Common use of Tenant’s Property Clause in Contracts

Tenant’s Property. Tenant shall, during the entire Term, own (or lease) and maintain (or cause its Subsidiaries to own (or lease) and maintain) on the Leased Property adequate and sufficient Tenant’s Property, and shall maintain (or cause its Subsidiaries to maintain) all of such Tenant’s Property in good order, condition and repair, in all cases as shall be necessary and appropriate in order to operate the Facilities for the Primary Intended Use in compliance with all applicable licensure and certification requirements and in compliance with all applicable Legal Requirements, Insurance Requirements and Gaming Regulations. If any of Tenant’s Property requires replacement in order to comply with the foregoing, Tenant shall replace (or cause a Subsidiary to replace) it with similar property of the same or better quality at Tenant’s (or such Subsidiary’s) sole cost and expense. Subject to the foregoing, Tenant and its Subsidiaries may sell, transfer, convey or otherwise dispose of Tenant’s Property (other than Gaming Licenses and subject to Section 6.3) in their discretion in the ordinary course of its business and Landlord shall have no rights to such Tenant’s Property. Tenant shall, upon Xxxxxxxx’s request, from time to time but not more frequently than one time per Lease Year, provide Landlord with a list of the material Tenant’s Property located at each of the Facilities. In the case of any such Tenant’s Property that is leased (rather than owned) by Tenant (or its Subsidiaries), Tenant shall use commercially reasonable efforts to ensure that the lease agreements pursuant to which Tenant (or its Subsidiaries) leases such Tenant’s Property are assignable to third parties in connection with any transfer by Tenant (or its Subsidiaries) to a replacement lessee or operator at the end of the Term. Tenant shall remove all of Tenant’s Property from the Leased Property at the end of the Term, except to the extent Tenant has transferred ownership of such Tenant’s Property to a Successor Tenant or Landlord. Any Tenant’s Property left on the Leased Property at the end of the Term whose ownership was not transferred to a Successor Tenant shall be deemed abandoned by Tenant and shall become the property of Landlord.

Appears in 9 contracts

Samples: Master Lease (Caesars Entertainment, Inc.), Master Lease (PENN Entertainment, Inc.), Master Lease (PENN Entertainment, Inc.)

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Tenant’s Property. Tenant shall, during the entire Term, own (or lease) and maintain (or cause its Subsidiaries to own (or lease) and maintain) on the Leased Property adequate and sufficient Tenant’s Property, and shall maintain (or cause its Subsidiaries to maintain) all of such Tenant’s Property in good order, condition and repair, in all cases as shall be necessary and appropriate in order to operate the Facilities for the Primary Intended Use in compliance with all applicable licensure and certification requirements and in compliance with all applicable Legal Requirements, Insurance Requirements and Gaming Regulations. If any of Tenant’s Property requires replacement in order to comply with the foregoing, Tenant shall replace (or cause a Subsidiary to replace) it with similar property of the same or better quality at Tenant’s (or such Subsidiary’s) sole cost and expense. Subject to the foregoing, Tenant and its Subsidiaries may sell, transfer, convey or otherwise dispose of Tenant’s Property (other than Gaming Licenses and subject to Section 6.3) in their discretion in the ordinary course of its business and Landlord shall have no rights to such Tenant’s Property. Tenant shall, upon XxxxxxxxLandlord’s request, from time to time but not more frequently than one time per Lease Year, provide Landlord with a list of the material Tenant’s Property located at each of the Facilities. In the case of any such Tenant’s Property that is leased (rather than owned) by Tenant (or its Subsidiaries), Tenant shall use commercially reasonable efforts to ensure that the lease agreements pursuant to which Tenant (or its Subsidiaries) leases such Tenant’s Property are assignable to third parties in connection with any transfer by Tenant (or its Subsidiaries) to a replacement lessee or operator at the end of the Term. Tenant shall remove all of Tenant’s Property from the Leased Property at the end of the Term, except to the extent Tenant has transferred ownership of such Tenant’s Property to a Successor Tenant or Landlord. Any Tenant’s Property left on the Leased Property at the end of the Term whose ownership was not transferred to a Successor Tenant shall be deemed abandoned by Tenant and shall become the property of Landlord.

Appears in 5 contracts

Samples: Master Lease (Boyd Gaming Corp), Master Lease (Gaming & Leisure Properties, Inc.), Merger Agreement (PNK Entertainment, Inc.)

Tenant’s Property. Subject to the provisions of Section 7.4 and Article XII, Tenant shall, during the entire Term, own (or lease, subject to the terms of this Lease) and maintain (or cause its Subsidiaries to own (or lease, subject to the terms of this Lease)) and maintain) on the Leased Property in connection with each Demised Premises adequate and sufficient Tenant’s Property, and shall maintain (or cause its Subsidiaries to maintainbe maintained) all of such Tenant’s Property in good order, condition and repair, in all cases each case as shall be Tenant reasonably deems necessary and appropriate in order the good faith exercise of Tenant’s reasonable commercial judgment to operate such Demised Premises in accordance with the Facilities for the Primary Intended Permitted Use and otherwise in compliance with all applicable licensure and certification requirements and in compliance with all applicable Legal Requirements, Insurance Property Requirements and Gaming Regulationsthe terms and conditions of this Lease. If any of Tenant’s Property requires replacement in order to comply with the foregoing, Tenant shall promptly replace (or cause a Subsidiary to replacebe replaced) it such Tenant’s Property with similar property of substantially the same or better quality or of comparable utility at Tenant’s (or such Subsidiary’s) sole cost and expense. Subject to the foregoing, including such replacement obligations, Tenant and its Subsidiaries may sell, transfer, convey or otherwise dispose of Tenant’s Property (other than Gaming Licenses and subject to Section 6.3) in their discretion in the ordinary course of its business and Landlord shall have no rights to such Tenant’s Property. Tenant shallbusiness so long as the same does not make or result in any Encumbrances on the Demised Premises or result in an Event of Default, upon Xxxxxxxx’s request, from time including any failure of Lease Guarantors to time but not more frequently than one time per Lease Year, provide Landlord with a list of satisfy the material Tenant’s Property located at each of the Facilities. In the case of any such Tenant’s Property that is leased (rather than owned) by Tenant (or its Subsidiaries), Tenant shall use commercially reasonable efforts to ensure that the lease agreements pursuant to which Tenant (or its Subsidiaries) leases such Tenant’s Property are assignable to third parties in connection with any transfer by Tenant (or its Subsidiaries) to a replacement lessee or operator at the end of the TermGuarantor Financial Covenants. Tenant shall remove all of Tenant’s Property from each Demised Premises upon the Leased Expiration Date or any earlier Property at the end of the TermTermination Date with respect to such Demised Premises (including all telecommunications cabling and any rooftop antennas or communications installations), except as may be otherwise agreed by Landlord in its sole discretion and except to the extent that Tenant or any Affiliate of Tenant is acquiring such Demised Premises on or about such Expiration Date or Property Termination Date (as applicable) or has transferred ownership of such Tenant’s Property to a Successor Tenant, Landlord or Successor Landlord in accordance with the terms of this Lease. Tenant shall repair and restore all damage caused by such removal in compliance with terms of this Lease. Without limiting the foregoing or any other rights or remedies of Landlord. Any , except as otherwise expressly provided in this Section 6.2, any Tenant’s Property left on that Tenant fails to so remove from the Leased Property Demised Premises at the end of the Term whose ownership was not transferred to a Successor Tenant shall be deemed abandoned by Tenant and shall become the property of Landlord or the applicable Successor Landlord. For the avoidance of doubt, Tenant’s Property shall not constitute Alterations or Leased Improvements.

Appears in 4 contracts

Samples: Retail Master Lease (Copper Property CTL Pass Through Trust), Distribution Center Master Lease (Copper Property CTL Pass Through Trust), Distribution Center Master Lease (J C Penney Co Inc)

Tenant’s Property. Tenant shall, during the entire Term, own (or lease) and each Operating Subtenant shall maintain (or cause its Subsidiaries to own (or lease) and maintain) on the Leased Property adequate and sufficient Tenant’s Property, and shall maintain Property (or cause its Subsidiaries personal property leased by Tenant or any Operating Subtenant or Corporate Shared Services Property) with respect to maintain) all of such Tenant’s Property in good order, condition and repair, in all cases each Facility as shall may be necessary and appropriate in order to operate the Facilities for the Primary Intended Use in compliance with all applicable licensure and certification requirements and in compliance with all applicable Legal Requirements, Insurance Requirements and Gaming Regulations. If any of Tenant’s Property requires replacement in order to comply with the foregoing, Tenant shall replace (or cause a Subsidiary to replace) it with similar property of the same or better quality at Tenant’s (or such Subsidiary’s) sole cost and expenseOperating Standard. Subject to the foregoing, Tenant and its Subsidiaries may sell, transfer, convey or otherwise dispose of TenantXxxxxx’s Property (other than Gaming Licenses and subject to Section 6.3) in their sole discretion in a manner that does not impair any Facility’s compliance with the ordinary course of its business Operating Standard and Landlord shall have no rights to such Tenantdisposed Xxxxxx’s Property. Tenant shall, upon Xxxxxxxx’s request, from time Subject to time but not more frequently than one time per Lease Year, provide Landlord with a list of the material Tenant’s Property located at each of the Facilities. In the case of any such Tenant’s Property that is leased (rather than owned) by Tenant (or its SubsidiariesSection 36.1 and Section 9.1(d), Tenant shall use commercially reasonable efforts remove or cause to ensure that the lease agreements pursuant to which Tenant (or its Subsidiaries) leases such Tenant’s Property are assignable to third parties in connection with any transfer by Tenant (or its Subsidiaries) to a replacement lessee or operator at the end of the Term. Tenant shall remove be removed all of Tenant’s Property from the Leased Property at the end of the Term, except to the extent Tenant has transferred ownership of such Term at Tenant’s Property sole cost and expense. Subject to a Successor Tenant or Landlord. Any Section 36.1, any Tenant’s Property left on the Leased Property at the end of the Term whose ownership was not transferred to a Successor Tenant successor tenant or landlord shall be deemed abandoned by Tenant and shall become the property of Landlord. Notwithstanding anything in the foregoing to the contrary, any transfer, conveyance or other disposition by Landlord or Tenant of any Gaming Equipment will be subject to the approval, to the extent required, of any applicable Gaming Authority. Notwithstanding the foregoing, Tenant shall not be required to maintain, and there shall be no restriction on Tenant’s or its Subsidiaries’ right to sell, transfer, convey or otherwise dispose of, Tenant’s Property with respect to any Voluntarily Closed Facility which has been deemed to have been assigned (i.e., counts as an assignment of the applicable Facility for the purposes of clause (5) of Section 22.2(iii)) but only for so long as such Facility remains a Facility which has been deemed to have been assigned (i.e., counts as an assignment of the applicable Facility for the purposes of clause (5) of Section 22.2(iii)).

