Ownership of the Leased Property. Lessee acknowledges that the Leased Property is the property of Lessor and that Lessee has only the right to the possession and use of the Leased Property upon the terms and conditions of this Lease.
Ownership of the Leased Property. (a) Landlord and Tenant acknowledge and agree that they have executed and delivered this Master Lease with the understanding that (i) the Leased Property is the property of Landlord, (ii) Tenant has only the right to the possession and use of the Leased Property upon the terms and conditions of this Master Lease, (iii) this Master Lease is a “true lease,” is not a financing lease, capital lease, mortgage, equitable mortgage, deed of trust, trust agreement, security agreement or other financing or trust arrangement, and the economic realities of this Master Lease are those of a true lease, (iv) the business relationship created by this Master Lease and any related documents is and at all times shall remain that of landlord and tenant, (v) this Master Lease has been entered into by each party in reliance upon the mutual covenants, conditions and agreements contained herein, and (vi) none of the agreements contained herein is intended, nor shall the same be deemed or construed, to create a partnership between Landlord and Tenant, to make them joint venturers, to make Tenant an agent, legal representative, partner, subsidiary or employee of Landlord, or to make Landlord in any way responsible for the debts, obligations or losses of Tenant.
(b) Each of the parties hereto covenants and agrees, subject to Section 6.1(c), not to (i) file any income tax return or other associated documents; (ii) file any other document with or submit any document to any governmental body or authority; (iii) enter into any written contractual arrangement with any Person; or (iv) release any financial statements of Tenant, in each case that takes a position other than that this Master Lease is a “true lease” with Landlord as owner of the Leased Property and Tenant as the tenant of the Leased Property, including (x) treating Landlord as the owner of such Leased Property eligible to claim depreciation deductions under Sections 167 or 168 of the Code with respect to such Leased Property, (y) Tenant reporting its Rent payments as rent expense under Section 162 of the Code, and (z) Landlord reporting the Rent payments as rental income under Section 61 of the Code.
(c) If Tenant should reasonably conclude that GAAP or the SEC require treatment different from that set forth in Section 6.1(b) for applicable non-tax purposes, then (x) Tenant shall promptly give prior Notice to Landlord, accompanied by a written statement that references the applicable pronouncement that controls such treatmen...
Ownership of the Leased Property. Tenant acknowledges that the Leased Property is the property of Landlord and that Tenant has only the right to the exclusive possession and use of the Leased Property upon the terms and conditions of this Lease, provided that, until the expiration or earlier termination of this Lease, all capital improvements and additions made by Tenant, at Tenant’s expense, to any Leased Property shall be the property of Tenant and, upon the expiration or earlier termination of this Lease, title to such improvements, additions and replacements shall vest in Landlord.
Ownership of the Leased Property. Landlord and Tenant acknowledge and agree that they have executed and delivered this Lease with the understanding that (i) the Leased Property is the property of Landlord, (ii) Tenant has only the right to the possession and use of the Leased Property upon the terms and conditions of this Lease, (iii) this Lease is a “true lease,” is not a financing lease, mortgage, equitable mortgage, deed of trust, trust agreement, security agreement or other financing or trust arrangement, and the economic realities of this Lease are those of a true lease, (iv) the business relationship created by this Lease and any related documents is and at all times shall remain that of landlord and tenant, (v) this Lease has been entered into by each Party in reliance upon the mutual covenants, conditions and agreements contained herein, and (vi) none of the agreements contained herein is intended, nor shall the same be deemed or construed, to create a partnership between Landlord and Tenant, to make them joint venturers, to make Tenant an agent, legal representative, partner, subsidiary or employee of Landlord, or to make Landlord in any way responsible for the debts, obligations or losses of Tenant.
Ownership of the Leased Property. Tenant acknowledges that the Leased Properties are the property of Landlord and that Tenant has only the right to the possession and use of the Leased Property leased by it upon the terms and conditions of this Lease. Tenant will not (a) file any income tax return or other associated documents; (b) file any other document with or submit any document to any governmental body or authority; (c) enter into any written contractual arrangement with any Person; or (d) release any financial statements of Tenant, in each case that takes any position other than that, throughout the Term, Landlord is the owner of the Leased Properties for federal, state and local income tax purposes and that this Lease is a "true lease".
Ownership of the Leased Property. Tenant acknowledges that the -------------------------------- Leased Property is the property of Landlord and that Tenant has only the right to the possession and use of the Leased Property upon the terms and conditions of this Lease.
Ownership of the Leased Property. Lessee acknowledges that the Leased Property is the property of Lessor (except for the Parking Lot Property with respect to which Lessor holds a leasehold interest pursuant to the Parking Lot Lease), and that Lessee has only the right to the possession and use of the Leased Property upon the terms and conditions of this Lease and the Parking Lot Lease.
Ownership of the Leased Property. 5.1 Ownership of the Leased Property........................................28 5.2 Tenant's Personal Property..............................................28
Ownership of the Leased Property. Lessees acknowledge that the Leased Property is the property of Lessor and that Lessees have only the right to the exclusive possession and use of the Leased Property upon the terms and conditions of this Lease. Lessees will not, at any time during the Term: (i) file any income tax return or other associated documents; (ii) file any other document with or submit any document to any governmental body or authority; (iii) enter into any written contractual arrangement; or (iv) release any financial statements of any Lessee, in each case that takes a position other than that Lessor is the owner of the Leased Property for federal, state and local income tax purposes and that the Lease is a "true lease".
Ownership of the Leased Property. Xxxxxx acknowledges that the Leased Property is the property of Lessor and that Xxxxxx has only the right to the exclusive possession and use of the Leased Property upon the terms and conditions of this Lease.
