Common use of Lessor’s Personal Property Clause in Contracts

Lessor’s Personal Property. Lessee shall, during the entire Term, maintain all of Lessor’s Personal Property in good order, condition and repair as shall be necessary in order to operate the Facilities for the Primary Intended Use in compliance with all applicable licensure and certification requirements, all applicable Legal Requirements and Insurance Requirements, and customary industry practice for the Primary Intended Use. If any of Lessor’s Personal Property requires replacement in order to comply with the foregoing, Lessee shall replace it with similar property of the same or better quality at Lessee’s sole cost and expense, and it shall become Lessor’s Personal Property without payment of additional consideration at the expiration or earlier termination of the Lease. Lessee shall not permit or suffer Lessor’s Personal Property to be subject to any lien, charge, encumbrance, financing statement, contract of sale, equipment lessor’s interest or the like, except for any purchase money security interest or equipment lessor’s interest expressly approved in advance, in writing, by Lessor. At the expiration or earlier termination of this Lease, all of Lessor’s Personal Property shall be surrendered to Lessor with the Leased Properties at or before the time of the surrender of the Leased Property in at least as good a condition as at the Commencement Date (or, as to replacements, in at least as good a condition as when placed in service at the Facilities) except for ordinary wear and tear.

Appears in 2 contracts

Samples: Master Lease (Omega Healthcare Investors Inc), Master Lease (Omega Healthcare Investors Inc)

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Lessor’s Personal Property. Lessee shall, during the entire Term, maintain all of Lessor’s Personal Property in good order, condition and repair as shall be necessary in order to operate the Facilities for the Primary Intended Use in compliance with all applicable licensure and certification requirements, all applicable Legal Requirements and Insurance Requirements, and customary industry practice for the Primary Intended Use. If any of Lessor’s Personal Property requires replacement in order to comply with the foregoing, Lessee shall replace it with similar property of the same or better quality at Lessee’s sole cost and expense, and when such replacement property is placed in service with respect to the Leased Property it shall become Lessor’s Personal Property without payment of additional consideration at the expiration or earlier termination of the LeaseProperty. Lessee shall not permit or suffer Lessor’s Personal Property to be subject to any lien, charge, encumbrance, financing statement, contract of sale, equipment lessor’s interest or the like, except for any purchase money security interest or equipment lessor’s interest expressly securing Debt permitted pursuant to Section 8.3.9 or otherwise approved in advance, in writing, by Lessor. At the expiration or earlier termination of this LeaseLease (except if the Closing occurs after the exercise of the Option as provided for below), all of Lessor’s Personal Property shall be surrendered to Lessor with the Leased Properties at or before the time of the surrender of the Leased Property in at least as good a condition as at the Commencement Date (or, as to replacements, in at least as good a condition as when placed in service at the Facilities) except for ordinary wear and tear.

Appears in 1 contract

Samples: Operations Transfer Agreement (Omega Healthcare Investors Inc)

Lessor’s Personal Property. Lessee shall, during the entire Term, maintain all of Lessor’s 's Personal Property in good order, condition and repair as shall be necessary in order to operate the Facilities for the Primary Intended Use in compliance with all applicable licensure and certification requirements, all applicable Legal Requirements and Insurance Requirements, and customary industry practice for the Primary Intended Use. If any of Lessor’s 's Personal Property requires replacement in order to comply with the foregoing, Lessee shall replace it with similar property of the same or better quality at Lessee’s 's sole cost and expense, and when such replacement property is placed in service with respect to the Leased Property it shall become Lessor’s 's Personal Property without payment of additional consideration at the expiration or earlier termination of the LeaseProperty. Lessee shall not permit or suffer Lessor’s 's Personal Property to be subject to any lien, charge, encumbrance, financing statement, contract of sale, equipment lessor’s 's interest or the like, except for any purchase money security interest or equipment lessor’s 's interest expressly approved in advance, in writing, by Lessor. At the expiration or earlier termination of this Lease, all of Lessor’s 's Personal Property shall be surrendered to Lessor with the Leased Properties at or before the time of the surrender of the Leased Property in at least as good a condition as at the Commencement Date (or, as to replacements, in at least as good a condition as when placed in service at the Facilities) except for ordinary wear and tear.

Appears in 1 contract

Samples: Kansas Master Lease (Alterra Healthcare Corp)

Lessor’s Personal Property. Lessee shall, during the entire Term, maintain all of Lessor’s Personal Property in good order, condition and repair as shall be necessary in order to operate the Facilities for the Primary Intended Use in compliance with all applicable licensure and certification requirements, all applicable Legal Requirements and Insurance Requirements, and customary industry practice for the Primary Intended Use. If any of Lessor’s Personal Property requires replacement in order to comply with the foregoing, Lessee shall replace it with similar property of the same or better quality at Lessee’s sole cost and expense, and when such replacement property is placed in service with respect to the Leased Property it shall become Lessor’s Personal Property without payment of additional consideration at the expiration or earlier termination of the LeaseProperty. Lessee shall not permit or suffer Lessor’s Personal Property to be subject to any lien, charge, encumbrance, financing statement, contract of sale, equipment lessor’s interest or the like, except for any purchase money security interest or equipment lessor’s interest expressly securing Debt permitted pursuant to Section 8.3.8 or otherwise approved in advance, in writing, by Lessor. At the expiration or earlier termination of this LeaseLease (except if the Closing occurs after the exercise of the Option as provided for below), all of Lessor’s Personal Property shall be surrendered to Lessor with the Leased Properties at or before the time of the surrender of the Leased Property in at least as good a condition as at the Commencement Date (or, as to replacements, in at least as good a condition as when placed in service at the Facilities) except for ordinary wear and tear.

Appears in 1 contract

Samples: Master Lease (Omega Healthcare Investors Inc)

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Lessor’s Personal Property. Lessee shall, during the entire Term, ---------------------------- maintain all of Lessor’s 's Personal Property in good order, condition and repair as shall be necessary in order to operate the Facilities Facility for the Primary Intended Use in compliance with all applicable licensure and certification requirements, all applicable Legal Requirements and Insurance Requirements, and customary industry practice for the Primary Intended Use. If any of Lessor’s 's Personal Property requires replacement in order to comply with the foregoing, Lessee shall replace it with similar property of the same or better quality at Lessee’s 's sole cost and expense, and when such replacement property is placed in service with respect to the Leased Property it shall become Lessor’s 's Personal Property without payment of additional consideration at the expiration or earlier termination of the LeaseProperty. Lessee shall not permit or suffer Lessor’s 's Personal Property to be subject to any lien, charge, encumbrance, financing statement, contract of sale, equipment lessor’s 's interest or the like, except for any purchase money security interest or equipment lessor’s 's interest expressly approved in advance, in writing, by Lessor. At the expiration or earlier termination of this Lease, all of Lessor’s 's Personal Property shall be surrendered to Lessor with the Leased Properties Property at or before the time of the surrender of the Leased Property in at least as good a condition as at the Commencement Date (or, as to replacements, in at least as good a condition as when placed in service at the FacilitiesFacility) except for ordinary wear and tear.. 6.3

Appears in 1 contract

Samples: Operations Transfer Agreement (Emeritus Corp\wa\)

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