -------------------------- this Section 6.2 6.2(a) and the conditions set forth in Section 6.2(b) below, remove -------------- -------------- any of Lessee’s 's Personal Property set forth on such list at any time during the Term or upon the expiration or any prior termination of the Term. All of Lessee’s 's Personal Property, other than Inventory, not removed by Lessee within ten thirty (1030) days following the expiration or earlier termination of the Term shall be considered abandoned by Lessee and may be appropriated, sold, destroyed or otherwise disposed of by Lessor without first giving Notice thereof to Lessee, without any payment to Lessee and without any obligation to account therefor. Lessee will, at its expense, restore the Leased Property to the condition required by Subsection 2.3(gSection 9.1(d), including repair of all damage to the -------------- Leased Property caused by the removal of Lessee’s 's Personal Property, whether effected by Lessee or Lessor. Upon .
(b) Lessor and Lessee agree that the expiration or earlier termination transfer of Consumable Supplies and Initial Nonconsumable Inventory from Lessor to Lessee upon commencement of the Term, Lessor or its designee Term shall have the option to purchase all Inventory on hand at the Leased Property at the time of such expiration or termination for be treated as a sale price equal to of the Initial Nonconsumable Inventory for the fair market value thereof (the "Purchase Price"). The Purchase -------------- Price, plus interest thereon at the applicable federal rate published pursuant to Section 1274(d) of such Inventorythe Internal Revenue Code of 1986, as amended, shall be payable in equal monthly installments over the Term and shall be credited against amounts of Base Rent and Percentage Rent payable under this Lease. Nothing in this Section 6.2(b) shall be interpreted to give rise to any -------------- obligation of Lessee may to make such financing arrangementsany payment to Lessor, title retention agreements, leases or other agreements with respect to Lessee’s Personal Property as it sees fit provided that Lessee first advises Lessor of any such arrangement and such arrangement expressly provides that in the event of Lessee’s default thereunder, Lessor (or its designee) may assume Lessee’s obligations and rights under such arrangement.but instead this Section ------- 6.2
Appears in 1 contract
Lessee’s Personal Property. (a) Lessee will acquire shall have the right to decorate the Premises and maintain throughout affix signs customarily used in its business upon the Term windows, doors, interior and exterior walls of the Premises, and such Inventory free-standing signs as is required to operate are customarily used in the Leased Property conduct of business permitted under this Lease in the manner contemplated and locations reasonably acceptable to Lessor and as and are authorized by this Lease. Lessee may (any governmental authority having jurisdiction over the Premises and shall as provided hereinbelow)permitted by any covenants, at its expense, install, affix or assemble or place on any parcels of conditions and restrictions encumbering the Land or in any of the Leased Improvements, any items of personal property (including Inventory) owned by Lessee. Lessee, at the commencement of the Term, and from time to time thereafter, shall provide Lessor with an accurate list of all such items of Lessee’s personal property (collectively, the “Lessee’s Personal Property”). Lessee may, subject to the first sentence of this Section 6.2 and the conditions set forth below, remove any of Lessee’s Personal Property set forth on such list at any time during the Term or upon the expiration or any prior termination of the Term. All of Lessee’s Personal Property, other than Inventory, not removed by Lessee within ten (10) days following the expiration or earlier termination of the Term shall be considered abandoned by Lessee and may be appropriated, sold, destroyed or otherwise disposed of by Lessor without first giving Notice thereof to Lessee, without any payment to Lessee and without any obligation to account therefor. Lessee will, at its expense, restore the Leased Property to the condition required by Subsection 2.3(g), including repair of all damage to the Leased Property caused by the removal of Lessee’s Personal Property, whether effected by Lessee or LessorPremises. Upon the expiration or earlier termination of the Lease, subject to Section 19 of this Lease, Lessee shall remove such signs; provided, however, that in no event may Lessee remove free-standing signage (such as pole-mounted or monument signs) from the Premises without Lessor’s prior written consent. Lessee promptly shall make such repairs and restoration of the Premises as are reasonably necessary to repair any damage to the Premises from the removal of the signs. All work performed by Lessee in or about the Premises shall comply at all times with all applicable laws and no alteration shall devalue any of the Sites.
