Common use of Lessor’s Personal Property Clause in Contracts

Lessor’s Personal Property. Lessee will obtain, maintain and 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). This Inventory, Leased Improvements, and personal property is and will be owned by and acquired for Lessor, excluding de minimis items not used to operate the Leased Property in the manner contemplated by this Lease, and subject to Section 19.1. 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 personal property (collectively, including Inventory, the “Lessor’s Personal Property”). Lessee, only in the ordinary course of business, may remove any of Lessor’s Personal Property set forth on such list at any time during the Term. Upon the expiration or any prior termination of the Term, Lessee shall leave all of Lessor’s Personal Property and vacate the Leased Property in accordance with this Lease. Any de minimis items Lessee is entitled to remove from the Leased Property not removed by Lessee within thirty (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 Section 9.1(d). Except as hereinafter set forth, Lessee may make such financing arrangements, title retention agreements, leases or other agreements with respect to Lessor’s Personal Property as it sees fit provided that Lessee first advises Lessor, in writing, 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.