Common use of Reversion Clause in Contracts

Reversion. It is agreed by and between Lessor and Lessee that while this Agreement is in effect, all Build Out Improvements erected upon the Leased Premises shall remain the property of Lessee or subcontractors, as the case may be, but upon expiration or termination of this Agreement, all Build Out improvements (excluding movable fixtures, trade fixtures, attached furniture and personal property not constituting Leasehold improvements, and specialty installations, provided that Lessee or such subcontractors, as the case may be, repairs any and all damage to the Leased Premises resulting from the removal of any such fixtures, improvements or installations) shall become the absolute property of Lessor without payment by Lessor except that, if Lessor grants a new Agreement to the Leasehold Mortgagee or its designee or Lessee grants a new sublease on similar terms to the Leasehold Mortgagee or its designee, then, at the option of such Lessee or such sublessee, title shall remain in the Lessee or sublessee while the new Agreement or new sublease is in effect.

Reversion. It is agreed by and between Lessor and Lessee that while this Agreement is in effect, all Build Out Improvements erected upon the Leased Premises shall remain the property of Lessee or subcontractors, as the case may beLessee, but upon expiration or termination of this Agreement, the Leased Premises and all Build Out improvements Improvements thereon (excluding movable fixtures, trade fixtures, attached furniture and personal property not constituting Leasehold improvementsImprovements, and specialty installations, provided that Lessee or such subcontractors, as the case may be, repairs any and all damage to the Leased Premises resulting from the removal of any such fixtures, improvements Improvements or installations) shall become the absolute property of Lessor without payment by Lessor except that, if Lessor grants a new Agreement to the Leasehold Mortgagee or its designee or Lessee grants a new sublease on similar terms to the Leasehold Mortgagee or its designee, then, at the option of such Lessee or such sublessee, title interest in the Leased Premises shall remain in the Lessee or sublessee while the new Agreement or new sublease is in effect.

Reversion. It is agreed by and between Lessor and Lessee that while this Agreement is in effect, all Build Out Improvements erected upon the Leased Premises shall remain the property of Lessee or subcontractors, as the case may be, but upon expiration or termination of this Agreement, all Build Out improvements (excluding movable fixtures, trade fixtures, attached furniture and personal property not constituting Leasehold improvements, and specialty installations, provided that Lessee or such subcontractors, as the case may be, repairs any and all damage to the Leased Premises resulting from the removal of any such fixtures, improvements or installations) shall become the absolute property of Lessor without payment by Lessor except thatLessor. Notwithstanding the foregoing, if Lessor grants a new Agreement to the Leasehold Mortgagee or its designee or Lessee grants a new sublease on similar terms to the Leasehold Mortgagee or its designee, then, at the option of such Lessee or such sublessee, title shall remain in the event that Lessor elects not to retain such Improvements, Lessee or sublessee while shall be responsible for any and all costs associated with restoring the new Agreement or new sublease is in effectLeased Premises to its original condition including, but not limited to, the removal and disposal of Improvements and Build Out.