(b) During the Term, Lessor Lessee may, at Lessee's expense, place or its designee install such furniture, trade fixtures, equipment machinery, furnishings, face plates of signage and other articles of movable personal property including, without limitation, USTs, multi product fuel dispensers and lines (collectively, “Lessee's Personal Property”) on the Premises as may be needed for the conduct of Lessee's business in accordance with all applicable laws and regulations. It is expressly understood that the term “Lessee's Personal Property” as used herein shall have not include the option Equipment, and shall in no event extend to purchase all Inventory on hand at the Leased Property at the time of leasehold improvements, fixtures or similar "vanilla box" items such expiration as light fixtures, HVAC equipment, refrigerators, walk-in coolers and freezers or termination for a sale price equal other fixtures and equipment permanently affixed to the fair market value Premises, which shall at all times be Lessor’s property. All Equipment shall be free and clear of such Inventoryany lien, encumbrance or other security interest at all times during the Term of this Lease. Lessee may make such financing arrangementsshall not encumber, title retention agreementsor attempt to, leases or other agreements purport to, allow any lien, encumbrance or security interest to be granted or filed with respect to any portion of the Equipment. Lessee shall not encumber Lessee’s Personal Property as it sees fit without the prior written consent of Lessor, which consent shall not be unreasonably withheld or delayed.
(c) At the expiration or earlier termination of the Lease, and provided that there is no Event of Default then continuing beyond applicable cure periods, Lessee's Personal Property may be removed from the Premises, at the option of Lessee. In the alternative, at the expiration or earlier termination of the Lease, Lessor may require Lessee first advises to remove Lessee’s Personal Property from the Premises. Lessee immediately shall make such repairs and restoration of the Premises as may be necessary to repair any damage to the Premises from the removal of Lessee's Personal Property. Any of Lessee's Personal Property not so removed shall be deemed abandoned, and Lessor may cause such property to be removed from the Premises and disposed of any at Lessee’s expense. The provisions of this Section shall survive the expiration or termination of this Lease.
(d) Notwithstanding anything to the contrary set forth in this Lease and the provisions of Section 10(c) above, Lessor shall have the right, exercisable by written notice to Lessee to such arrangement and such arrangement expressly provides that effect delivered not less than three (3) months prior to the expiration of this Lease (or as soon as is practical in the event of Lessee’s default thereunderan earlier termination), to require Lessee to leave in place at any of the Sites, and to convey to Lessor for $10.00, any or all of the UST systems (or its designeethe replacements therefor). If Lessor elects to purchase the UST systems at all or a portion of the Sites, then (i) the UST systems shall be delivered to Lessor in proper working order and condition and in full compliance with all applicable laws and such condition shall be evidenced by tank and line tightness and functionality tests performed no earlier than ten (10) days prior to the conveyance of such items to Lessor, (ii) the UST systems shall be delivered to Lessor free and clear of any lien, charge, encumbrance or other financing device, and (iii) Lessee shall provide Lessor with a xxxx of sale with respect to the UST systems conveying the same in the condition required by the terms of this subsection. The parties hereby agree that Lessor may assume Lessee’s obligations elect to purchase the UST systems at all of the Sites comprising the Premises or any one or more of the Sites. If Lessor elects to purchase the UST systems at the expiration or sooner termination of this Lease and rights under such arrangementitems are subject to any lien, charge, encumbrance or other financing device, then Lessee shall provide Lessor with such funds as shall be necessary to pay such lien, charge, encumbrance or other financing device.
