Title to Alterations. Landlord shall have the right to require Tenant to remove, upon the Expiration Date or any earlier Property Termination Date, any Alterations (other than any Alterations that were required to be made by Tenant (and which Tenant did make) during the Term pursuant to any applicable Legal Requirements) if (a) such Alterations are not customary (e.g., of an extraordinary or unusual character) for Tenant’s then current use of the applicable Demised Premises in accordance with this Lease (unless Landlord otherwise agrees in writing that the removal of any such Alterations would not be required), or (b) from after the date on which Tenant changes the use of any Demised Premises to a use that is substantially different from its use as of the Commencement Date, if Landlord conditioned its approval (to the extent such approval is otherwise required under this Lease) of such Alterations upon Tenant’s removal thereof from the such Demised Premises at the end of the Term (collectively, “Required Removal Alterations”). Nothing in this Section 8.2 shall limit (i) any of Tenant’s obligations under this Lease, including, without limitation, with respect to the repair of any damage resulting from any removal of Alterations or, if otherwise required pursuant to the terms of this Lease, to indemnify, protect and hold harmless the Landlord Indemnified Parties from and against any Costs and Expenses incurred by any of them in connection with such removal and/or repair, or (ii) Tenant’s right in accordance with (and subject to) the terms of this Lease to remove any Alterations upon the Expiration Date or on or after any earlier Property Termination Date.
Appears in 4 contracts
Samples: Distribution Center Master Lease (Copper Property CTL Pass Through Trust), Retail Master Lease (Copper Property CTL Pass Through Trust), Distribution Center Master Lease (J C Penney Co Inc)
Title to Alterations. Landlord Title to Alterations shall have without -------------------- further act vest in Lessor and shall be deemed to constitute a part of the right Leased Property and be subject to require Tenant to removethis Lease, upon including the Expiration Date or any earlier Property Termination DateLien hereof, any Alterations (other than any Alterations that were required to be made by Tenant (and which Tenant did make) during in the Term pursuant to any applicable Legal Requirements) if following cases:
(a) such Alterations are not customary (e.g., of an extraordinary constitute all or unusual character) for Tenant’s then current use any portion of the applicable Demised Premises Leased Property or shall be in accordance with this Lease (unless Landlord otherwise agrees replacement of or in writing that substitution for a portion of the removal of any such Alterations would not be required), or Leased Property;
(b) from after the date on which Tenant changes the use of any Demised Premises to a use that is substantially different from its use as of the Commencement Date, if Landlord conditioned its approval (to the extent such approval is otherwise required under this Lease) of such Alterations upon Tenant’s removal thereof from the such Demised Premises at the end of the Term (collectively, “Required Removal Alterations”). Nothing in this Section 8.2 shall limit (i) any of Tenant’s obligations under this Lease, including, without limitation, with respect be required to the repair of any damage resulting from any removal of Alterations or, if otherwise required be made pursuant to the terms of Section 5.1 or Section 5.2(a)(i) hereof; ----------- -----------------
(c) such Alterations shall not be readily severable from the Land;
(d) the removal of such Alterations would adversely affect the fair market value of the Leased Property; or
(e) an Event of Default shall have occurred. Lessee, at Lessor's request, shall execute and deliver any deeds, bills of sale, assignments or other documents of conveyance reasonably necessary to evidence the vesting of title in and to such Alterations to Lessor. If such Alterations are not within any of the categories set forth in clauses (a) through (d) of this Section 5.3 and no Event ----------- --- ----------- of Default has occurred, then title to such Alterations shall vest in Lessee and such Alterations shall not be deemed to be Alterations which are part of the Leased Property. All Alterations to which Lessee shall have title may, so long as removal thereof shall not result in the violation of any Applicable Law and no Event of Default or Default exists, be removed at any time by Lessee. Any such Alterations shall be removed by Lessee at its expense if Lessor shall so request prior to the return of the Leased Property to Lessor or sale of the Leased Property in accordance with the provisions of this Lease, and Lessee shall at its expense repair any damage to indemnify, protect and hold harmless the Landlord Indemnified Parties Leased Property caused by the removal of such Alterations. Lessor (or the purchaser of the Leased Property) may purchase from and against any Costs and Expenses incurred Lessee Alterations (if not already owned by any of them in connection with such removal and/or repair, or (iiLessor) Tenant’s right in accordance with (and subject to) the terms of this Lease which Lessee notifies Lessor that Lessee intends to remove from the Leased Property prior to the return of the Leased Property to Lessor or the sale of the Leased Property, which purchase shall be at the Fair Market Value of such Alterations. Title to any Alterations upon to which Lessee shall have title shall vest in Lessor (or the Expiration Date purchaser of the Leased Property) if not removed from the Leased Property by Lessee prior to the return of the Leased Property to Lessor or on or after any earlier Property Termination Datethe sale of the Leased Property.