Appears in 4 contracts

Samples: Master Lease (MGM Resorts International), Master Lease (VICI Properties L.P.), Master Lease (VICI Properties L.P.)

Tenant’s Property. Tenant shall, during the entire Term, own (or lease, subject to this Master Lease) and maintain (or cause its Subsidiaries to own (or lease, subject to this Master Lease) and maintain) on the Leased Property Premises adequate and sufficient Tenant’s Property, and shall maintain (or cause its Subsidiaries to maintain) all of such Tenant’s Property in good order, condition and repair, in all cases as shall be Tenant deems reasonably necessary and appropriate in order the good faith exercise of its reasonable commercial judgment to operate the Facilities Stores for use as a Sears Store or a Kmart Store (or as some other named or branded store as may be permitted under this Master Lease) in the Primary Intended Use ordinary course of business in compliance with all applicable licensure and certification requirements and in compliance with requirements, all applicable Legal Requirements and Insurance Requirements, Insurance Requirements and Gaming Regulationsthe terms and conditions of this Master Lease. If any of Tenant’s Property requires replacement in order to comply with the foregoing, Tenant shall replace (or cause a Subsidiary to replace) it with similar property of the same or better quality at Tenant’s (or such Subsidiary’s) sole cost and expense. Subject to the foregoing, including replacement, Tenant and its Subsidiaries may sell, transfer, convey or otherwise dispose of Tenant’s Property (other than Gaming Licenses and subject to Section 6.3) in their discretion in the ordinary course of its business and Landlord shall have no rights to such Tenant’s Property, so long as the same does not make or result in any Encumbrances on the Demised Premises. Tenant shall, upon XxxxxxxxLandlord’s request, request from time to time time, but not more frequently than one (1) time per Lease Year, provide Landlord with a list substantially complete description of the material Tenant’s Property located at each of the Facilities. In Demised Premises other than inventory, merchandise, and fixtures or equipment exclusively used for the case purpose of any such retail sales and other than Tenant’s Property that is leased at any one (rather 1) Demised Premises having (a) a value of less than ownedTwenty-five thousand dollars ($25,000) by Tenant (or its Subsidiaries), Tenant shall use commercially reasonable efforts as to ensure that the lease agreements pursuant to which Tenant (or its Subsidiaries) leases such any one item of Tenant’s Property are assignable or (b) an aggregate value of less than two hundred thousand dollars ($200,000) with respect to third parties all items of Tenant’s Property in connection with any transfer by Tenant one (or its Subsidiaries1) to a replacement lessee or operator at the end of the TermDemised Premises. Tenant shall remove all of Tenant’s Property from the Leased Property Demised Premises at the end of the TermTerm (including all telecommunications cabling and any rooftop antennas or communications installations), except to the extent that Tenant has transferred ownership of such Tenant’s Property to a Successor Tenant or Landlord. Any Tenant shall restore any and all damage from such removal. Without limiting the foregoing or any other rights or remedies of Landlord, any Tenant’s Property left on the Leased Property Demised Premises at the end of the Term whose ownership was not transferred to a Successor Tenant or Landlord shall be deemed abandoned by Tenant and shall become the property of Landlord. For the avoidance of doubt, Tenant’s Property will not constitute Alterations or Leased Improvements.

Appears in 3 contracts

Samples: Master Lease (Sears Holdings Corp), Master Lease (Seritage Growth Properties), Master Lease (Seritage Growth Properties)

Tenant’s Property. The terms of this Section 8.8 are and shall remain subject to the Collateral Agreements. Notwithstanding any provision of this Lease to the contrary but subject to the Collateral Agreements, all of the Tenant’s Property shall remain the property of the applicable member of the Tenant shallGroup. Each member of the Tenant Group shall have the right, at any time and from time to time during the entire Term, own to install, maintain, repair, replace, remove, operate and finance any and all of its Tenant’s Property. At the expiration of the Term or earlier termination of this Lease, Tenant shall (or leaseshall cause each member of the Tenant Group to) and maintain remove all of the Tenant’s Property from the Premises unless either: (a) Tenant is permitted to leave such Tenant’s Property at the Premises pursuant to the terms of Section 17.1; or cause (b) Landlord gives Tenant a written waiver for same. At any time that a member of the Tenant Group removes any of its Subsidiaries to own (or lease) and maintain) on the Leased Property adequate and sufficient Tenant’s Property, and Tenant shall maintain (or shall cause its Subsidiaries to maintain) all of such Tenant’s Property in good order, condition and repair, in all cases as shall be necessary and appropriate in order to operate the Facilities for the Primary Intended Use in compliance with all applicable licensure and certification requirements and in compliance with all applicable Legal Requirements, Insurance Requirements and Gaming Regulations. If any of Tenant’s Property requires replacement in order to comply with the foregoing, Tenant shall replace (or cause a Subsidiary to replace) it with similar property member of the same Tenant Group to) promptly repair the Premises as a result of any damage to, or better quality at Tenant’s (or destruction of, the Premises caused by such Subsidiary’s) sole cost and expense. Subject to the foregoing, Tenant and its Subsidiaries may sell, transfer, convey or otherwise dispose of Tenant’s Property (other than Gaming Licenses and subject to Section 6.3) in their discretion in the ordinary course of its business and Landlord shall have no rights to such Tenant’s Propertyremoval. Tenant shallwill indemnify Landlord and Landlord’s Parties against, upon Xxxxxxxx’s requestand hold Landlord and the Landlord Parties harmless from, from time to time but not more frequently than one time per Lease Yearany claims, provide Landlord with loss, injury, liability, or damages (including reasonable attorneys’ fees) incurred by such party as a list result of any member of the material Tenant’s Property located at each of Tenant Group entering the Facilities. In the case of Premises to remove any such Tenant’s Property that is leased (rather than owned) by Tenant (or its Subsidiaries), Tenant shall use commercially reasonable efforts to ensure that the lease agreements pursuant to which Tenant (or its Subsidiaries) leases such Tenant’s Property are assignable to third parties in connection with any transfer by Tenant (or its Subsidiaries) to a replacement lessee or operator at the end of the Term. Tenant shall remove all of Tenant’s Property from the Leased Property at Premises. Tenant shall have the end right to xxxxx x xxxx on and a security interest in all of the Term, except to the extent Tenant has transferred ownership of such Tenant’s Property and any other assets and personal property of Tenant located at the Premises in favor of any creditor of Tenant (each a “Secured Party”) and such Secured Party shall be permitted to a Successor Tenant foreclose upon such interest, all without Landlord’s consent. Landlord waives any and all security interests, liens, claims or Landlord. Any other similar rights (including rights of levy or distraint for rent on or in Tenant’s assets or personal property) with respect to Tenant’s Property left on the Leased Property and any other assets or personal property of Tenant located at the end Premises. Upon the request of Tenant, Landlord shall execute an agreement: (i) confirming Landlord’s consent to the Term whose ownership was not transferred Secured Party’s lien or security interest and Landlord’s waiver as described above; and (ii) providing the Secured Party with the right to a Successor Tenant access any and all collateral located at the Premises, which agreement shall be deemed abandoned by Tenant in form and shall become the property of Landlordsubstance reasonably satisfactory to Landlord and such Secured Party.

Appears in 2 contracts

Samples: Facility Lease Agreement (GT Advanced Technologies Inc.), Facility Lease Agreement (GT Advanced Technologies Inc.)

Tenant’s Property. Tenant shall, during During the entire Term, own Tenant (or lease) and maintain (or cause its Subsidiaries to own (or lease) and maintain) on the Leased Property adequate and sufficient Tenant’s Property, Subsidiaries) shall have the right to affix any Electronics and other equipment to the Distribution Systems in order to operate the Facilities for the Primary Intended Use. Tenant shall maintain (or cause its Tenant’s Subsidiaries to maintain) all of such Tenant’s Property in good order, condition and repairaccordance with Prudent Industry Practice, in all cases as shall be necessary and appropriate in order to operate the Facilities for the Primary Intended Use in compliance in all material respects with all applicable licensure and certification requirements and in compliance in all material respects with all applicable Legal Requirements, Insurance Requirements Requirements, Permits and Gaming Communications Regulations. If any of Tenant’s Property requires replacement in order to comply with the foregoing, Tenant shall replace (or cause a Tenant’s Subsidiary to replace) it with similar property of the same or better quality in a manner consistent with Prudent Industry Practice at Tenant’s (or such Subsidiary’s) sole cost and expense. Subject to the foregoing, Tenant and its Tenant’s Subsidiaries may sell, transfer, convey convey, pledge or otherwise dispose of Tenant’s Property (other than Gaming Licenses and subject to Section 6.3the Communications Licenses) in their discretion in the ordinary course of its their business and Landlord shall have no rights to such Tenant’s Property. Tenant shall, upon Xxxxxxxx’s request, from time to time but not more frequently than one time per Lease Year, provide Landlord with a list provided however any pledge of the material Tenant’s Property located at each (including any Communications Licenses), any TCI ILEC Extensions and any TCI CLEC Extensions by Tenant as collateral shall be subject to Tenant’s obligation to transfer the Tenant’s Property and such TCI ILEC Extensions and TCI CLEC Extensions to a Successor Tenant pursuant to Article XXXVI free and clear of any Encumbrances but only to the Facilitiesextent the same constitute Communication Assets. In the case of any such Tenant’s Property that is leased (rather than owned) by Tenant (or its Subsidiaries), Tenant shall use commercially reasonable efforts to ensure that the lease agreements pursuant to which Tenant (or its Subsidiaries) leases such Tenant’s Property are assignable to third parties in connection with any transfer by Tenant (or its Subsidiaries) to a replacement lessee or operator at the end of the Term. Tenant shall remove all of Tenant’s Property from the Leased Property at the end of the Term, except to the extent Tenant has transferred ownership of such Tenant’s Property to a Successor Tenant or LandlordLandlord or Tenant continues to operate the Leased Property under a Management Agreement. Any Tenant’s Property left on the Leased Property at the end of the Term whose ownership was not transferred to a Successor Tenant shall be deemed abandoned by Tenant and shall become the property of Landlord.