Appears in 1 contract
Samples: Unitary Net Lease Agreement (Getty Realty Corp /Md/)
Lessee’s Personal Property. Lessee will acquire and maintain throughout through the Term such Inventory as is required to operate the Leased Property in the manner contemplated by this Lease. Lessee may (and shall as provided hereinbelow), at its expense, install, affix or assemble or place on any parcels of the Land or in any of the Leased Improvements, any items of personal property (including Inventory) owned by Lessee. Lessee, at the commencement of the Term, and from time to time thereafter, shall provide Lessor with an accurate list of all such items of Lessee’s 's personal property (collectively, the “"Lessee’s 's Personal Property”"). Lessee may, subject to the first sentence of this Section 6.2 and the conditions set forth below, remove any of Lessee’s 's Personal Property set forth on such list at any time during the Term or upon the expiration or any prior termination of the Term. All of Lessee’s 's Personal Property, other than Inventory, not removed by Lessee within ten (10) days following the expiration or earlier termination of the Term shall be considered abandoned by Lessee and may be appropriated, sold, destroyed destroyed, or otherwise disposed of by Lessor without first giving Notice thereof to Lessee, without any payment to Lessee and without any obligation to account therefor. Lessee will, at its expense, restore the Leased Property to the condition required by Subsection 2.3(gSection 9.1(d), including repair of all damage to the Leased Property caused by the removal of Lessee’s 's Personal Property, whether effected by Lessee or Lessor. Upon Subject to Article XXXVII, upon the expiration or earlier termination of the Term, Lessor or its designee shall have the option to purchase all Inventory on hand at the Leased Property at the time of such expiration or termination for a sale price equal to the fair market value of such Inventory. Lessee may make such financing arrangements, title retention agreements, leases or other agreements with respect to the Lessee’s 's Personal Property as it sees fit provided that Lessee first advises Lessor of any such arrangement and such arrangement expressly provides that in the event of Lessee’s 's default thereunder, Lessor (or its designee) may assume Lessee’s 's obligations and rights under such arrangement.
Appears in 1 contract
Lessee’s Personal Property. The Lessee will acquire may, from time to time, own or hold under lease from Persons other than the Lessor, furniture, trade fixtures and maintain throughout the Term such Inventory as equipment which is required to operate located on or about the Leased Property in the manner contemplated by this Lease. Lessee may (and shall as provided hereinbelow), at its expense, install, affix or assemble or place on any parcels of the Land or in any of the Leased Improvements, any items of personal property (including Inventory) owned by Lessee. Lessee, at the commencement of the Term, and from time to time thereafter, shall provide Lessor with an accurate list of all such items of Lessee’s personal property (collectively, the “Lessee’s Personal Property”). Lessee mayExcept as expressly provided in this Article XVI, subject to the first sentence of this Section 6.2 and Lessor waives any statutory and/or contractual lien on the conditions set forth below, remove any of Lessee’s Personal Property set forth on such list at as security for this Lease. At any time during the Lease Term or and upon the expiration or any prior earlier termination of this Lease, the Term. All Lessee may, at its sole cost and expense, remove any or all of the Lessee’s Personal Property from the Leased Property; provided, however, that the Lessee shall not remove, and the Lessor shall have a lien upon any fixture, equipment or other than Inventory, not removed by Lessee within ten (10) days personal property which has been incorporated in the Leased Property. Any of the Lessee’s Personal Property remaining on the Leased Property following the expiration or earlier termination of the Term this Lease shall be considered abandoned by Lessee the Lessee, and, at the election of the Lessor, title thereto shall without further act vest in the Lessor, and may be appropriated, sold, destroyed or otherwise disposed of by the Lessor without first giving Notice thereof notice to Lessee, without any payment to the Lessee and without any obligation to account therefor. therefor and the Lessee willwill pay the Lessor, at its expenseupon written demand, restore 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 to repair any damage to the Leased Property to the condition required caused by Subsection 2.3(g), including such removal. The Lessee shall immediately repair of at its expense all damage to the Leased Property caused by the any such removal of Lessee’s Personal Property, whether (unless such removal is effected by the Lessor, in which event the Lessee or Lessorshall pay all costs and expenses incurred by the Lessor for such repairs). Upon the expiration or earlier termination of the Term, The Lessor or its designee shall have no liability in exercising its rights under this Article XVI, nor shall the option to purchase all Inventory on hand at the Leased Property at the time Lessor be responsible for any loss of such expiration or termination for a sale price equal damage to the fair market value of such Inventory. Lessee may make such financing arrangements, title retention agreements, leases or other agreements with respect to Lessee’s Personal Property as it sees fit provided that Lessee first advises Lessor of any such arrangement and such arrangement expressly provides that in the event of Lessee’s default thereunder, Lessor (or its designee) may assume Lessee’s obligations and rights under such arrangementconnection therewith.
