Common use of Ownership of the Improvements Clause in Contracts

Ownership of the Improvements. During the Term, ownership and title to all Improvements and personal property located on the Premises (other than fee title to the land) shall be vested in and held by Tenant. During the Term, Tenant is entitled to all depreciation, allowances, investment tax credits, or other such rights, tax benefits, and privileges provided by federal, state, or local law. Immediately upon the expiration of the Term, all right, title, and interest in the Improvements and personal property (other than personal property of tenants) located on the Premises shall vest in the FCRHA without further action of the FCRHA or Tenant being necessary or required.