Appears in 1 contract
Samples: Lease Agreement (Alco Standard Corp)
Title to Alterations. All alterations, additions and improvements installed in, on or about the Building or the Property shall become part of the Property and shall become the property of Landlord, unless Landlord shall have the right elects to require Tenant to remove, remove the same upon the Expiration Date or any earlier Property Termination Datetermination of this Lease; provided, any Alterations (other than any Alterations however, that were required the foregoing shall not apply to be made by Tenant (and which Tenant did make) during the Term pursuant to any applicable Legal Requirements) if (a) such Alterations are not customary (e.g., of an extraordinary or unusual character) for Tenant’s then current use of the applicable Demised Premises in accordance with this Lease (unless Landlord otherwise agrees in writing that the movable furniture and equipment and trade fixtures. Tenant shall promptly repair any damage caused by its removal of any such Alterations would not be required)furniture, equipment or trade fixtures. Notwithstanding any other provisions of this Article 9, however, (ba) under no circumstances shall Tenant have any right to remove from after the date Building or the Property, during the term of this Lease or at the expiration or termination of this Lease, any lab benches, fume hoods, cold rooms or other similar improvements and equipment existing in the Building on which Tenant changes the use of any Demised Premises to a use that is substantially different from its use as of the Commencement Date, except with Landlord’s written consent (which consent may take the form of either (i) a separate written consent or (ii) a written approval of plans for proposed alterations or improvements, if Landlord conditioned its approval (and to the extent that such approval is otherwise required plans specifically show the removal or relocation of any existing lab benches, fume hoods, cold rooms or other similar improvements or equipment as part of the proposed alterations or improvements), and (b) if Tenant requests Landlord’s written consent to any alterations, additions or improvements under this Lease) Section 9.1 hereof and, in requesting such consent, asks that Landlord specify whether Landlord will require removal of such Alterations alterations, additions or improvements upon Tenant’s removal thereof from the such Demised Premises at the end of the Term (collectively, “Required Removal Alterations”). Nothing in this Section 8.2 shall limit (i) any of Tenant’s obligations under this Lease, including, without limitation, with respect to the repair of any damage resulting from any removal of Alterations or, if otherwise required pursuant to the terms termination or expiration of this Lease, then Landlord shall not be entitled to indemnify, protect and hold harmless the Landlord Indemnified Parties from and against any Costs and Expenses incurred by any of them in connection with require such removal and/or repairunless Landlord specified its intention to do so at the time of granting of Landlord’s consent to the requested alterations, additions or (ii) Tenant’s right in accordance with (and subject to) the terms of this Lease to remove any Alterations upon the Expiration Date or on or after any earlier Property Termination Dateimprovements.
