Ownership of Leased Property Sample Clauses

Ownership of Leased Property. (a) The Landlord, as between the Landlord and the Tenant, shall and hereby does retain all of its rights to the Leased Property notwithstanding the delivery thereof to and possession and use thereof by Tenant, the rights of Tenant being only those of a tenant as set forth in this Lease and any Lease Supplement. (b) Notwithstanding anything to the contrary contained in this Lease, any Costs of the Projects paid for by moneys of the Tenant and used to acquire assets or property constituting a portion of any Applicable Project, other than Equipment, shall be and become part of the Leased Property, owned by the Landlord, subject to the Lien of the Applicable Mortgage, and the Tenant shall have no legal or equitable ownership interest therein.

Ownership of Leased Property. 5.1 OWNERSHIP OF THE PROPERTY . . . . . . . . . . . 6 5.2

Ownership of Leased Property. 7 5.1 Ownership of the Property............................................................... 7 ------------------------- 5.2 Personal Property....................................................................... 7 ----------------- ARTICLE 6 CONDITION AND USE OF LEASED PROPERTY.......................................................... 7 6.1 Condition of the Leased Property........................................................ 7 -------------------------------- 6.2 Use of the Leased Property.............................................................. 8 -------------------------- 6.3 Management of Facility.................................................................. 9 ---------------------- 6.4 Lessor to Grant Easements............................................................... 9 ------------------------- ARTICLE 7 LEGAL, INSURANCE AND FINANCIAL REQUIREMENTS................................................... 9 7.1 Compliance with Legal and Insurance Requirements........................................ 9 ------------------------------------------------ 7.2 Legal Requirement Covenants............................................................. 9 --------------------------- 7.3 Rent and Debt Service Coverage - Facility............................................... 10 ----------------------------------------- ARTICLE 8 REPAIRS;

Ownership of Leased Property. 40 6.1 Ownership of the Leased Property...........................................................40 6.2 Lessee's Personal Property.................................................................40 6.3 Lessor's Lien..............................................................................41 6.4 Lessor's Option to Purchase Lessee=s Personal Property.....................................41

Ownership of Leased Property. OIL hereby declares and warrants that it is the sole legal lessor and holder of the Leased Property and that it is legally entitled to lease the Leased Property pursuant to the terms and conditions of this Agreement.

Ownership of Leased Property. (a) Lessor and Lessee intend that (i) for financial accounting purposes with respect to Lessee (A) the Lease will be treated as an “operating lease” pursuant to Statement of Financial Accounting Standards No. 13, as amended, (B) Lessor will be treated as the owner and lessor of the Leased Property and (C) Lessee will be treated as the lessee of the Leased Property, but (ii) for federal and all state and local income tax purposes, for bankruptcy purposes and all other purposes (A) this Lease will be treated as a financing arrangement, (B) Lessor will be treated as the owner of the Leased Property and will be entitled to all tax benefits ordinarily available to owners of property similar to the Leased Property for such tax purposes, and (C) all payments of Basic Rent shall be deemed to be interest payments. Consistent with the foregoing, Lessee intends to claim depreciation and cost recovery deductions associated with the Leased Property, and Lessor agrees not to take any inconsistent position on its income tax returns. Neither Lessor, the Agent, any Lender, nor any Holder makes any representation or warranty with respect to the foregoing matters described in this Section 6 and will assume no liability for the Lessee’s accounting treatment of this transaction. (b) For all purposes other than as set forth in Section 6(a)(i), Lessor and Lessee intend the Lease to constitute a finance lease and not a true lease. Lessor and Lessee further intend and agree that, for the purpose of securing Lessee’s obligations hereunder and under any other Operative Agreement (i) the Lease shall be deemed to be a security agreement and financing statement within the meaning of Article 9 of the Uniform Commercial Code respecting the Leased Property to the extent such is personal property and an irrevocable grant and conveyance of the Leased Property to the Lessor as security for the Lessee’s obligations hereunder to the extent such is real property; (ii) the acquisition of title (or to the extent applicable, a leasehold interest) in the Leased Property shall be deemed to be (A) a grant by Lessee to Lessor of a lien on and security interest in all of Lessee’s right, title and interest in and to the Leased Property and all proceeds (including without limitation insurance proceeds) of the Leased Property, whether in the form of cash, investments, securities or other property, and (B) an assignment by Lessee to Lessor of all rents, profits and income produced by the Leased Property; a...

Ownership of Leased Property. Section 6.1 is amended and restated in its entirety as follows:

Ownership of Leased Property. 7 5.1 Ownership of the Property ......................... 7 5.2

Ownership of Leased Property. The Lessor has the right of use and exclusive possession of the Lease Property and warranties to the Lessee that it shall have the use and peaceful enjoyment of same. In addition, the Lessor and the Lessee are in agreement that, pursuant to the provisions of Article 2308 of the Civil Code for the State of Chihuahua, in the event the Lease Property is mortgaged or encumbered, the Lease Agreement herein shall subsist pursuant to its terms and in the event of a mortgage of the Leased Property, nonfulfillment in the payment as provided by the mortgage or encumbrance shall not in any way damage the terms and conditions agreed to by the parties in the Agreement herein or its extensions and that any change or amendment to said mortgage or encumbrance agreement or the execution of any new mortgages or encumbrances on the Leased Property must make reference in their text and content of the existence and term of the Lease Agreement herein and, in its case, to the clauses in reference to the extension of same, if said right to extension is agreed to between the parties, at the time in which said mortgage is executed by the Lessor. The Lessor states that at this time and at the delivery of possession of the Leased Property to the Lessee, it shall not be in violation to any federal, state or municipal laws.

Ownership of Leased Property. 2 THIRD Enforcement and Delivery of Leased Property/optional enforcement...................... 3 FOURTH Use of the Leased Property........................... 3