Ownership of Building. 17.1 Notwithstanding the fact that the improvements contemplated herein are to be constructed on land owned by the CITY and no default exists on the part of the ART ASSOCIATION, ownership of all improvements shall vest in the ART ASSOCIATION, as long as this AGREEMENT is in full force and effect.
Ownership of Building. The parties acknowledge that the Building real property and the improvements constructed thereon located in , Utah is owned by .
Ownership of Building. The Landlord and the Tenant agree that title to and ownership of the Building and all alterations, additions, changes, substitutions, or improvements to it will at all times during the Term be vested in the Tenant, notwithstanding any rule or law as to the immediate vesting of the title to and ownership of the Building in the Landlord as owner of the freehold. The title to and ownership of the Building will not pass to or become vested in the Landlord until the expiration of the Term either by forfeiture, default, or lapse of time under the terms of this Lease, in which event the Building will become the absolute property of the Landlord free of all encumbrances. For clarity, the Landlord owns the Building occupying the Premises on the date that this Lease was entered into and the provisions of this Section shall apply only to the Building to be constructed by the Tenant in accordance with the terms of this Lease.
Ownership of Building. 2.1 The Building Ownership Certificate Serial No. of such Building is: Da Fang Xxxx Xxxxx Xxx Xx No. 20020213 and the issuing entity is: Real Estate Bureau of Dalian High-Tech Industrial Zone.
2.2 Land Use Status Building Purchase Agreement TRANSLATION FOR REFERENCE ONLY The State-owned land use right occupied by such Building is obtained by way of land grant. The Land Use Certificate serial No. is: Da Xxx Xxxx (2006) No. 05048 and the issuing entity is: State-owned Land Resources and Real Estate Bureau of Dalian City. For the purpose of the transfer of ownership of the Building under this Agreement, the Parties entered into a Land Use Right Transfer Agreement (hereinafter, the “Land Use Right Transfer Agreement”) on the date hereof, which specifies the transfer of the land use right (with respect to the land to which the Building is attached) from Seller to Purchaser.
Ownership of Building. At the time of execution hereof, Lessor is the owner of record of the Building containing the Premises, and Xxxxxxx X. Xxxxxx is the person authorized to manage the Building containing the Premises. The owner and the manager have the address set forth in Paragraph 28 herein as Lessor's address. Lessor and Lessee hereby agree that any funds collected by the authorized manager from Lessee under this Lease may be deposited into a broker's trust account or into a bank account designated by Lessor. Lessor may transfer Lessor's ownership interest in the Building or any part thereof. The term "Lessor", as used in this Lease, means only the owner for the time being of the Building, so that in the event of any sale or sales of the Building or of any lease for years thereof, Xxxxxxxx Company, LLC and all joint ventures therein (and any subsequent Lessor that transfers the Building) shall be and hereby are entirely freed and relieved of all covenants and obligations of Lessor thereafter accruing hereunder, and it shall be deemed without further agreement that the purchaser or the tenant for years, as the case may be, has assumed and agreed to carry out any and all covenants and obligations of Lessor hereunder and is the "Lessor" hereunder during the time period that such purchaser or tenant for years, as the case may be, has the present possessor ownership interest in the Building. In the event that the entire Building is severed as to ownership from the land on which it stands by sale and/or lease for years then the entire Building's owner or tenant for years, as the case may be, that has the right to lease space in the Building to other tenants shall be deemed the "Lessor" hereunder. Lessee shall be bound to any succeeding party of Lessor for all the terms, covenants and conditions hereof and shall execute any attornment agreement not in conflict herewith at the request of Lessor or any succeeding party of Lessor.
Ownership of Building the building located on the Land is the Chamber’s property and, on termination of this Agreement, the Chamber shall remove the Building at its own cost and expense. Alternatively, the City shall be entitled to purchase the Building for fair market value as determined by a qualified appraiser and as agreed to by the City and the Chamber.
Ownership of Building. During the Term, the Building and Capital Improvements shall be the absolute property of the Tenant. Upon the expiration of the Term or, upon the earlier termination of this Lease, the Building shall become the absolute property of the Landlord without any payment therefor to the Tenant and free and clear of any and all encumbrances, liens or charges of any kind. At such time, Landlord’s absolute right of property in the Building, shall take priority over any other interest in the Building which may now or hereafter be created by the Tenant, and all dealings by the Tenant with the Building which in any way affect title thereto shall be subject to these rights of the Landlord.
Ownership of Building. All buildings and improvements situated upon the Lands, as between the Landlord and the Tenant, shall be and remain the property of the Tenant, provided that at the termination of this Lease, such buildings and improvements shall remain on the Lands and shall become the property of the Landlord, subject to the rights of the Tenant pursuant to this Lease including without limitation Section 5.6 and to the rights of the Tenant and those claiming under or through the Tenant to the proceeds of insurance as provided herein.
Ownership of Building. Anything contained in the Lease to the --------------------- contrary notwithstanding, Tenant acknowledges and agrees that for so long as the Building is owned by the state or any local public entity or government, including without limitation a state public retirement system, the Lease and Tenant's interest hereunder may constitute a possessory interest subject to property taxation and as a result Tenant may be subject to the payment of property taxes levied on that interest. In addition, for so long as the Building is owned by a state public retirement system, the full cash value, as defined in Sections 110 and 110.1 of the California Revenue and Taxation Code, of the possessory interest upon which property taxes will be based will equal the greater of (A) the full cash value of the possessory interest, or (B) if Tenant has leased less than all of the building, Tenant's Share of the full cash value of the Building that would have been enrolled if the Building had been subject to property tax upon acquisition by the state public retirement system. Tenant's Share will be the number of rentable square feet of Tenant's Premises divided by the total number of rentable square feet of the Building.
Ownership of Building. Sublandlord has constructed improvements on the Subleased Premises, including, without limitation, a building with approximately one thousand seven hundred (1,700) square feet of above-ground floor area (“Building”) and twenty-four (24) certain striped parking spaces (“Parking”). Sublandlord and Subtenant are parties to that certain Asset Purchase Agreement dated , 2021 (the “APA”) whereby Subtenant intends to purchase the Building from Sublandlord.