Appears in 1 contract
Samples: Lease Agreement (Exelixis Inc)
Title to Alterations. Landlord Title to Alterations shall have without further act vest in Lessor (except to the right extent replacing or becoming a part of the Equipment, in which case title to require Tenant such Alterations shall vest in the Head Lessor) and shall be deemed to remove, upon constitute a part of the Expiration Date Property and be subject to this Lease in the following cases:
(a) such Alteration shall be in replacement of or any earlier in substitution for a portion of the Improvements or other Property Termination Date, any Alterations as of the date hereof,
(other than any Alterations that were b) such Alteration shall be required to be made by Tenant (and which Tenant did make) during the Term pursuant to any applicable Legal Requirements) if (a) such Alterations are not customary (e.g., of an extraordinary or unusual character) for Tenant’s then current use of the applicable Demised Premises in accordance with this Lease (unless Landlord otherwise agrees in writing that the removal of any such Alterations would not be required), or (b) from after the date on which Tenant changes the use of any Demised Premises to a use that is substantially different from its use as of the Commencement Date, if Landlord conditioned its approval (to the extent such approval is otherwise required under this Lease) of such Alterations upon Tenant’s removal thereof from the such Demised Premises at the end of the Term (collectively, “Required Removal Alterations”). Nothing in this Section 8.2 shall limit (i) any of Tenant’s obligations under this Lease, including, without limitation, with respect to the repair of any damage resulting from any removal of Alterations or, if otherwise required pursuant to the terms of Section 8.02; or
(c) such Alteration shall be Nonseverable. Lessee shall, at Lessor's request and at Lessee's sole cost and expense, execute and deliver any deeds, bills of sale or assignments reasonably requested by Lessor to evidence the vesting of title in and to such Alterations in Lessor (or Head Lessor to the extent relating to the Equipment). If an Alteration is not within any of the categories set forth in Section 8.04(a) through Section 8.04(c), then title to such Alteration shall vest in Lessee and may be removed by Lessee to the extent permitted in accordance with Article X hereof. All Alterations to which title shall vest in Lessee as aforesaid, and all Lessee's Equipment and Personality, so long as removal thereof shall not result in the violation of any Applicable Laws or this Lease, may be removed at any time by Lessee; provided that Lessee shall, at its expense, repair any damage to indemnify, protect the Property caused by the removal of such Alteration or Lessee's Equipment and hold harmless Personality and shall restore the Landlord Indemnified Parties from Property to substantially the same condition as existed prior to such Alteration being made. Lessee shall provide "AS-BUILT" plans and against any Costs and Expenses incurred by any a new survey (meeting the requirements of them in connection with such removal and/or repair, or (iithe original survey) Tenant’s right in accordance with (and subject to) the terms of this Lease to remove for any Alterations upon costing in excess of $2,000,000 determined on an aggregate basis. Once such $2,000,000 aggregate threshold has been met, Lessee shall be required to provide "AS-BUILT" plans and a new survey on each other occasion where additional Alterations in the Expiration Date or on or after any earlier Property Termination Dateaggregate exceed $2,000,000.
Appears in 1 contract
Title to Alterations. Landlord Title to Alterations shall have without -------------------- further act vest in Lessor and shall be deemed to constitute a part of the right Site and be subject to require Tenant to remove, upon this Lease in the Expiration Date or any earlier Property Termination Date, any Alterations (other than any Alterations that were required to be made by Tenant (and which Tenant did make) during the Term pursuant to any applicable Legal Requirements) if following cases:
(a) such Alterations are not customary (e.g., shall be in replacement of an extraordinary or unusual character) in substitution for Tenant’s then current use a portion of the applicable Demised Premises in accordance with this Lease (unless Landlord otherwise agrees in writing that Facilities and/or the removal of any such Alterations would not be required)Site, or otherwise financed with Advances;
(b) from after the date on which Tenant changes the use of any Demised Premises to a use that is substantially different from its use as of the Commencement Date, if Landlord conditioned its approval (to the extent such approval is otherwise required under this Lease) of such Alterations upon Tenant’s removal thereof from the such Demised Premises at the end of the Term (collectively, “Required Removal Alterations”). Nothing in this Section 8.2 shall limit (i) any of Tenant’s obligations under this Lease, including, without limitation, with respect be required to the repair of any damage resulting from any removal of Alterations or, if otherwise required be made pursuant to the terms of Section 9.1 or 9.2(a)(i) hereof; or ------------------------
(c) such Alterations shall be Nonseverable. Lessee, at Lessor's request, shall execute and deliver any deeds, bills of sale, assignments or other documents of conveyance reasonably necessary to evidence the vesting of title in and to such Alterations to Lessor. If such Alterations are not within any of the categories set forth in Section 9.3(a) through (c), then title to such Alterations shall vest in Lessee -------------------------- and such Alterations shall not be deemed to be Alterations which are part of the Site. All Alterations to which Lessee shall have title may, so long as removal thereof shall not result in the violation of any Applicable Laws and Regulations and no Lease Default or Lease Event of Default is continuing, be removed at any time by Lessee. Any such Alterations shall be removed by Lessee at its expense if Lessor shall so request prior to the return of the Site to Lessor or sale of the Site in accordance with the provisions of this Lease, and Lessee shall at its expense repair any damage to indemnify, protect and hold harmless the Landlord Indemnified Parties Site caused by the removal of such Alterations. Lessor (or the purchaser of the Site) may purchase from and against any Costs and Expenses incurred Lessee Alterations (if not already owned by any of them in connection with such removal and/or repair, or (iiLessor) Tenant’s right in accordance with (and subject to) the terms of this Lease which Lessee notifies Lessor that Lessee intends to remove from the Site prior to the return of the Site to Lessor or sale of the Site, which purchase shall be at the Fair Market Sales Value of such Alterations. Title to any Alterations upon shall vest in Lessor (or the Expiration Date purchaser of the Site) if not removed from the Site by Lessee prior to the return of the Site to Lessor or on or after any earlier Property Termination Datesale of the Site.
