Common use of Surrender of Alterations Clause in Contracts

Surrender of Alterations. Each addition, improvement and alteration to the Premises other than the Finish Work (each a “Tenant Improvement”) will, upon installation, become the property of Landlord, provided that none of the Tenant’s equipment becomes property of Landlord, and be deemed to be a part of the Building unless Landlord, by written notice to Tenant at least thirty (30) days prior to the Termination Date, elects to relinquish Landlord’s right to such Tenant Improvement. If Landlord elects to relinquish its right to any Tenant Improvement, Tenant shall insure such Tenant Improvement in accordance with Section 14.1 (a)(ii), and, prior to the Termination Date, remove such Tenant Improvement and promptly repair any damage to the Premises or the Building caused by the installation or removal of such Tenant Improvement and restore the Premises to the condition existing prior to the installation of such Tenant Improvement. Notwithstanding anything to the contrary contained in this Section 7.5, without the need of Landlord giving Tenant notice, prior to the Termination Date, Tenant shall remove all furniture, equipment and non-standard office specialty improvements or above standard improvements (i.e., raised flooring, built-in bookcases, wall coverings, etc.) and all wires installed by Tenant for voice and telecommunication data equipment. Tenant shall repair any damage to the Demised Premises caused by such removal.

Appears in 2 contracts

Samples: Lease Agreement (Roka BioScience, Inc.), Lease Agreement (Roka BioScience, Inc.)

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Surrender of Alterations. Each addition, improvement and alteration to the Premises other than the Finish Work (each a “Tenant Improvement”) will, upon installation, become the property of Landlord, provided that none of the Tenant’s equipment becomes property of Landlord, Landlord and be deemed to be a part of the Building unless Landlord, by written notice to Tenant at least thirty (30) days prior to the Termination Expiration Date, elects to relinquish Landlord’s right to such Tenant Improvement. If Landlord elects to relinquish its right to any Tenant Improvement, Tenant shall insure such Tenant Improvement in accordance with Section 14.1 (a)(ii14.1(a)(ii), and, prior to the Termination Expiration Date, remove such Tenant Improvement and promptly repair any damage to the Premises or the Building caused by the installation or removal of such Tenant Improvement and restore the Premises to the condition existing prior to the installation of such Tenant Improvement. Notwithstanding anything to the contrary contained in this Section 7.5(a), without the need of Landlord giving Tenant notice, prior to the Termination Expiration Date, Tenant shall remove all furniture, equipment and non-standard office any specialty improvements or above standard improvements (i.e., raised flooring, built-in bookcases, wall coverings, etc.) and all wires installed by Tenant for voice and telecommunication data equipment. Tenant shall repair any damage to the Demised Premises caused by such removal. Subject to the immediately preceding sentence, Tenant shall not be required to remove any of the Finish Work.

Appears in 2 contracts

Samples: Lease Agreement (BTRS Holdings Inc.), Lease Agreement (South Mountain Merger Corp.)

Surrender of Alterations. Each (a) Subject to the provisions of this Section 7.5, each addition, improvement and alteration to the Premises other than the Finish Work (each a “Tenant Improvement”) will, upon installation, become the property of Landlord, provided that none of the Tenant’s equipment becomes property of Landlord, Landlord and be deemed to be a part of the Building unless Premises unless, Landlord, by written notice given to Tenant at least thirty (30) days prior to the Termination Date, elects to relinquish Landlord’s right to such Tenant Improvementthereto. If Landlord elects to relinquish its Landlord’s right to any Tenant Improvement, Tenant shall insure such remove said Tenant Improvement in accordance with Section 14.1 (a)(ii)Improvement, and, prior to the Termination Date, remove such Tenant Improvement and shall promptly repair any damage to the Premises or the Building caused by the installation or said removal of such Tenant Improvement and shall restore the Premises and the Building to substantially the condition existing prior to the installation of such said Tenant Improvement; all such work shall be done prior to the Termination Date and in accordance with the provisions of this Lease. Notwithstanding anything to the contrary contained herein, if at the time Tenant submits to Landlord any request for approval of any Tenant Improvement, Tenant also requests in this Section 7.5, without writing that Landlord advise as to whether Tenant will be required to remove the need of Landlord giving Tenant notice, Improvement prior to the Termination Dateend of the Term (which request shall specifically reference this Section 7.5(a)), then, if Landlord approves the Tenant Improvement, Landlord shall notify Tenant simultaneously with the approval notification as to whether or not Landlord will require Tenant to remove all furniture, equipment and non-standard office specialty improvements or above standard improvements (i.e., raised flooring, built-in bookcases, wall coverings, etcthe Tenant Improvement.) and all wires installed by Tenant for voice and telecommunication data equipment. Tenant shall repair any damage to the Demised Premises caused by such removal.

Appears in 1 contract

Samples: Lease Agreement (Bellerophon Therapeutics, Inc.)

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Surrender of Alterations. Each addition, improvement and alteration to the Premises other than the Finish Work (each a “Tenant Improvement”) will, upon installation, become the property of Landlord, provided that none of the Tenant’s equipment becomes property of Landlord, Landlord and be deemed to be a part of the Building unless Landlord, by written notice to Tenant at least thirty (30) days prior to the Termination Datetime it approves such Tenant Improvement, elects to relinquish Landlord’s right to such Tenant Improvement. If Landlord elects to relinquish its right to any Tenant Improvement, Tenant shall insure such Tenant Improvement in accordance with Section 14.1 (a)(ii14.1(a)(ii), and, prior to the Termination Expiration Date, remove such Tenant Improvement and promptly repair any damage to the Premises or the Building caused by the installation or removal of such Tenant Improvement and restore the Premises to the condition existing prior to the installation of such Tenant Improvement, ordinary wear and tear excepted. Notwithstanding anything the foregoing, in no event shall Tenant be required to the contrary contained in this Section 7.5, without the need of Landlord giving Tenant notice, prior to the Termination Date, remove any Finish Work and Tenant shall not be required to remove all furniture, equipment and non-standard office specialty improvements any Tenant Improvement unless Landlord notifies Tenant in writing of such removal requirement at the time it consents to or above standard improvements (i.e., raised flooring, built-in bookcases, wall coverings, etcapproves of such Tenant Improvement.) and all wires installed by Tenant for voice and telecommunication data equipment. Tenant shall repair any damage to the Demised Premises caused by such removal.

Appears in 1 contract

Samples: Lease Agreement (Cognition Therapeutics Inc)

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