Appears in 2 contracts

Samples: Master Lease (Windstream Services, LLC), Master Lease (Communications Sales & Leasing, Inc.)

Tenant’s Property. Tenant shall, during the entire Term, own (or lease) and maintain (or cause its Subsidiaries to own (or lease) and maintain) on the Leased Property adequate and sufficient Tenant’s Property, and shall maintain (or cause its Subsidiaries to maintain) all of such Tenant’s Property in good order, condition and repair, in all cases as shall be necessary and appropriate in order to operate the Facilities for the Primary Intended Use in compliance with all applicable licensure and certification requirements and in compliance with all applicable Legal Requirements, Insurance Requirements and Gaming Regulations. If not remove any of Tenant’s 's Property requires replacement from the Demised Premises without the prior written consent of Landlord, other than in order to comply with the foregoingordinary course of Tenant's business. In the event of a default under this Lease, Tenant shall not, under any circumstances, remove Tenant's Property from the Demised Premises and Landlord may (but shall not be obligated to) keep Tenant's Property in place (and require Tenant to return or replace Tenant's Property to the extent Tenant removes same in violation of the terms of this Lease) and use, or permit another occupant of the Demised Premises, Building and/or Complex to use, Tenant's Property during the remainder of the Lease Term (whether or cause a Subsidiary not Landlord elects to replaceterminate this Lease for such default) it with similar at no cost, expense or liability to Landlord or such occupant. If Tenant abandons the Demised Premises as defined in Section 12.7(a) above or otherwise vacates the Demised Premises or otherwise defaults under this Lease, any property that Tenant leaves within or related to the Demised Premises shall be deemed to have been abandoned and, without liability to Tenant, may be disposed of in the trash or retained by Landlord as the property of Landlord or disposed of at public or private sale, or placed at the same use of another occupant in the Building or better quality the Complex or any subsequent occupant in the Demised Premises, as Landlord sees fit in its sole discretion, all at no cost or expense to Landlord or such other person permitted to use all or a portion of Tenant's Property hereunder, or Landlord may store Tenant's Property at a location selected by Landlord in its sole discretion at Tenant’s (or such Subsidiary’s) 's sole cost and expense. Subject to the foregoing, Tenant and its Subsidiaries may sell, transfer, convey The proceeds of any public or otherwise dispose private sale of Tenant’s 's Property shall be applied by Landlord against (other than Gaming Licenses and subject to Section 6.3i) in their discretion in the ordinary course expenses of its business and Landlord shall have no rights to such Tenant’s Property. Tenant shallfor removal, upon Xxxxxxxx’s request, from time to time but not more frequently than one time per Lease Year, provide Landlord with a list storage or sale of the material Tenant’s Property located at each property; (ii) the arrears of the Facilities. In the case of Base Annual Rent, Additional Rent or other sums then or thereafter payable under this Lease; and (iii) any such Tenant’s Property that is leased (rather than owned) by Tenant (or its Subsidiaries), Tenant shall use commercially reasonable efforts to ensure that the lease agreements pursuant other damages to which Landlord may be entitled hereunder. At Landlord's option, at any time during the Lease Term after default by Tenant, Landlord may require Tenant (or its Subsidiaries) leases such to forthwith remove Tenant’s Property are assignable to third parties in connection with any transfer by Tenant (or its Subsidiaries) to a replacement lessee or operator at the end of the Term. Tenant shall remove all of Tenant’s 's Property from the Leased Property at Demised Premises. If Tenant vacates or abandons the end Demised Premises, as defined above, Landlord may transfer any of the Term, except to the extent Tenant has transferred ownership of such Tenant’s 's Property to creditors of Tenant, on presentation of evidence of a Successor Tenant claim valid on its face of ownership or Landlord. Any of a security interest in any of Tenant’s 's Property left on abandoned in the Leased Property at Demised Premises or the end of the Term whose ownership was not transferred Building, and Landlord may recover any costs incurred by Landlord in doing so, all without incurring any liability to a Successor Tenant shall be deemed abandoned by Tenant and shall become the property of LandlordTenant.

Appears in 2 contracts

Samples: Office Building Lease (Otg Software Inc), Office Building Lease (Net2000 Communications Inc)

Tenant’s Property. Tenant shall, during the entire Term, own (or lease) and maintain (or cause its Subsidiaries to own (or lease) and maintain) on the Leased Property Premises adequate and sufficient Tenant’s Property, and shall maintain (or cause its Subsidiaries to maintain) all of such Tenant’s Property in good order, condition and repair, in all cases as shall be necessary and appropriate in order to operate the Facilities for the Primary Intended Use in compliance with all applicable licensure and certification requirements and in compliance with all applicable Legal Requirements, Insurance Requirements and Gaming Regulations. If any of Tenant’s Property requires replacement in order to comply with the foregoing, Tenant shall replace (or cause a Subsidiary to replace) it with similar property of the same or better quality at Tenant’s (or such Subsidiary’s) sole cost and expense. Subject to the foregoing, Tenant and its Subsidiaries may sell, transfer, convey or otherwise dispose of Tenant’s Property (other than Gaming Licenses and subject to Section 6.3) in their discretion in the ordinary course of its business and Landlord shall have no rights to such Tenant’s Property. Tenant shall, upon Xxxxxxxx’s request, from time to time but not more frequently than one time per Lease Year, provide Landlord with a list of the material Tenant’s Property located at each of the Facilities. In the case of any such Tenant’s Property that is leased (rather than owned) by Tenant (or its Subsidiaries), Tenant shall use commercially reasonable efforts to ensure that the lease agreements pursuant to which Tenant (or its Subsidiaries) leases such Tenant’s Property are assignable to third parties in connection with any transfer by Tenant (or its Subsidiaries) to a replacement lessee or operator at the end of the Term. Tenant shall remove all of Tenant’s Property from the Leased Property Premises at the end of the Term, except to the extent Tenant has transferred ownership of such Tenant’s Property to a Successor Tenant or Landlord. Any Tenant’s Property left on the Leased Property at the end of the Term whose ownership was not transferred to a Successor Tenant shall be deemed abandoned by Tenant and shall become the property of Landlord.

Appears in 1 contract

Samples: Master Lease (Gaming & Leisure Properties, Inc.)

Tenant’s Property. Tenant shall, during the entire Term, own (or lease) and maintain (or cause its Subsidiaries to own (or lease) and maintain) on the Leased Property adequate and sufficient Tenant’s Property, and shall maintain (or cause its Subsidiaries to maintain) all of such Tenant’s Property in good order, condition and repair, in all cases as shall be necessary and appropriate in order to operate the Facilities for the Primary Intended Use in compliance with all applicable licensure and certification requirements and in compliance with all applicable Legal Requirements, Insurance Requirements and Gaming Regulations. If any of Tenant’s Property requires replacement in order to comply with the foregoing, Tenant shall replace (or cause a Subsidiary to replace) it with similar property of the same or better quality at Tenant’s (or such Subsidiary’s) sole cost and expense. Subject to the foregoing, Tenant and its Subsidiaries may sell, transfer, convey or otherwise dispose of Tenant’s Property (other than Gaming Licenses and subject to Section 6.3) in their discretion in the ordinary course of its business and Landlord shall have no rights to such Tenant’s Property. Tenant shall, upon Xxxxxxxx’s request, from time to time but not more frequently than one time per Lease Year, provide Landlord with a list of the material Tenant’s Property located at each of the Facilities. In the case of any such Tenant’s Property that is leased (rather than owned) by Tenant (or its Subsidiaries), Tenant shall use commercially reasonable efforts to ensure that the lease agreements pursuant to which Tenant (or its Subsidiaries) leases such Tenant’s Property are assignable to third parties in connection with any transfer by Tenant (or its Subsidiaries) to a replacement lessee or operator at the end of the Term. Tenant shall remove all of Tenant’s Property from the Leased Property at the end of the Term, except to the extent Tenant Xxxxxx has transferred ownership of such TenantXxxxxx’s Property to a Successor Tenant or Landlord. Any Tenant’s Property left on the Leased Property at the end of the Term whose ownership was not transferred to a Successor Tenant shall be deemed abandoned by Tenant and shall become the property of Landlord.32 ACTIVE/103726432.5 US-DOCS\116344257.8

Appears in 1 contract

Samples: Master Lease (Gaming & Leisure Properties, Inc.)

