Surrender To Lessor Clause Samples

Surrender To Lessor. 12.1 Lessee shall advise Lessor in writing at least ninety (90) days prior to the expiration of the Initial Term or any Extended Term of its intent to surrender the Equipment. Upon receipt of such notice, Lessor shall be authorized to demonstrate the Equipment in operation to potential buyers or lessees during the normal business hours of Lessee, provided that Lessor has given reasonable notice to Lessee prior to any such visit. 12.2 If Lessee elects to surrender the Equipment or, alternatively, upon any other termination of the Lease Schedule, Lessee shall immediately surrender the Equipment to Lessor by assembling and delivering the Equipment to a place or places, as Lessor may designate, within the continental United States. The shipment of the Equipment shall be conducted in accordance with the manufacturer's recommendations or, in the absence of such recommendations, in accordance with generally accepted industry practices for equipment similar to the Equipment. All costs of deinstalling, preparation for shipment, and shipping shall be borne by Lessee. 12.3 Upon surrender, the Equipment shall be in good repair, and working order, in compliance with the manufacturer's recommended tolerances for operation and performance in all material respects, in the same condition and appearance as when received (reasonable wear and tear excepted), and with all engineering and safety changes prescribed by the manufacturer or maintenance organization incorporated therein. The Equipment shall be complete, with all parts and pieces and all operating instructions, maintenance documentation, service manuals and other historical records; shall be capable of being immediately assembled and operated by a third party for its originally intended purpose; and shall be in compliance with all applicable laws, regulations and industry standards, without further repair, replacement of parts, alteration or improvement. Lessee shall, in a workmanlike manner and without damage to the Equipment, remove all Lessee-supplied decals, logos, insignias, numbers, and any similar identifications or markings from the Equipment. In conjunction with its surrender of the Equipment, Lessee shall provide Lessor with a complete and reasonably detailed inventory of the Equipment, including model numbers, serial numbers, and a description of all modifications (if any) made to the Equipment during the term of the Lease. 12.4 In the event that Lessee fails to comply with the provisions of this Section 1...

Surrender To Lessor. 12.1 Immediately upon the expiration of the Initial Term or any Extended Term, Lessee shall surrender the Equipment to Lessor; provided, however that Lessee has given 90 days prior written notice of its intent to surrender the Equipment. The term of lease shall be automatically extended for successive monthly periods ("Extended Term") until terminated by Lessee in accordance with such notice. No notice of termination by Lessee shall be effective earlier than the last day of the Initial Term, any Extended Term under Section 3.2 above, or any Extended Term under this Section 12.1, nor shall any such notice be required in the event of a termination of this Lease Agreement by Lessor upon the occurrence of an Event of Default. All Equipment surrendered to Lessor shall be in good repair and working order, reasonable wear and tear excepted, by delivering the Equipment to any location as may be designated by Lessor within 100 miles of a major terminal operated by Lessee in any of the following cities: Dallas, Texas; Chicago, Illinois; New York, New York; Atlanta, Georgia; Los Angeles, California; or Denver, Colorado. All costs of removal and delivery of such Equipment to the place designated by Lessor shall be borne by Lessee. 12.2 Without limiting the obligations of Lessee under either Section 5.3 and 12.1, Lessee shall, at its expense, do the following, 12.2.1 Lessee shall ensure that all Equipment and Equipment operations conform to all applicable local, state, and federal laws, health and safety guidelines. Upon return, the Equipment will be complete and operational with all components as originally supplied and will have passed U.S. Department of Transportation ("DOT') or appropriate regulatory agency requirements for operation. If applicable, an inspection sticker or certificate will be furnished to Lessor verifying compliance with any regulatory requirements. Lessee shall satisfy all legal and regulatory conditions necessary for Lessor to sell or lease the Equipment to a third party. Lessee will keep all licenses and operating certificate required for operation of the Equipment current during the Initial Term or any Extended Term of this Lease Agreement. Lessee will at all times use the Equipment in compliance with all applicable laws and regulations of any governmental, local and regulatory agency. 12.2.2 Lessee shall provide safe, secure storage for the Equipment for sixty (60) days after expiration or earlier termination of the Lease Agreement (by accele...

Surrender To Lessor. Provided Lessee has properly elected to exercise its surrender option, or alternatively, upon any other termination of this Lease Agreement, Lessee shall surrender the Equipment to Lessor by assembling and delivering the Equipment, ready for shipment, to a place or carrier, as Lessor may designate, within North America. Lessor shall be immediately authorized to show the surrendered Equipment to potential buyers upon receipt of notice of Lessee's election to surrender the Equipment during Lessee's normal business hours, provided Lessor notifies Lessee at least two business days prior to any such visit. Upon surrender, the Equipment shall be complete and in good repair and working order for its originally intended purpose, operate within its rated

Surrender To Lessor. Lessee shall advise Lessor in writing at least ninety (90) days prior to the expiration of the Initial Term or any Extended Term of its intent to surrender the Equipment. Upon receipt of such notice, Lessor shall be authorized to demonstrate the Equipment in operation to potential buyers or lessees during the normal business hours of Lessee, provided that Lessor has given reasonable notice to Lessee prior to any such visit.