Common use of Surrender and Return Clause in Contracts

Surrender and Return. (a) Upon the expiration or earlier termination of the Lease Term, and provided that Lessee, if so entitled, has not exercised its option to purchase the Leased Property, Lessee shall peaceably leave and surrender and return the Leased Property to Lessor in the same condition in which the Leased Property existed on the Closing Date and such subsequent date on which any Alterations that constitute part of the Improvements were constructed, except as completed, repaired, rebuilt, restored, altered or added to as required by or permitted by any provision of this Lease (ordinary wear and tear excepted). Lessee shall remove from the Leased Property on or prior to such expiration or earlier termination all property situated thereon which is not the property of Lessor and the Leased Property shall be broom clean and Lessee shall repair any damage caused by such removal. Property not so removed shall become the property of Lessor and Lessor may cause such property to be removed from the Leased Property and disposed of, and Lessee shall pay (without right of reimbursement out of gross sale proceeds) the reasonable cost of any such removal and disposition and of repairing any damage caused by such removal.

Appears in 5 contracts

Samples: Lease Agreement (Lam Research Corp), Lease Agreement (Lam Research Corp), And Restated Lease Agreement (Lam Research Corp)

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Surrender and Return. (a) Upon the expiration or earlier termination of the Basic Lease Term, and provided that Lessee, if so entitled, has not exercised its option to purchase the Leased PropertyProperty or renew this Lease pursuant to Section 14.8 hereof or if Lessor shall have elected to require Lessee to return the Leased Property pursuant to Section 14.2(b) or if Lessee shall have elected to return the Leased Property pursuant to Section 14.2(c), then Lessee shall peaceably leave and surrender and return the Leased Property to Lessor (the “Surrender Obligation”) in the same condition in which the Leased Property existed on the Closing Date and such subsequent date on which any Alterations that constitute part of the Improvements were constructedgood condition, except as completed, repaired, rebuilt, restored, altered or added to as required by or permitted by any provision of this Lease (ordinary wear and tear excepted), and in compliance with the provisions of this Lease. Lessee shall remove from the Leased Property on or prior to such expiration or earlier termination all property situated thereon which is not the property of Lessor Lessor, and the Leased Property shall be broom clean and Lessee shall repair any damage caused by such removal. Property not so removed shall become the property of Lessor Lessor, and Lessor may cause such property to be removed from the Leased Property and disposed of, and Lessee shall pay (without right of reimbursement out of gross sale proceeds) the reasonable cost of any such removal and disposition and of repairing any damage caused by such removal.

Appears in 2 contracts

Samples: Amended and Restated Lease Agreement (Lennox International Inc), Lease Agreement (Lennox International Inc)

Surrender and Return. (a) Upon the expiration or earlier termination of the Lease Term, and provided that Lessee, if so entitled, has not exercised its option to purchase the Leased Property, Lessee shall peaceably leave and surrender and return the Leased Property to Lessor in the same condition in which the Leased Property existed on the Closing Date and such subsequent date on which any New Improvements or Alterations that constitute part of the Improvements were constructed, except as completed, repaired, rebuilt, restored, altered or added to as required by or permitted by any provision of this Lease (ordinary wear and tear excepted). Lessee shall remove from the Leased Property on or prior to such expiration or earlier termination all property situated thereon which is not the property of Lessor and the Leased Property shall be broom clean and Lessee shall repair any damage caused by such removal. Property not so removed shall become the property of Lessor and Lessor may cause such property to be removed from the Leased Property and disposed of, and Lessee shall pay (without right of reimbursement out of gross sale proceeds) the reasonable cost of any such removal and disposition and of repairing any damage caused by such removal.

Appears in 1 contract

Samples: Lease Agreement (Lam Research Corp)

Surrender and Return. (a) Upon the expiration or earlier termination of the Term of this Lease Termwith respect to each Property, and provided that Lessee, if so entitled, has not exercised its option to purchase the Leased PropertyProperties pursuant to Article 27, 33, 34 or otherwise hereunder, Lessee shall peaceably leave and surrender and return the Leased each Property to Lessor in the same condition in which the Leased such Property existed on the applicable Property Closing Date and such subsequent date on which any Alterations that constitute part of the Improvements were constructedwith respect thereto, except as completed, repaired, rebuilt, restored, altered or added to as required by or permitted by any provision of this Lease (ordinary wear and tear excepted). Lessee shall remove from the Leased each Property on or prior to such expiration or earlier termination all property situated thereon which is not the property of Lessor Lessor, and the Leased each Property shall be broom clean and Lessee shall repair any damage caused by such removal. Property not so removed shall become the property of Lessor Lessor, and Lessor may cause such property to be removed from the Leased Property Properties and disposed of, and Lessee shall pay (without right of reimbursement out of gross sale proceeds) the reasonable cost of any such removal and disposition and of repairing any damage caused by such removal.

Appears in 1 contract

Samples: Lease Agreement (Iron Mountain Inc /De)

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Surrender and Return. (a) Upon the expiration or earlier termination of the Term of this Lease Termwith respect to each Leased Property, and provided that Lessee, if so entitled, has not exercised its option to purchase the Leased PropertyProperties pursuant to Article 28 or otherwise hereunder, Lessee shall peaceably leave and surrender and return the each Leased Property to Lessor in the same condition in which the such Leased Property existed on the Closing Basic Term Commencement Date and such subsequent date on which with respect thereto or any Alterations other Improvements (including any Additions that constitute part of the Improvements were constructedImprovements) acquired and constructed pursuant to this Lease, except as completed, repaired, rebuilt, restored, altered or added to as required by or permitted by any provision of this Lease (ordinary wear and tear and the consequences of casualty described in paragraph (c) of Article 12 hereof, condemnation or taking excepted). Lessee shall remove from the each Leased Property on or prior to such expiration or earlier termination all property situated thereon which is not the property of Lessor Lessor, and the each Leased Property shall be broom clean and Lessee shall repair any damage caused by such removal. Property not so removed shall become the property of Lessor Lessor, and Lessor may cause such property to be removed from the Leased Property Properties and disposed of, and Lessee shall pay (without right of reimbursement out of gross sale proceeds) the reasonable cost of any such removal and disposition and of repairing any damage caused by such removal.

Appears in 1 contract

Samples: Lease Agreement (Capital One Financial Corp)

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