Appears in 1 contract
Title to Alterations. Landlord Title to Alterations shall have without further act vest in Lessor and shall be deemed to constitute a part of the right related Site and be subject to require Tenant to remove, upon this Lease in the Expiration Date or any earlier Property Termination Date, any Alterations (other than any Alterations that were required to be made by Tenant (and which Tenant did make) during the Term pursuant to any applicable Legal Requirements) if following cases:
(a) such Alterations are not customary (e.g., shall be in replacement of an extraordinary or unusual character) in substitution for Tenant’s then current use a portion of the applicable Demised Premises in accordance with this Lease (unless Landlord otherwise agrees in writing that Facilities and/or the removal of any such Alterations would not be required), or Sites;
(b) from after the date on which Tenant changes the use of any Demised Premises to a use that is substantially different from its use as of the Commencement Date, if Landlord conditioned its approval (to the extent such approval is otherwise required under this Lease) of such Alterations upon Tenant’s removal thereof from the such Demised Premises at the end of the Term (collectively, “Required Removal Alterations”). Nothing in this Section 8.2 shall limit (i) any of Tenant’s obligations under this Lease, including, without limitation, with respect be required to the repair of any damage resulting from any removal of Alterations or, if otherwise required be made pursuant to the terms of Section 9.1 or 9.2(a)(i) hereof; or
(c) such Alterations shall be Nonseverable. Lessee, at Lessor's request, shall execute and deliver any Lease Agreement deeds, bills of sale, assignments or other documents of conveyance reasonably necessary to evidence the vesting of title in and to such Alterations to Lessor. If such Alterations are not within any of the categories set forth in clauses (a) through (c) of this Section 9.3, then title to such Alterations shall vest in Lessee and such Alterations shall not be deemed to be Alterations which are part of the Site. All Alterations to which Lessee shall have title may, so long as removal thereof shall not result in the violation of any Applicable Laws and Regulations and no Lease Event of Default or Lease Payment/Bankruptcy Default is continuing, be removed at any time by Lessee. Any such Alterations shall be removed by Lessee at its expense if Lessor shall so request prior to the return of the Site to Lessor or sale of the Site in accordance with the provisions of this Lease, and Lessee shall at its expense repair any damage to indemnify, protect and hold harmless the Landlord Indemnified Parties Site caused by the removal of such Alterations. Lessor (or the purchaser of the applicable Site) may purchase from and against any Costs and Expenses incurred Lessee Alterations (if not already owned by any of them in connection with such removal and/or repair, or (iiLessor) Tenant’s right in accordance with (and subject to) the terms of this Lease which Lessee notifies Lessor that Lessee intends to remove from the Site prior to the return of the Site to Lessor or sale of the Site, which purchase shall be at the Fair Market Sales Value of such Alterations. Title to any Lessee Alterations upon shall vest in Lessor (or the Expiration Date purchaser of the applicable Site) if not removed from the Site by Lessee prior to the return of the Site to Lessor or on or after any earlier Property Termination Datesale of the Site.