Appears in 1 contract
Lessee’s Personal Property. Lessee will acquire and maintain -------------------------- throughout the Term such Inventory as is required to operate the Leased Property in the manner contemplated by this Lease. Lessee may (and shall as provided hereinbelowherein below), at its expense, install, affix or assemble or place on any parcels of the Land or in any of the Leased Improvements, any items of personal property (including Inventory) owned by Lessee. Lessee, at the commencement of the Term, and from time to time thereafter, shall provide Lessor with an accurate list of all such items of Lessee’s 's personal property (collectively, the “"Lessee’s 's Personal Property”"). Lessee may, subject to the first sentence of this Section 6.2 and the conditions set forth below, remove any of Lessee’s 's Personal ----------- Property set forth on such list at any time during the Term or upon the expiration or any prior termination of the Term. All of Lessee’s 's Personal Property, other than Inventory, not removed by Lessee within ten (10) days following the expiration or earlier termination of the Term shall be considered abandoned by Lessee and may be appropriated, sold, destroyed or otherwise disposed of by Lessor without first giving Notice thereof to Lessee, without any payment to Lessee and without any obligation to account therefor. Lessee will, at its expense, restore the Leased Property to the condition required by Subsection 2.3(g), Section ------- 9.1
(a) including repair of all damage to the Leased Property caused by the ------ removal of Lessee’s 's Personal Property, whether effected by Lessee or LessorLessee. Upon the expiration or earlier termination of the Term, Lessor or its designee shall have the option to purchase all Inventory on hand at the Leased Property at the time of such expiration or termination for a sale price equal to the fair market value of such Inventory. Lessee may make such financing arrangements, title retention agreements, leases or other agreements with respect to the Lessee’s 's Personal Property as it sees fit provided that Lessee first advises Lessor of any such arrangement and such arrangement expressly provides that in the event of Lessee’s 's default thereunder, Lessor (or its designee) may assume Lessee’s 's obligations and rights under such arrangement.