Tenant’s Property. Tenant shall, during During the entire Term, own Tenant (or leaseand Tenant's Subsidiaries) shall have the right to affix any Electronics and maintain (or cause its Subsidiaries other equipment to own (or lease) and maintain) on the Leased Property adequate and sufficient Tenant’s Property, and Distribution Systems in order to operate the Facilities for the Primary Intended Use. Tenant shall maintain (or cause its Tenant's Subsidiaries to maintain) all of such Tenant’s 's Property in good order, condition and repairrepair and in accordance with Prudent Industry Practice, in all cases as shall be necessary and appropriate in order to operate the Facilities for the Primary Intended Use in compliance with all applicable licensure and certification requirements and in compliance with all applicable Legal Requirements, Insurance Requirements Requirements, Permits and Gaming Communications Regulations. If any of Tenant’s 's Property requires replacement in order to comply with the foregoing, Tenant shall replace (or cause a Tenant's Subsidiary to replace) it with similar property of the same or better quality at Tenant’s (or such Subsidiary’s) in a manner consistent with Prudent Industry Practice at Tenant's (or such Subsidiary's) sole cost and expense. Subject to the foregoing, Tenant and its Tenant's Subsidiaries may sell, transfer, convey convey, pledge or otherwise dispose of Tenant’s 's Property (other than Gaming Licenses and subject to Section 6.3the Communications Licenses) in their discretion in the ordinary course of its their business and Landlord shall have no rights to such Tenant’s 's Property. , provided, however, that any pledge of Tenant's Property (including any Communications Licenses) as collateral shall be subject to Tenant's obligation to transfer the Tenant's Property to a Successor Tenant shall, upon Xxxxxxxx’s request, from time pursuant to time Article XXXVI free and clear of any Encumbrances but not more frequently than one time per Lease Year, provide Landlord with a list of only to the material Tenant’s Property located at each of extent the Facilitiessame constitute Communication Assets. In the case of any such Tenant’s 's Property that is leased (rather than owned) by Tenant (or its Subsidiaries), Tenant shall use commercially reasonable efforts to ensure that the lease agreements pursuant to which Tenant (or its Subsidiaries) leases such Tenant’s 's Property are assignable to third parties in connection with any transfer by Tenant (or its Subsidiaries) to a replacement lessee or operator at the end of the Term. Tenant shall remove all of Tenant’s 's Property from the Leased Property at the end of the Term, except to the extent Tenant has transferred ownership of such Tenant’s 's Property to a Successor Tenant or LandlordLandlord or Tenant continues to operate the Leased Property under a Management Agreement. Any Tenant’s 's Property left on the Leased Property at the end of the Term whose ownership was not transferred to a Successor Tenant shall be deemed abandoned by Tenant and shall become the property of Landlord.

Appears in 1 contract

Samples: Master Lease

Tenant’s Property. Tenant shall, during the entire Term, own (or lease) and maintain (or cause its Subsidiaries to own (or lease) and maintain) on the Leased Property adequate and sufficient Tenant’s Property, and shall maintain (or cause its Subsidiaries to maintain) all of such Tenant’s Property in good order, condition and repair, in all cases as shall be necessary and appropriate in order to operate the Facilities Leased Property for the Primary Intended Use and in compliance with all applicable licensure and certification requirements and in compliance with all applicable Legal Requirements, Insurance Requirements and Gaming Regulations. If any of Tenant’s Property requires replacement in order to comply with the foregoing, Tenant shall replace (or cause a Subsidiary to replace) it with similar property of the same or better quality at Tenant’s (or such Subsidiary’s) sole cost and expense. Notwithstanding the foregoing, if Tenant reasonably believes that an election to not maintain, repair or replace any portion of Tenant’s Property is in the best of interest of Tenant and the failure to maintain, repair or replace such item(s) could not be reasonably expected to impair the fair market value of Tenant’s Property and the Leased Property, then Tenant may seek Landlord’s consent to waive compliance with the obligations of this Section 6.2 solely with respect to any such item(s), which consent may be withheld in Lxxxxxxx’s sole, but reasonable discretion. Subject to the foregoing, except as otherwise expressly set forth in this Lease, Tenant and its Subsidiaries may sell, transfer, convey or otherwise dispose of Tenant’s Property (other than Gaming Licenses and liquor license and subject to Section 6.36.3 and Article XXXVI) in their discretion in the ordinary course of its business and Landlord shall have no rights to such Tenant’s PropertyProperty during the Term. Tenant shall, upon XxxxxxxxLxxxxxxx’s request, from time to time but not more frequently than one time per Lease Year, provide Landlord with a list of the material Tenant’s Property located at each of the FacilitiesLeased Property. In the case of any such Tenant’s Property that is leased (rather than owned) by Tenant (or its Subsidiaries), Tenant shall use commercially reasonable efforts to ensure that the lease agreements pursuant to which Tenant (or its Subsidiaries) leases such Tenant’s Property are assignable to third parties in connection with any transfer by Tenant (or its Subsidiaries) to a replacement lessee or operator at the end of the Term. At Landlord’s request, Tenant shall remove all of Tenant’s Property from the Leased Property at the end of the Term, except to the extent Tenant has transferred ownership of such Tenant’s Property to a Successor Tenant Tenant, a purchaser of the Leased Property or Landlord. Any Tenant’s Property left on the Leased Property at the end of the Term whose ownership was not transferred to a Successor Tenant or a purchaser of the Leased Property shall be deemed abandoned by Tenant and shall become the property of Landlord, it being agreed that Tenant shall have the right to remove and retain any of Tenant’s Property that a Successor Tenant, a purchaser of the Leased Property or Landlord, as the case may be, does not request be transferred to it. Notwithstanding any other provision of this Lease, Tenant hereby acknowledges and agrees that Landlord is not leasing any Gaming Assets or other personal property to Tenant as part of the Leased Property but that Tenant is solely responsible for all Gaming Assets and other personal property used in connection with operating the Leased Property for the Primary Intended Use in compliance with all terms and provisions of this Lease and in compliance with all Legal Requirements and Gaming Regulations.

Appears in 1 contract

Samples: Lease (Penn National Gaming Inc)

Tenant’s Property. Tenant shall, during the entire Term, own (or lease) and maintain (or cause its Subsidiaries to own (or lease) and maintain) on the Leased Property adequate and sufficient Tenant’s Property, and shall maintain (or cause its Subsidiaries to maintain) all of such Tenant’s Property in good order, condition and repair, in all cases as shall be necessary and appropriate in order to operate the Facilities for the Primary Intended Use in compliance with all applicable licensure and certification requirements and in compliance with all applicable Legal Requirements, Insurance Requirements and Gaming Regulations. If any of Tenant’s Property requires replacement in order to comply with the foregoing, Tenant shall replace (or cause a Subsidiary to replace) it with similar property of the same or better quality at Tenant’s (or such Subsidiary’s) sole cost and expense. Subject to the foregoing, Tenant and its Subsidiaries may sell, transfer, convey or otherwise dispose of Tenant’s Property (other than Gaming Licenses and subject to Section 6.3) in their discretion in the ordinary course of its business and Landlord shall have no rights to such Tenant’s Property. Tenant shall, upon XxxxxxxxLxxxxxxx’s request, from time to time but not more frequently than one time per Lease Year, provide Landlord with a list of the material Tenant’s Property located at each of the Facilities. In the case of any such Tenant’s Property that is leased (rather than owned) by Tenant (or its Subsidiaries), Tenant shall use commercially reasonable efforts to ensure that the lease agreements pursuant to which Tenant (or its Subsidiaries) leases such Tenant’s Property are assignable to third parties in connection with any transfer by Tenant (or its Subsidiaries) to a replacement lessee or operator at the end of the Term. Tenant shall remove all of Tenant’s Property from the Leased Property at the end of the Term, except to the extent Tenant has transferred ownership of such Tenant’s Property to a Successor Tenant or Landlord. Any Tenant’s Property left on the Leased Property at the end of the Term whose ownership was not transferred to a Successor Tenant shall be deemed abandoned by Tenant and shall become the property of Landlord.

Appears in 1 contract

Samples: Master Lease (Boyd Gaming Corp)

Tenant’s Property. Tenant shall, during the entire Term, own (or lease) and maintain (or cause its Subsidiaries to own (or lease) and maintain) The improvements which are placed on the Leased Property adequate and sufficient Tenant’s Property, and shall maintain (or cause its Subsidiaries to maintain) all of such Tenant’s Property in good order, condition and repair, in all cases as shall be necessary and appropriate in order to operate the Facilities for the Primary Intended Use in compliance with all applicable licensure and certification requirements and in compliance with all applicable Legal Requirements, Insurance Requirements and Gaming Regulations. If any of Tenant’s Property requires replacement in order to comply with the foregoing, Tenant shall replace (or cause a Subsidiary to replace) it with similar property of the same or better quality at Tenant’s (or such Subsidiary’s) sole cost and expense. Subject to the foregoing, Tenant and its Subsidiaries may sell, transfer, convey or otherwise dispose of Tenant’s Property (other than Gaming Licenses and subject to Section 6.3) in their discretion in the ordinary course of its business and Landlord shall have no rights to such Tenant’s Property. Tenant shall, upon Xxxxxxxx’s request, from time to time but not more frequently than one time per Lease Year, provide Landlord with a list of the material Tenant’s Property located at each of the Facilities. In the case of any such Tenant’s Property that is leased (rather than owned) by Tenant (or its Subsidiaries), Tenant shall use commercially reasonable efforts to ensure that the lease agreements pursuant to which Tenant (or its Subsidiaries) leases such Tenant’s Property are assignable to third parties in connection with any transfer by Tenant (or its Subsidiaries) to a replacement lessee or operator at the end of the Term. Tenant shall remove all of Tenant’s Property from the Leased Property at the end of the Term, except to the extent Tenant has transferred ownership of such Tenant’s Property to a Successor Tenant or Landlord. Any Tenant’s Property left on the Leased Property at the end of the Term whose ownership was not transferred to a Successor Tenant shall be deemed abandoned Premises by Tenant and which are made a permanent part of said Premises shall become the property of Landlord. Any personal property, equipment, furniture, trade fixtures, inventory, construction equipment, trademarked items, exterior channel letter signs, exterior wall mount signs, designation panels on the monument or pylon signs (if any), all interior signage, pallet racking, wash bay, storage trailer located in the NationsRent Storage Area, counters, shelving, showcases and other movable trade fixtures installed in or on the Premises by Tenant (collectively, "Tenant's Property"), shall remain the property of Tenant. Landlord agrees that Tenant shall have the right, at any time and from time to time, to remove any and all of Tenant's Property. Tenant, at its expense, shall immediately repair any damage occasioned by the removal of Tenant's Property. Tenant shall pay before delinquency all license fees and public charges levied, assessed or imposed upon its business operation in the Premises as well as upon Tenant's Property. From time to time, some or all of Tenant's Property may be financed or owned by someone other than Tenant. To the extent that any of Tenant's Property is financed or owned by someone other than Tenant, Landlord agrees that such Tenant's Property is not Landlord's property no matter how the same is affixed to the Premises or used by Tenant and agrees to recognize the rights of the lender or owner of Tenant's Property. Landlord waives any claim arising by way of any Landlord's lien (whether created by statute or by contract) or otherwise with respect to Tenant's Property and agrees to sign and deliver to any lender, secured creditor or lessor a waiver of any lien Landlord may have on Tenant's Property if required by such lender, secured creditor or lessor. Tenant shall have the absolute right from time to time during the Term hereof and without Landlord's further approval, written or otherwise, to grant a security interest in Tenant's interest in this Lease or in Tenant's Property in connection with Tenant's general credit facility as same is amended, renewed or replaced from time to time.

