Removal of the System. Within ten (10) days following the 25th anniversary of the Commercial Operation Date, if the Parties have determined that this Agreement will definitely terminate at the 25th anniversary of the Commercial Operation Date without extension or replacement and that the Town has determined that it wishes that the System be removed from the Premises at the Termination Date of this Agreement, then (i) Entity Name shall provide to the Town the estimated cost of System removal, and (ii) the Parties shall meet and discuss the options for removal of the System, and (iii) if the Town requests, Entity Name shall post a bond or provide another financial assurance to the Town, in form and amount reasonably satisfactory to the Town, to demonstrate its ability to satisfy the financial costs of the removal of the System from the Premises. Upon the Termination Date, Entity Name shall at its sole cost and expense remove from the Premises all of the tangible property comprising the System, including but not limited all structures built by the Entity Name, any fencing and/or barriers to secure the System and any System mounting and other support structures, not later than 360 days after such Termination Date and shall return the Lease Area to the same condition as it was in on the Effective Date (including uniform grass coverage for areas impacted) except for any reasonable use and wear or damage by casualty or eminent domain. Lessee shall return the Premises “as is” with all vegetation, trails or roadways, utilities and site conditions existing as of the expiration of the Lease Term and shall have no obligation to restore the Premises to their condition prior to the Effective Date. Entity Name shall repair any damage it causes in connection with such removal not related to ordinary use and wear at its sole cost and expense. If Entity Name fails to remove or commence substantial efforts to remove the System within 180 days of the expiration of the date that the Agreement terminates, the Town shall have the right, at its option, to possession, use of and ownership of the System including the right, without limit, to remove and to sell same, and restore the Lease Area to its original condition (other than ordinary wear and tear) and Entity Name shall reimburse the Town for reasonable out-of- pocket costs and expenses incurred by the Town in removing, storing and selling the System and in restoring the Lease Area. The provisions of this Section 6.7 shall survive the Termination Date of this Agreement.
Appears in 2 contracts
Samples: Solar Lease Agreement, Solar Lease Agreement
Removal of the System. Within ten (10) days following the 25th anniversary of the Commercial Operation Date, if the Parties have determined that this Agreement will definitely terminate at the 25th anniversary of the Commercial Operation Date without extension or replacement and that the Town has determined that it wishes that the System be removed from the Premises at the Termination Date of this Agreement, then (i) Entity Name shall provide to the Town the estimated cost of System removal, and (ii) the Parties shall meet and discuss the options for removal of the System, and (iii) if the Town requests, Entity Name shall post a bond or provide another financial assurance to the Town, in form and amount reasonably satisfactory to the Town, to demonstrate its ability to satisfy the financial costs of the removal of Tenant may remove the System from the PremisesLeased Area upon the termination of the PPA but shall otherwise be permitted (subject to Landlord’s purchase rights under the PPA) to maintain the System on the Leased Area for any extension of the term of this Lease and shall be permitted to sell electricity to third parties in the event the PPA is terminated for any reason other than an event of default of the Tenant hereunder or as System Owner under the PPA. Upon the Termination DateFollowing an expiration or earlier termination of this Lease according to its terms, Entity Name shall Tenant shall, at its Tenant’s sole cost and expense expense, remove from the Premises all of the tangible property comprising the SystemSystem from the Leased Area, including but not limited all structures built by the Entity Name, and repair any fencing and/or barriers to secure the System and any System mounting and other support structures, not later than 360 days after damage resulting from such Termination Date removal and shall return the Lease Leased Area to the same condition as it was in on the Effective Date (including uniform grass coverage for areas impacted) except for any reasonable use and wear or damage by casualty or eminent domain. Lessee shall return the Premises “as is” with all vegetation, trails or roadways, utilities and site conditions existing as of the expiration of the Lease Term and shall have no obligation to restore the Premises to their condition prior to the Effective Date. Entity Name shall repair any damage it causes in connection with such removal not related to ordinary use and wear at its sole cost and expensewear. If Entity Name Tenant fails to remove or commence substantial efforts to remove the System within 180 sixty (60) days of the expiration date this Lease terminates without continuation pursuant the terms hereof, and Landlord has not purchased the System as permitted under the terms of the date that the Agreement terminatesPPA, the Town Landlord shall have the right, at its option, to possession, use of and ownership of remove the System including the right, without limit, to remove and to sell same, and restore the Lease Leased Area to its original condition (other than ordinary wear and tear) and Entity Name Tenant shall reimburse the Town Landlord for its reasonable outout of pocket and third-of- pocket party costs and expenses incurred by Landlord in removing and storing the Town in removingSystem, storing and selling the System and in restoring the Lease Leased Area, or Landlord can reimburse itself from any Decommissioning Assurance (as defined in and provided for in the PPA). The provisions This Section 7 shall not be interpreted in any way to limit Tenant’s rights under Section 2 of this Section 6.7 shall survive the Termination Date of this AgreementLease.
Appears in 1 contract
Samples: Lease Agreement
Removal of the System. Within ten (10) days following the 25th anniversary of the Commercial Operation Date, if the Parties have determined that this Agreement will definitely terminate at the 25th anniversary of the Commercial Operation Date without extension or replacement and that the Town has determined that it wishes that the System be removed from the Premises at the Termination Date of this Agreement, then (i) Entity Name shall provide to the Town the estimated cost of System removal, and (ii) the Parties shall meet and discuss the options for removal of the System, and (iii) if the Town requests, Entity Name shall post a bond or provide another financial assurance to the Town, in form and amount reasonably satisfactory to the Town, to demonstrate its ability to satisfy the financial costs of the removal of the System from the Premises. Upon the Termination Date, Entity Name shall at its sole cost and expense remove from the Premises all of the tangible property comprising the System, including but not limited all structures built by the Entity Name, any fencing and/or barriers to secure the System and any System mounting and other support structures, not later than 360 days after such Termination Date and shall return the Lease Area to the same condition as it was in on the Effective Date (including uniform grass coverage for areas impacted) except for any reasonable use and wear or damage by casualty or eminent domain. Lessee shall return the Premises “as is” with all vegetation, trails or roadways, utilities and site conditions existing as of the expiration of the Lease Term and shall have no obligation to restore the Premises to their condition prior to the Effective Date. Entity Name shall repair any damage it causes in connection with such removal not related to ordinary use and wear at its sole cost and expense. If Entity Name fails to remove or commence substantial efforts to remove the System within 180 days of the expiration of the date that the Agreement terminates, the Town shall have the right, at its option, to possession, use of and ownership of the System including the right, without limit, to remove and to sell same, and restore the Lease Area to its original condition (other than ordinary wear and tear) and Entity Name shall reimburse the Town for reasonable out-of- of-pocket costs and expenses incurred by the Town in removing, storing and selling the System and in restoring the Lease Area. The provisions of this Section 6.7 shall survive the Termination Date of this Agreement.
Appears in 1 contract
Samples: Solar Lease Agreement