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Samples: Master Lease Agreement (Humphrey Hospitality Trust Inc)
Lessee’s Personal Property. Lessee will acquire and maintain throughout the Term such Inventory as is required to operate the Leased Property in the manner contemplated by this Lease. Lessee may (and shall as provided hereinbelow), at its expense, install, affix or assemble or place on any parcels of the Land or in any of the Leased Improvements, any items of personal property (including Inventory) owned by Lessee. Lessee, at the commencement of the Term's Personal Property, and from time to time thereafter, shall provide Lessor with an accurate list of all such items of Lessee’s personal property (collectively, the “Lessee’s Personal Property”). Lessee may, subject to the first sentence of this Section 6.2 and the conditions set forth below, remove any of Lessee’s Personal Property set forth on such list at any time during the Term or same upon the expiration or any prior termination of the Term. Lessee shall provide and maintain during the entire Term all such Lessee's Personal Property as shall be necessary in order to operate the Facility in compliance with all licensure and certification requirements, in compliance with all applicable Legal Requirements and Insurance Requirements and otherwise in accordance with customary practice in the industry for the Primary Intended Use. All of Lessee’s 's Personal Property, other than Inventory, Property not removed by Lessee within ten twenty (1020) days following the expiration or earlier termination of the Term this Lease shall be considered abandoned by Lessee and may be used, appropriated, sold, destroyed destroyed, or otherwise disposed of by Lessor without first giving Notice notice thereof to Lessee, Lessee and without any payment to Lessee and without any obligation to account therefor. Lessee willshall, at its expense, restore the Leased Property to the condition required by Subsection 2.3(g), including repair of all damage to the Leased Property caused by the removal of Lessee’s Personal Property, whether effected by Lessee or Lessor. Upon within twenty (20) days following the expiration or earlier termination of this Lease, at its sole cost and expense, repair any damage to the TermLand or the Leased Improvements occasioned by the installation, maintenance or removal of Lessee's Personal Property, and restore the Land or Leased Improvements to its condition immediately prior to any such installation. To the extent allowed by law, Lessor and Lessee agree that the provisions of this Paragraph 6.2 and Paragraph 6.3 below shall be in substitution of any statutory obligations Lessor may have to give Lessee notice of demand for removal of Lessee's Personal Property and notice of sale of Lessee's Personal Property. Lessor and Lessee agree that Lessor shall not be required to sell Lessee's Personal Property or its designee shall have the option account to purchase Lessee therefor. To that end, Lessee specifically waives any and all Inventory on hand at the Leased Property at the time of such expiration or termination for a sale price equal to the fair market value of such Inventory. rights Lessee may make such financing arrangements, title retention agreements, leases or other agreements have pursuant to 41 O.S. Sec. 52 for damages against Lessor for failure to comply with respect to Lessee’s Personal Property as it sees fit provided that Lessee first advises Lessor of any such arrangement and such arrangement expressly provides that in the event of Lessee’s default thereunder, Lessor (or its designee) may assume Lessee’s obligations and rights under such arrangementprovisions thereof.
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Samples: Lease (Sterling House Corp)
Lessee’s Personal Property. Lessee will acquire and maintain throughout through the Term such Inventory as is required to operate the Leased Property in the manner contemplated by this Lease. Lessee may (and shall as provided hereinbelow), at its expense, install, affix or assemble or place on any parcels of the Land or in any of the Leased Improvements, any items of personal property (including Inventory) owned by Lessee. Lessee, at the commencement of the Term, and from time to time thereafter, shall provide Lessor with an accurate list of all such items of Lessee’s 's personal property (collectively, the “"Lessee’s 's Personal Property”"). Lessee may, subject to the first sentence of this Section 6.2 and the conditions set forth below, remove any of Lessee’s 's Personal Property set forth on such list at any time during the Term or upon the expiration or any prior termination of the Term. All of Lessee’s 's Personal Property, other than Inventory, not removed by Lessee within ten (10) days following the expiration or earlier termination of the Term shall be considered abandoned by Lessee and may be appropriated, sold, destroyed destroyed, or otherwise disposed of by Lessor without first giving Notice thereof to Lessee, without any payment to Lessee and without any obligation to account therefor. Lessee will, at its expense, restore the Leased Property to the condition required by Subsection 2.3(gSection 9.1(d), including repair of all damage to the Leased Property caused by the removal of Lessee’s 's Personal Property, whether effected by Lessee or Lessor. Upon Subject to Article XXXVII [INTENTIONALLY OMITTED], upon the expiration or earlier termination of the Term, Lessor or its designee shall have the option to purchase all Inventory on hand at the Leased Property at the time of such expiration or termination for a sale price equal to the fair market value of such Inventory. Lessee may make such financing arrangements, title retention agreements, leases or other agreements with respect to the Lessee’s 's Personal Property as it sees fit provided that Lessee first advises Lessor of any such arrangement and such arrangement expressly provides that in the event of Lessee’s 's default thereunder, Lessor (or its designee) may assume Lessee’s 's obligations and rights under such arrangement.
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