Appears in 1 contract

Samples: Strategic Alliance Agreement (Nationsrent Inc)

Tenant’s Property. Tenant shall, during the entire Term, own (or lease) and maintain (or cause its Subsidiaries to own (or lease) and maintain) on the Leased Property adequate and sufficient Tenant’s Property, and shall maintain (or cause its Subsidiaries to maintain) all of such Tenant’s Property in good order, condition and repair, in all cases as shall be necessary and appropriate in order to operate the Facilities for the Primary Intended Use in compliance with all applicable licensure and certification requirements and in compliance with all applicable Legal Requirements, Insurance Requirements and Gaming Regulations. If any of Tenant’s Property requires replacement in order to comply with the foregoing, Tenant shall replace (or cause a Subsidiary to replace) it with similar property of the same or better quality at Tenant’s (or such Subsidiary’s) sole cost and expense. Subject to the foregoing, Tenant and its Subsidiaries may sell, transfer, convey or otherwise dispose of Tenant’s Property (other than Gaming Licenses and subject to Section 6.3) in their discretion in the ordinary course of its business and Landlord shall have no rights to such Tenant’s Property. Tenant shall, upon Xxxxxxxx’s request, from time to time but not more frequently than one time per Lease Year, provide Landlord with a list of the material Tenant’s Property located at each of the Facilities. In the case of remove any such Tenant’s Property that is leased (rather than owned) by Tenant (or its Subsidiaries), Tenant shall use commercially reasonable efforts to ensure that the lease agreements pursuant to which Tenant (or its Subsidiaries) leases such Tenant’s Property are assignable to third parties in connection with any transfer by Tenant (or its Subsidiaries) to a replacement lessee or operator at the end of the Term. Tenant shall remove all of Tenant’s Property from the Leased Demised Premises without the prior written consent of Landlord, other than in the ordinary course of Tenant’s business. In the event of a default under this Lease, Tenant shall not, under any circumstances, remove Tenant’s Property at from the end of the Term, except Demised Premises and Landlord may (but shall not be obligated to) keep Tenant’ s Property in place (and require Tenant to return or replace Tenant’s Property to the extent Tenant has transferred ownership removes same in violation of the terms of this Lease) and use, or permit another occupant of the Demised Premises, Building and/or Complex to use, Tenant’s Property during the remainder of the Lease Term (whether or not Landlord elects to terminate this Lease for such default) at no cost, expense or liability to Landlord or such occupant. If Tenant abandons the Demised Premises as defined in Section 12.7(a) above or otherwise vacates the Demised Premises or otherwise defaults under this Lease, any property that Tenant leaves within or related to the Demised Premises shall be deemed to have been abandoned and, without liability to Tenant, may be disposed of in the trash or retained by Landlord as the property of Landlord or disposed of at public or private sale, or placed at the use of another occupant in the Building or the Complex or any subsequent occupant in the Demised Premises, as Landlord sees fit in its sole discretion, all at no cost or expense to Landlord or such other person permitted to use all or a portion of Tenant’s Property hereunder, or Landlord may store Tenant’s Property at a location selected by Landlord in its sole discretion at Tenant’s sole cost and expense. The proceeds of any public or private sale of Tenant’s Property shall be applied by Landlord against (i) the expenses of Landlord for removal, storage or sale of the property; (ii) the arrears of Base Annual Rent, Additional Rent or other sums then or thereafter payable under this Lease; and (iii) any other damages to which Landlord may be entitled hereunder. At Landlord’s option, at any time during the Lease Term after default by Tenant, Landlord may require Tenant to forthwith remove Tenant’s Property from the Demised Premises. If Tenant abandons the Demised Premises, as defined above, Landlord may transfer any of Tenant’s Property to creditors of Tenant, on presentation of evidence of a Successor Tenant claim valid on its face of ownership or Landlord. Any of a security interest in any of Tenant’s Property left on abandoned in the Leased Property at Demised Premises or the end of the Term whose ownership was not transferred Building, and Landlord may recover any costs incurred by Landlord in doing so, all without incurring any liability to a Successor Tenant shall be deemed abandoned by Tenant and shall become the property of LandlordTenant.

Appears in 1 contract

Samples: Office Building Lease (Micromet, Inc.)

Tenant’s Property. Tenant shall, during the entire Term, own (or lease) and maintain (or cause its Subsidiaries to own (or lease) and maintain) The improvements which are placed on the Leased Property adequate and sufficient Tenant’s Property, and shall maintain (or cause its Subsidiaries to maintain) all of such Tenant’s Property in good order, condition and repair, in all cases as shall be necessary and appropriate in order to operate the Facilities for the Primary Intended Use in compliance with all applicable licensure and certification requirements and in compliance with all applicable Legal Requirements, Insurance Requirements and Gaming Regulations. If any of Tenant’s Property requires replacement in order to comply with the foregoing, Tenant shall replace (or cause a Subsidiary to replace) it with similar property of the same or better quality at Tenant’s (or such Subsidiary’s) sole cost and expense. Subject to the foregoing, Tenant and its Subsidiaries may sell, transfer, convey or otherwise dispose of Tenant’s Property (other than Gaming Licenses and subject to Section 6.3) in their discretion in the ordinary course of its business and Landlord shall have no rights to such Tenant’s Property. Tenant shall, upon Xxxxxxxx’s request, from time to time but not more frequently than one time per Lease Year, provide Landlord with a list of the material Tenant’s Property located at each of the Facilities. In the case of any such Tenant’s Property that is leased (rather than owned) by Tenant (or its Subsidiaries), Tenant shall use commercially reasonable efforts to ensure that the lease agreements pursuant to which Tenant (or its Subsidiaries) leases such Tenant’s Property are assignable to third parties in connection with any transfer by Tenant (or its Subsidiaries) to a replacement lessee or operator at the end of the Term. Tenant shall remove all of Tenant’s Property from the Leased Property at the end of the Term, except to the extent Tenant has transferred ownership of such Tenant’s Property to a Successor Tenant or Landlord. Any Tenant’s Property left on the Leased Property at the end of the Term whose ownership was not transferred to a Successor Tenant shall be deemed abandoned Premises by Tenant and which are made a permanent part of said Premises shall become the property of Landlord. Any personal property, equipment, furniture, trade fixtures, inventory, construction equipment, trademarked items, exterior channel letter signs, exterior wall mount signs, designation panels on the monument or pylon signs (if any), all interior signage, pallet racking, wash bay, storage trailer located in the NationsRent Storage Area, counters, shelving, showcases and other movable trade fixtures installed in or on the Premises by Tenant (collectively, “Tenant’s Property”), shall remain the property of Tenant. Landlord agrees that Tenant shall have the right, at any time and from time to time, to remove any and all of Tenant’s Property. Tenant, at its expense, shall immediately repair any damage occasioned by the removal of Tenant’s Property. Tenant shall pay before delinquency all license fees and public charges levied, assessed or imposed upon its business operation in the Premises as well as upon Tenant’s Property. From time to time, some or all of Tenant’s Property may be financed or owned by someone other than Tenant. To the extent that any of Tenant’s Property is financed or owned by someone other than Tenant, Landlord agrees that such Tenant’s Property is not Landlord’s property no matter how the same is affixed to the Premises or used by Tenant and agrees to recognize the rights of the lender or owner of Tenant’s Property. Landlord waives any claim arising by way of any Landlord’s lien (whether created by statute or by contract) or otherwise with respect to Tenant’s Property and agrees to sign and deliver to any lender, secured creditor or lessor a waiver of any lien Landlord may have on Tenant’s Property if required by such lender, secured creditor or lessor. Tenant shall have the absolute right from time to time during the Term hereof and without Landlord’s further approval, written or otherwise, to grant a security interest in Tenant’s interest in this Lease or in Tenant’s Property in connection with Tenant’s general credit facility as same is amended, renewed or replaced from time to time.