Appears in 1 contract
Title to Alterations. Landlord Title in any Alteration shall have remain vested in Tenant during the right to require Tenant to removeTerm; provided, however, upon the Expiration Date or any earlier Property Termination Dateexpiration of the Term, any legal title to Alterations (other than any Alterations that were required shall without further act vest in Landlord and shall be deemed to constitute a part of the Premises and be made by Tenant (and which Tenant did make) during subject to this Lease in the Term pursuant to any applicable Legal Requirements) if following cases:
(a) such Alterations are not customary (e.g., Alteration shall be in replacement of an extraordinary or unusual character) in substitution for a portion of the Tenant’s then current use Building as of the applicable Demised date hereof; or
(b) such Alteration cannot be removed from the existing Tenant’s Building without causing material damage to the Premises (other than the Outbuildings, as defined below). Tenant shall, at Landlord’s request and at Tenant’s sole cost and expense, execute and deliver any deeds or assignments reasonably requested by Landlord to evidence the vesting of title in and to such Alterations in Landlord. If an Alteration is not within any of the categories set forth above, then title to such Alteration shall vest in Tenant and shall be removed by Tenant to the extent required in accordance with this Lease (unless Landlord otherwise agrees in writing that the removal of any such Alterations would not be required), or (b) from after the date on which Tenant changes the use of any Demised Premises to a use that is substantially different from its use as of the Commencement Date, if Landlord conditioned its approval (to the extent such approval is otherwise required under this Lease) of such Alterations upon Tenant’s removal thereof from the such Demised Premises at the end of the Term (collectively, “Required Removal Alterations”). Nothing in this Section 8.2 shall limit (i) any of Tenant’s obligations under this Lease, including, without limitation, with respect to the repair of any damage resulting from any removal of Alterations or, if otherwise required pursuant to the terms of this Lease. All Alterations to which title shall vest in Tenant as aforesaid, to indemnify, protect and hold harmless the Landlord Indemnified Parties from and against any Costs and Expenses incurred by any of them in connection with such removal and/or repair, or (ii) all Tenant’s right furniture, equipment and personal property, so long as removal thereof shall not result in accordance with (the violation of any applicable Legal Requirement or this Lease, may be removed at any time by Tenant, provided that Tenant shall, at its expense, repair any material damage to the Premises caused by the removal of such Alteration and subject to) shall restore the terms of this Lease Premises to remove substantially the same condition as existed prior to such Alteration being made. Tenant shall provide "AS-BUILT" plans for any Alterations upon the Expiration Date or on or after any earlier Property Termination Datecosting in excess of $1,000,000.00.
Appears in 1 contract
Samples: Purchase and Sale Agreement (American Realty Capital Trust IV, Inc.)
Title to Alterations. All alterations, additions and improvements installed in, on or about the Buildings or the Property shall become part of the Property and shall become the property of Landlord, unless Landlord shall have the right elects to require Tenant to remove, remove the same upon the Expiration Date or any earlier Property Termination Datetermination of this Lease; provided, any Alterations (other than any Alterations however, that were required the foregoing shall not apply to be made by Tenant (and which Tenant did make) during the Term pursuant to any applicable Legal Requirements) if (a) such Alterations are not customary (e.g., of an extraordinary or unusual character) for Tenant’s then current use of the applicable Demised Premises in accordance with this Lease (unless Landlord otherwise agrees in writing that the movable furniture and equipment and trade fixtures. Tenant shall promptly repair any damage caused by its removal of any such Alterations would not be requiredfurniture, equipment or trade fixtures. Notwithstanding any other provisions of this Article 9, however, (a) under no circumstances shall Tenant have any right to remove from the Buildings or the Property, during the term of this Lease or at the expiration or termination of this Lease, any lab benches, fume hoods, cold rooms or other similar improvements and equipment existing in the Buildings (i) in the case of Building 3, at the time Tenant took occupancy of Building 3 pursuant to the Sublease, and/or (ii) in the case of Buildings 2, on the Building 2 Commencement Date, in each case except with Landlord’s written consent (which consent may take the form of either (x) a separate written consent or (y) a written approval of plans for proposed alterations or improvements, if and to the extent that such plans specifically show the removal or relocation of any existing lab benches, fume hoods, cold rooms or other similar improvements or equipment as part of the proposed alterations or improvements), or and (b) from after if Tenant requests Landlord’s written consent to any alterations, additions or improvements under Section 9.1 hereof and, in requesting such consent, asks that Landlord specify whether Landlord will require removal of such alterations, additions or improvements upon termination or expiration of this Lease, then Landlord shall not be entitled to require such removal unless Landlord specified its intention to do so at the date on which Tenant changes the use time of any Demised Premises to a use that is substantially different from its use as granting of the Commencement Date, if Landlord conditioned its approval (Landlord’s consent to the extent such approval is otherwise required under this Lease) of such Alterations upon Tenant’s removal thereof from the such Demised Premises at the end of the Term (collectivelyrequested alterations, “Required Removal Alterations”)additions or improvements. Nothing in this Section 8.2 9.2 is intended, or shall limit (i) be construed, to alter or impair any of Tenant’s obligations under this Lease, including, without limitation, ownership rights acquired by Tenant with respect to the repair of any damage resulting from any removal of Alterations orsuch existing personal property, if otherwise required furnishings or equipment previously owned by Sugen, Inc. and conveyed by Sugen, Inc. to Tenant pursuant to the terms Sublease (as specified in Paragraph 4 of this Lease, the Sublease and Exhibit C-1 to indemnify, protect and hold harmless the Landlord Indemnified Parties from and against any Costs and Expenses incurred by any of them in connection with such removal and/or repair, or (ii) Tenant’s right in accordance with (and subject to) the terms of this Lease to remove any Alterations upon the Expiration Date or on or after any earlier Property Termination DateSublease).