Appears in 1 contract

Samples: Strategic Alliance Agreement (Nationsrent Inc)

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Tenant’s Property. Tenant shall, during the entire Term, own (or lease) and maintain (or cause its Subsidiaries to own (or lease) and maintain) on the Leased Property adequate and sufficient Tenant’s Property, and shall maintain (or cause its Subsidiaries to maintain) all of such Tenant’s Property in good order, condition and repair, in all cases as shall be necessary and appropriate in order to operate the Facilities for the Primary Intended Use in compliance with all applicable licensure and certification requirements and in compliance with all applicable Legal Requirements, Insurance Requirements and Gaming Regulations. If not remove any of Tenant’s 's Property requires replacement from the Demised Premises without the prior written consent of Landlord, other than in order to comply with the foregoingordinary course of Tenant's business. In the event of a default under this Lease, Tenant shall not, under any circumstances, remove Tenant's Property from-the Demised Premises and Landlord may (but shall not be obligated to) keep Tenant's Property in place (and require Tenant to return or replace Tenant's Property to the extent Tenant removes same in violation of the terms of this Lease) and use, or permit another occupant of the Demised Premises, Building and/or Complex to use, Tenant's Property during the remainder of the Lease Term (whether or cause a Subsidiary not Landlord elects to replaceterminate this Lease for such default) it with similar at no cost, expense or liability to Landlord or such occupant. If Tenant abandons the Demised Premises as defined in Section 12.7(a) above or otherwise vacates the Demised Premises or otherwise defaults under this Lease, any property that Tenant leaves within or related to the Demised Premises shall be deemed to have been abandoned and, without liability to Tenant, may be disposed of in the trash or retained by Landlord as the property of Landlord or disposed of at public or private sale, or placed at the same use of another occupant in the Building or better quality the Complex or any subsequent occupant in the Demised Premises, as Landlord sees fit in its sole discretion, all at no cost or expense to Landlord or such other person permitted to use all or a portion of Tenant's Property hereunder, or Landlord may store Tenant's Property at a location selected by Landlord in its sole discretion at Tenant’s (or such Subsidiary’s) 's sole cost and expense. Subject to the foregoing, Tenant and its Subsidiaries may sell, transfer, convey The proceeds of any public or otherwise dispose private sale of Tenant’s 's Property shall be applied by Landlord against (other than Gaming Licenses and subject to Section 6.3i) in their discretion in the ordinary course expenses of its business and Landlord shall have no rights to such Tenant’s Property. Tenant shallfor removal, upon Xxxxxxxx’s request, from time to time but not more frequently than one time per Lease Year, provide Landlord with a list storage or sale of the material Tenant’s Property located at each property; (ii) the arrears of the Facilities. In the case of Base Annual Rent, Additional Rent or other sums then or thereafter payable under this Lease; and (iii) any such Tenant’s Property that is leased (rather than owned) by Tenant (or its Subsidiaries), Tenant shall use commercially reasonable efforts to ensure that the lease agreements pursuant other damages to which Landlord may be entitled hereunder. At Landlord's option, at any time during the Lease Term after default by Tenant, Landlord may require Tenant (or its Subsidiaries) leases such to forthwith remove Tenant’s Property are assignable to third parties in connection with any transfer by Tenant (or its Subsidiaries) to a replacement lessee or operator at the end of the Term. Tenant shall remove all of Tenant’s 's Property from the Leased Property at Demised Premises. If Tenant vacates or abandons the end Demised Premises, as defined above, Landlord may transfer any of the Term, except to the extent Tenant has transferred ownership of such Tenant’s 's Property to creditors of Tenant, on presentation of evidence of a Successor Tenant claim valid on its face of ownership or Landlord. Any of a security interest in any of Tenant’s 's Property left on abandoned in the Leased Property at Demised Premises or the end of the Term whose ownership was not transferred Building, and Landlord may recover any costs incurred by Landlord in doing so, all without incurring any liability to a Successor Tenant shall be deemed abandoned by Tenant and shall become the property of LandlordTenant.

Appears in 1 contract

Samples: Office Building Lease (Techteam Global Inc)

Tenant’s Property. Tenant shall, during the entire Term, own (or lease) and maintain (or cause its Subsidiaries to own (or lease) and maintain) on the Leased Property adequate and sufficient Tenant’s Property, and shall maintain (or cause its Subsidiaries to maintain) all of such Tenant’s Property in good order, condition and repair, in all cases as shall be necessary and appropriate in order to operate the Facilities for the Primary Intended Use in compliance with all applicable licensure and certification requirements and in compliance with all applicable Legal Requirements, Insurance Requirements and Gaming Regulations. If any of Tenant’s Property requires replacement in order to comply with the foregoing, Tenant shall replace (or cause a Subsidiary to replace) it with similar property of the same or better quality at Tenant’s (or such Subsidiary’s) sole cost and expense. Subject to the foregoing, Tenant and its Subsidiaries may sell, transfer, convey or otherwise dispose of Tenant’s Property (other than Gaming Licenses and subject to Section 6.3) in their discretion in the ordinary course of its business and Landlord shall have no rights to such Tenant’s Property. Tenant shall, upon ACTIVE/119970514.22 Xxxxxxxx’s request, from time to time but not more frequently than one time per Lease Year, provide Landlord with a list of the material Tenant’s Property located at each of the Facilities. In the case of any such Tenant’s Property that is leased (rather than owned) by Tenant (or its Subsidiaries), Tenant shall use commercially reasonable efforts to ensure that the lease agreements pursuant to which Tenant (or its Subsidiaries) leases such Tenant’s Property are assignable to third parties in connection with any transfer by Tenant (or its Subsidiaries) to a replacement lessee or operator at the end of the Term. Tenant shall remove all of Tenant’s Property from the Leased Property at the end of the Term, except to the extent Tenant has transferred ownership of such Tenant’s Property to a Successor Tenant or Landlord. Any Tenant’s Property left on the Leased Property at the end of the Term whose ownership was not transferred to a Successor Tenant shall be deemed abandoned by Tenant and shall become the property of Landlord.

Appears in 1 contract

Samples: Master Lease (Gaming & Leisure Properties, Inc.)

Tenant’s Property. The terms of this Section 8.8 are and shall remain subject to the Collateral Agreements. Notwithstanding any provision of this Lease to the contrary but subject to the Collateral Agreements, all of the Tenant’s Property shall remain the property of the applicable member of the Tenant shallGroup. Each member of the Tenant Group shall have the right, at any time and from time to time during the entire Term, own to install, maintain, repair, replace, remove, operate and finance any and all of its Tenant’s Property. At the expiration of the Term or earlier termination of this Lease, Tenant shall (or leaseshall cause each member of the Tenant Group to) and maintain remove all of the Tenant’s Property from the Premises unless either: (a) Tenant is permitted to leave such Tenant’s Property at the Premises pursuant to the terms of Section 17.1; or cause (b) Landlord gives Tenant a written waiver for same. At any time that a member of the Tenant Group removes any of its Subsidiaries to own (or lease) and maintain) on the Leased Property adequate and sufficient Tenant’s Property, and Tenant shall maintain (or shall cause its Subsidiaries such member of the Tenant Group to) promptly repair the Premises as a result of any damage to, or destruction of, the [***] Portions of this exhibit have been redacted pursuant to maintain) all a confidential treatment request. An unredacted version of such Tenant’s Property in good order, condition and repair, in all cases as shall be necessary and appropriate in order to operate the Facilities for the Primary Intended Use in compliance with all applicable licensure and certification requirements and in compliance with all applicable Legal Requirements, Insurance Requirements and Gaming Regulations. If any of Tenant’s Property requires replacement in order to comply this exhibit has been filed separately with the foregoingCommission Premises caused by such removal. Tenant will indemnify Landlord and Landlord’s Parties against, Tenant shall replace and hold Landlord and the Landlord Parties harmless from, any claims, loss, injury, liability, or damages (or cause including reasonable attorneys’ fees) incurred by such party as a Subsidiary to replace) it with similar property result of any member of the same or better quality at Tenant’s (or such Subsidiary’s) sole cost and expense. Subject Tenant Group entering the Premises to the foregoing, Tenant and its Subsidiaries may sell, transfer, convey or otherwise dispose of Tenant’s Property (other than Gaming Licenses and subject to Section 6.3) in their discretion in the ordinary course of its business and Landlord shall have no rights to such Tenant’s Property. Tenant shall, upon Xxxxxxxx’s request, from time to time but not more frequently than one time per Lease Year, provide Landlord with a list of the material Tenant’s Property located at each of the Facilities. In the case of remove any such Tenant’s Property that is leased (rather than owned) by Tenant (or its Subsidiaries), Tenant shall use commercially reasonable efforts to ensure that the lease agreements pursuant to which Tenant (or its Subsidiaries) leases such Tenant’s Property are assignable to third parties in connection with any transfer by Tenant (or its Subsidiaries) to a replacement lessee or operator at the end of the Term. Tenant shall remove all of Tenant’s Property from the Leased Property at Premises. Tenant shall have the end right to xxxxx x xxxx on and a security interest in all of the Term, except to the extent Tenant has transferred ownership of such Tenant’s Property and any other assets and personal property of Tenant located at the Premises in favor of any creditor of Tenant (each a “Secured Party”) and such Secured Party shall be permitted to a Successor Tenant foreclose upon such interest, all without Landlord’s consent. Landlord waives any and all security interests, liens, claims or Landlord. Any other similar rights (including rights of levy or distraint for rent on or in Tenant’s assets or personal property) with respect to Tenant’s Property left on the Leased Property and any other assets or personal property of Tenant located at the end Premises. Upon the request of Tenant, Landlord shall execute an agreement: (i) confirming Landlord’s consent to the Term whose ownership was not transferred Secured Party’s lien or security interest and Landlord’s waiver as described above; and (ii) providing the Secured Party with the right to a Successor Tenant access any and all collateral located at the Premises, which agreement shall be deemed abandoned by Tenant in form and shall become the property of Landlordsubstance reasonably satisfactory to Landlord and such Secured Party.

Appears in 1 contract

Samples: Facility Lease Agreement

Tenant’s Property. Tenant shall, during the entire Term, own (or lease, subject to this Master Lease) and maintain (or cause its Subsidiaries to own (or lease, subject to this Master Lease) and maintain) on the Leased Property Demised Premises adequate and sufficient Tenant’s Property, and shall maintain (or cause its Subsidiaries to maintain) all of such Tenant’s Property in good order, condition and repair, in all cases as shall be Tenant deems reasonably necessary and appropriate in order the good faith exercise of its reasonable commercial judgment to operate the Facilities Stores for use as a Sears Store or a Kmart Store (or as some other named or branded store as may be permitted under this Master Lease) in the Primary Intended Use ordinary course of business in compliance with all applicable licensure and certification requirements and in compliance with requirements, all applicable Legal Requirements and Insurance Requirements, Insurance Requirements and Gaming Regulationsthe terms and conditions of this Master Lease. If any of Tenant’s Property requires replacement in order to comply with the foregoing, Tenant shall replace (or cause a Subsidiary to replace) it with similar property of the same or better quality at Tenant’s (or such Subsidiary’s) sole cost and expense. Subject to the foregoing, including replacement, Tenant and its Subsidiaries may sell, transfer, convey or otherwise dispose of Tenant’s Property (other than Gaming Licenses and subject to Section 6.3) in their discretion in the ordinary course of its business and Landlord shall have no rights to such Tenant’s Property, so long as the same does not make or result in any Encumbrances on the Demised Premises. Tenant shall, upon XxxxxxxxLandlord’s request, request from time to time time, but not more frequently than one (1) time per Lease Year, provide Landlord with a list substantially complete description of the material Tenant’s Property located at each of the Facilities. In Demised Premises other than inventory, merchandise, and fixtures or equipment exclusively used for the case purpose of any such retail sales and other than Tenant’s Property that is leased at any one (rather 1) Demised Premises having (a) a value of less than ownedTwenty‑five thousand dollars ($25,000) by Tenant (or its Subsidiaries), Tenant shall use commercially reasonable efforts as to ensure that the lease agreements pursuant to which Tenant (or its Subsidiaries) leases such any one item of Tenant’s Property are assignable or (b) an aggregate value of less than two hundred thousand dollars ($200,000) with respect to third parties all items of Tenant’s Property in connection with any transfer by Tenant one (or its Subsidiaries1) to a replacement lessee or operator at the end of the TermDemised Premises. Tenant shall remove all of Tenant’s Property from the Leased Property Demised Premises at the end of the TermTerm (including all telecommunications cabling and any rooftop antennas or communications installations), except to the extent that Tenant has transferred ownership of such Tenant’s Property to a Unrelated Successor Tenant or Landlord. Any Tenant shall restore any and all damage from such removal. Without limiting the foregoing or any other rights or remedies of Landlord, any Tenant’s Property left on the Leased Property Demised Premises at the end of the Term whose ownership was not transferred to a Unrelated Successor Tenant or Landlord shall be deemed abandoned by Tenant and shall become the property of Landlord. For the avoidance of doubt, Tenant’s Property will not constitute Alterations or Leased Improvements.

Appears in 1 contract

Samples: Master Lease (Seritage Growth Properties)

Tenant’s Property. Tenant shall, during the entire Term, own (or lease) and maintain (or cause its Subsidiaries to own (or lease) and maintain) on the Leased Property adequate and sufficient Tenant’s Property, and shall maintain (or cause its Subsidiaries to maintain) all of such Tenant’s Property in good order, condition and repair, in all cases as shall be necessary and appropriate in order to operate the Facilities for the Primary Intended Use in compliance with all applicable licensure and certification requirements and in compliance with all applicable Legal Requirements, Insurance Requirements and Gaming Regulations. If not remove any of Tenant’s 's Property requires replacement ------------------ from the Demised Premises without the prior written consent of Landlord, other than in order to comply with the foregoingordinary course of Tenant's business. In the event of a default under this Lease, Tenant shall not, under any circumstances, remove Tenant's Property from the Demised Premises and Landlord may (but shall not be obligated to) keep Tenant's Property in place (and require Tenant to return or replace Tenant's Property to the extent Tenant removes same in violation of the terms of this Lease) and use, or permit another occupant of the Demised Premises, Building and/or Complex to use, Tenant's Property during the remainder of the Least Term (whether or cause a Subsidiary not Landlord elects to replaceterminate this Lease for such default) it with similar at no cost, expense or liability to Landlord or such occupant. If Tenant abandons the Demised Premises as defined in Section 12.7(a) above or otherwise vacates the Demised Premises or otherwise defaults under this Lease, any property that Tenant leaves within or related to the Demised Premises shall be deemed to have been abandoned and, without liability to Tenant, may be disposed of in the trash or retained by Landlord as the property of Landlord or disposed of at public or private sale, or placed at the same use of another occupant in the Building or better quality the Complex or any subsequent occupant in the Demised Premises, as Landlord sees fit in its sole discretion, all at no cost or expense to Landlord or such other person permitted to use all or a portion of Tenant's Property hereunder, or Landlord may store Tenant's Property at a location selected by Landlord in its sole discretion at Tenant’s (or such Subsidiary’s) 's sole cost and expense. Subject to the foregoing, Tenant and its Subsidiaries may sell, transfer, convey The proceeds of any public or otherwise dispose private sale of Tenant’s 's Property shall be applied by Landlord against (other than Gaming Licenses and subject to Section 6.3i) in their discretion in the ordinary course expenses of its business and Landlord shall have no rights to such Tenant’s Property. Tenant shallfor removal, upon Xxxxxxxx’s request, from time to time but not more frequently than one time per Lease Year, provide Landlord with a list storage or sale of the material Tenant’s Property located at each property; (ii) the arrears of the Facilities. In the case of Base Annual Rent, Additional Rent or other sums then or thereafter payable under this Lease; and (iii) any such Tenant’s Property that is leased (rather than owned) by Tenant (or its Subsidiaries), Tenant shall use commercially reasonable efforts to ensure that the lease agreements pursuant other damages to which Landlord may be entitled hereunder. At Landlord's option, at any time during the Lease Term after default by Tenant, Landlord may require Tenant (or its Subsidiaries) leases such to forthwith remove Tenant’s Property are assignable to third parties in connection with any transfer by Tenant (or its Subsidiaries) to a replacement lessee or operator at the end of the Term. Tenant shall remove all of Tenant’s 's Property from the Leased Property at Demised Premises. If Tenant vacates or abandons the end Demised Premises, as defined above, Landlord may transfer any of the Term, except to the extent Tenant has transferred ownership of such Tenant’s 's Property to creditors of Tenant, on presentation of evidence of a Successor Tenant claim valid on its face of ownership or Landlord. Any of a security interest in any of Tenant’s 's Property left on abandoned in the Leased Property at Demised Premises or the end of the Term whose ownership was not transferred Building, and Landlord may recover any costs incurred by Landlord in doing so, all without incurring any liability to a Successor Tenant shall be deemed abandoned by Tenant and shall become the property of LandlordTenant.

Appears in 1 contract

Samples: Office Building Lease (Cais Internet Inc)

Tenant’s Property. Tenant shall, during During the entire Term, own Tenant (or leaseand Tenant's Subsidiaries) shall have the right to affix any Electronics and maintain (or cause its Subsidiaries other equipment to own (or lease) and maintain) on the Leased Property adequate and sufficient Tenant’s Property, and Distribution Systems in order to operate the CLEC Facilities for the Primary Intended Use. Tenant shall maintain (or cause its Tenant's Subsidiaries to maintain) all of such Tenant’s 's Property in good order, condition and repairaccordance with Prudent Industry Practice, in all cases as shall be necessary and appropriate in order to operate the CLEC Facilities for the Primary Intended Use in compliance in all material respects with all applicable licensure and certification requirements and in compliance in all material respects with all applicable Legal Requirements, Insurance Requirements Requirements, Permits and Gaming Communications Regulations. If any of Tenant’s 's Property requires replacement in order to comply with the foregoing, Tenant shall replace (or cause a Tenant's Subsidiary to replace) it with similar property of the same or better quality in a manner consistent with Prudent Industry Practice at Tenant’s 's (or such Subsidiary’s's) sole cost and expense. Subject to the foregoing, Tenant and its Tenant's Subsidiaries may sell, transfer, convey convey, pledge or otherwise dispose of Tenant’s 's Property (other than Gaming Licenses and subject to Section 6.3the Communications Licenses) in their discretion in the ordinary course of its their business and Landlord shall have no rights to such Tenant’s 's Property. , provided however any pledge of Tenant's Property (including any 3838 Communications Licenses), and any TCI CLEC Extensions by Tenant shall, upon Xxxxxxxx’s request, from time as collateral shall be subject to time Tenant's obligation to transfer the Tenant's Property and such TCI CLEC Extensions to a Successor Tenant pursuant to Article XXXVI free and clear of any Encumbrances but not more frequently than one time per Lease Year, provide Landlord with a list of only to the material Tenant’s Property located at each of extent the Facilitiessame constitute Communications Assets. In the case of any such Tenant’s 's Property that is leased (rather than owned) by Tenant (or its Subsidiaries), Tenant shall use commercially reasonable efforts to ensure that the lease agreements pursuant to which Tenant (or its Subsidiaries) leases such Tenant’s 's Property are assignable to third parties in connection with any transfer by Tenant (or its Subsidiaries) to a replacement lessee or operator at the end of the Term. Tenant shall remove all of Tenant’s 's Property from the Leased Property at the end of the Term, except to the extent Tenant has transferred ownership of such Tenant’s 's Property to a Successor Tenant or LandlordLandlord or Tenant continues to operate the Leased Property under a Management Agreement. Any Tenant’s 's Property left on the Leased Property at the end of the Term whose ownership was not transferred to a Successor Tenant shall be deemed abandoned by Tenant and shall become the property of Landlord.

Appears in 1 contract

Samples: Clec Master Lease (Uniti Group Inc.)

Tenant’s Property. Tenant shall, during During the entire Term, own Tenant (or lease) and maintain (or cause its Subsidiaries to own (or lease) and maintain) on the Leased Property adequate and sufficient Tenant’s Property, Subsidiaries) shall have the right to affix any Electronics and other equipment to the Distribution Systems in order to operate the ILEC Facilities for the Primary Intended Use. Tenant shall maintain (or cause its Tenant’s Subsidiaries to maintain) all of such Tenant’s Property in good order, condition and repairaccordance with Prudent Industry Practice, in all cases as shall be necessary and appropriate in order to operate the ILEC Facilities for the Primary Intended Use in compliance in all material respects with all applicable licensure and certification requirements and in compliance in all material respects with all applicable Legal Requirements, Insurance Requirements Requirements, Permits and Gaming Communications Regulations. If any of Tenant’s Property requires replacement in order to comply with the foregoing, Tenant shall replace (or cause a Tenant’s Subsidiary to replace) it with similar property of the same or better quality in a manner consistent with Prudent Industry Practice at Tenant’s (or such Subsidiary’s) sole cost and expense. Subject to the foregoing, Tenant and its Tenant’s Subsidiaries may sell, transfer, convey convey, pledge or otherwise dispose of Tenant’s Property (other than Gaming Licenses and subject to Section 6.3the Communications Licenses) in their discretion in the ordinary course of its their business and Landlord shall have no rights to such Tenant’s Property. Tenant shall, upon Xxxxxxxx’s request, from time to time but not more frequently than one time per Lease Year, provide Landlord with a list provided however any pledge of the material Tenant’s Property located at each (including any Communications Licenses), and any TCI ILEC Extensions by Tenant as collateral shall be subject to Tenant’s obligation to transfer the Tenant’s Property and such TCI ILEC Extensions to a Successor Tenant pursuant to Article XXXVI free and clear of any Encumbrances but only to the Facilitiesextent the same constitute Communications Assets. In the case of any such Tenant’s Property that is leased (rather than owned) by Tenant (or its Subsidiaries), Tenant shall use commercially reasonable efforts to ensure that the lease agreements pursuant to which Tenant (or its Subsidiaries) leases such Tenant’s Property are assignable to third parties in connection with any transfer by 3838 Tenant (or its Subsidiaries) to a replacement lessee or operator at the end of the Term. Tenant shall remove all of Tenant’s Property from the Leased Property at the end of the Term, except to the extent Tenant has transferred ownership of such Tenant’s Property to a Successor Tenant or LandlordLandlord or Tenant continues to operate the Leased Property under a Management Agreement. Any Tenant’s Property left on the Leased Property at the end of the Term whose ownership was not transferred to a Successor Tenant shall be deemed abandoned by Tenant and shall become the property of Landlord.

Appears in 1 contract

Samples: Ilec Master Lease (Uniti Group Inc.)

Tenant’s Property. Tenant shall, during the entire Term, own (or lease) and maintain (or cause its Subsidiaries to own (or lease) and maintain) on the Leased Property adequate and sufficient Tenant’s Property, and shall maintain (or cause its Subsidiaries to maintain) all of such Tenant’s Property in good order, condition and repair, in all cases as shall be necessary and appropriate in order to operate the Facilities for the Primary Intended Use in compliance with all applicable licensure and certification requirements and in compliance with all applicable Legal Requirements, Insurance Requirements and Gaming Regulations. If any of Tenant’s Property requires replacement in order to comply with the foregoing, Tenant shall replace (or cause a Subsidiary to replace) it with similar property of the same or better quality at Tenant’s (or such Subsidiary’s) sole cost and expense. Subject to the foregoing, Tenant and its Subsidiaries may sell, transfer, convey or otherwise dispose of Tenant’s Property (other than Gaming Licenses and subject to Section 6.3) in their discretion in the ordinary course of its business and Landlord shall have no rights to such Tenant’s Property. Tenant shall, upon Xxxxxxxx’s request, from time to time but not more frequently than one time per Lease Year, provide Landlord with a list of the material Tenant’s Property located at each of the Facilities. In ACTIVE/119768607.18 the case of any such Tenant’s Property that is leased (rather than owned) by Tenant (or its Subsidiaries), Tenant shall use commercially reasonable efforts to ensure that the lease agreements pursuant to which Tenant (or its Subsidiaries) leases such Tenant’s Property are assignable to third parties in connection with any transfer by Tenant (or its Subsidiaries) to a replacement lessee or operator at the end of the Term. Tenant shall remove all of Tenant’s Property from the Leased Property at the end of the Term, except to the extent Tenant has transferred ownership of such Tenant’s Property to a Successor Tenant or Landlord. Any Tenant’s Property left on the Leased Property at the end of the Term whose ownership was not transferred to a Successor Tenant shall be deemed abandoned by Tenant and shall become the property of Landlord.

Appears in 1 contract

Samples: Master Lease (Gaming & Leisure Properties, Inc.)

Tenant’s Property. Tenant shall, during the entire Term, own (or lease) and maintain (or cause its Subsidiaries to own (or lease) and maintain) on the Leased Property adequate and sufficient Tenant’s Property, and shall maintain (or cause its Subsidiaries to maintain) all of such Tenant’s Property in good order, condition and repair, in all cases as shall be necessary and appropriate in order to operate the Facilities Facility for the Primary Intended Use in compliance with all applicable licensure and certification requirements and in compliance with all applicable Legal Requirements, Insurance Requirements Requirements, and Gaming Regulations. If any of Tenant’s Property requires replacement in order to comply with the foregoing, Tenant shall replace (or cause a Subsidiary to replace) it with similar property of the same or better quality at Tenant’s (or such Subsidiary’s) sole cost and expense. Subject to the foregoing, Tenant and its Subsidiaries may sell, transfer, convey or otherwise dispose of Tenant’s Property (other than Gaming Licenses and subject to Section 6.3) in their discretion in the ordinary course of its business and Landlord shall have no rights to such Tenant’s PropertyProperty in a manner that does not impair the compliance of the Facility with the Operating Standard. Tenant shall, upon XxxxxxxxLandlord’s request, from time to time but not more frequently than one time per Lease Year, provide Landlord with a list of the material Tenant’s Property located at each of the FacilitiesFacility. In the case of any such Tenant’s Property that is leased (rather than owned) by Tenant (or its Subsidiaries), Tenant shall use commercially reasonable efforts to ensure that the lease agreements pursuant to which Tenant (or its Subsidiaries) leases such Tenant’s Property are assignable to third parties in connection with any transfer by Tenant (or its Subsidiaries) to a replacement lessee or operator at the end of the Term. Tenant shall remove all of Tenant’s Property from the Leased Property at the end of the Term, except to the extent Tenant has transferred ownership of such Tenant’s Property to a Successor Tenant or Landlord. Any Tenant’s Property left on the Leased Property at the end of the Term whose ownership was not transferred to a Successor Tenant shall be deemed abandoned by Tenant and shall become the property of Landlord.

Appears in 1 contract

Samples: Equity Purchase Agreement (Wynn Resorts LTD)

Tenant’s Property. Tenant shall, during the entire Term, own (or lease) and maintain (or cause its Subsidiaries to own (or lease) and maintain) on the Leased Property adequate and sufficient Tenant’s Property, and shall maintain (or cause its Subsidiaries to maintain) all of such Tenant’s Property in good order, condition and repair, in all cases as shall be necessary and appropriate in order to operate the Facilities for the Primary Intended Use in compliance with all applicable licensure and certification requirements and in compliance with all applicable Legal Requirements, Insurance Requirements and Gaming Regulations. If any of Tenant’s Property requires replacement in order to comply with the foregoing, Tenant shall replace (or cause a Subsidiary to replace) it with similar property of the same or better quality at Tenant’s (or such Subsidiary’s) sole cost and expense. Subject to the foregoing, Tenant and its Subsidiaries may sell, transfer, convey or otherwise dispose of Tenant’s Property (other than Gaming Licenses and subject to Section 6.3) in their discretion in the ordinary course of its business and Landlord shall have no rights to such Tenant’s Property. Tenant shall, upon Xxxxxxxx’s request, from time to time but not more frequently than one time per Lease Year, provide Landlord with a list of the material Tenant’s Property located at each of the Facilities. In the case of remove any such Tenant’s Property that is leased (rather than owned) by Tenant (or its Subsidiaries), Tenant shall use commercially reasonable efforts to ensure that the lease agreements pursuant to which Tenant (or its Subsidiaries) leases such Tenant’s Property are assignable to third parties in connection with any transfer by Tenant (or its Subsidiaries) to a replacement lessee or operator at the end of the Term. Tenant shall remove all of Tenant’s Property from the Leased Demised Premises without the prior written consent of Landlord, other than in the ordinary course of Tenant’s business. In the event of a default under this Lease, Tenant shall not, under any circumstances, remove Tenant’s Property at from the end of the Term, except Demised Premises and Landlord may (but shall not be obligated to ) keep Tenant’s Property in place (and require Tenant to return or replace Tenant’s Property to the extent Tenant has transferred ownership removes same in violation of the terms of this Lease) and use, or permit another occupant of the Demised Premises, Building and/or Complex to use, Tenant’s Property during the remainder of the Lease Term (whether or not Landlord elects to terminate this Lease for such default) at no cost, expense or liability to Landlord or such occupant. If Tenant abandons the Demised Premises as defined in Section 12.7(a) above or otherwise vacates the Demised Premises or otherwise defaults under this Lease, any property that Tenant leaves within or related to the Demised Premises shall be deemed to have been abandoned and, without liability to Tenant, may be disposed of in the trash or retained by Landlord as the property of Landlord or disposed of at public or private sale, or placed at the use of another occupant in the Building or the Complex or any subsequent occupant in the Demised Premises, as Landlord sees fit in its sole discretion, all at no cost or expense to Landlord or such other person permitted to use all or a portion of Tenant’s Property hereunder, or Landlord may store Tenant’s Property at a location selected by Landlord in its sole discretion at Tenant’s sole cost and expense. The proceeds of any public or private sale of Tenant’s Property shall be applied by Landlord against (i) the expenses of Landlord for removal, storage or sale of the property; (ii) the arrears of Base Annual Rent, Additional Rent or other sums then or thereafter payable under this Lease, and (iii) any other damages to which Landlord may be entitled hereunder. At Landlord’s option, at any time during the Lease Term after default by Tenant. Landlord may require Tenant to forthwith remove Tenant’s Property from the Demised Premises. If Tenant vacates or abandons the Demised Premises, as defined above. Landlord may transfer any of Tenant’s Property to creditors of Tenant, on presentation of evidence of a Successor Tenant claim valid on its face of ownership or Landlord. Any of a security interest in any of Tenant’s Property left on abandoned in the Leased Property at Demised Premises or the end of the Term whose ownership was not transferred Building, and Landlord may recover any costs incurred by Landlord in doing so, all without incurring any liability to a Successor Tenant shall be deemed abandoned by Tenant and shall become the property of LandlordTenant.

Appears in 1 contract

Samples: Office Building Lease (Spherix Inc)

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