Appears in 1 contract
Samples: Lease Agreement (Exelixis Inc)
Title to Alterations. All alterations, additions and improvements installed in, on or about the Building or the Property shall become part of the Property and shall become the property of Landlord, unless Landlord shall have the right elects to require Tenant to remove, remove the same upon the Expiration Date or any earlier Property Termination Datetermination of this Lease; provided, any Alterations (other than any Alterations however, that were required the foregoing shall not apply to be made by Tenant (and which Tenant did make) during the Term pursuant to any applicable Legal Requirements) if (a) such Alterations are not customary (e.g., of an extraordinary or unusual character) for Tenant’s then current use of the applicable Demised Premises in accordance with this Lease (unless Landlord otherwise agrees in writing that the movable furniture and equipment and trade fixtures. Tenant shall promptly repair any damage caused by its removal of any such Alterations would not be required)furniture, equipment or trade fixtures. Notwithstanding any other provisions of this Article 7, however, (ba) under no circumstances shall Tenant have any right to remove from after the date Building or the Property, during the term of this Lease or at the expiration or termination of this Lease, any lab benches, fume hoods, cold rooms or other similar improvements and equipment existing in the Building on which Tenant changes the use of any Demised Premises to a use that is substantially different from its use as of the Commencement Date, except with Landlord’s written consent (which consent may take the form of either (i) a separate written consent or (ii) a written approval of plans for proposed alterations or improvements, if Landlord conditioned its approval (and to the extent that such approval is otherwise required plans specifically show the removal or relocation of any existing lab benches, fume hoods, cold rooms or other similar improvements or equipment as part of the proposed alterations or improvements), and (b) if Tenant requests Landlord’s written consent to any alterations, additions or improvements under this Lease) Section 7.1 hereof and, in requesting such consent, asks that Landlord specify whether Landlord will require removal of such Alterations alterations, additions or improvements upon Tenant’s removal thereof from the such Demised Premises at the end of the Term (collectively, “Required Removal Alterations”). Nothing in this Section 8.2 shall limit (i) any of Tenant’s obligations under this Lease, including, without limitation, with respect to the repair of any damage resulting from any removal of Alterations or, if otherwise required pursuant to the terms termination or expiration of this Lease, then Landlord shall not be entitled to indemnify, protect and hold harmless the Landlord Indemnified Parties from and against any Costs and Expenses incurred by any of them in connection with require such removal and/or repairunless Landlord specified its intention to do so at the time of granting of Landlord’s consent to the requested alterations, additions or (ii) Tenant’s right in accordance with (and subject to) the terms of this Lease to remove any Alterations upon the Expiration Date or on or after any earlier Property Termination Dateimprovements.
Appears in 1 contract
Samples: Lease (Macrogenics Inc)
Title to Alterations. Landlord Title to Alterations shall have without further act vest in Lessor (except to the right extent replacing or becoming a part of the Equipment, in which case title to require Tenant such Alterations shall vest in the Head Lessor) and shall be deemed to remove, upon constitute a part of the Expiration Date Property and be subject to this Lease in the following cases:
(a) such Alteration shall be in replacement of or any earlier in substitution for a portion of the Improvements or other Property Termination Date, any Alterations as of the date hereof,
(other than any Alterations that were b) such Alteration shall be required to be made by Tenant (and which Tenant did make) during the Term pursuant to any applicable Legal Requirements) if (a) such Alterations are not customary (e.g., of an extraordinary or unusual character) for Tenant’s then current use of the applicable Demised Premises in accordance with this Lease (unless Landlord otherwise agrees in writing that the removal of any such Alterations would not be required), or (b) from after the date on which Tenant changes the use of any Demised Premises to a use that is substantially different from its use as of the Commencement Date, if Landlord conditioned its approval (to the extent such approval is otherwise required under this Lease) of such Alterations upon Tenant’s removal thereof from the such Demised Premises at the end of the Term (collectively, “Required Removal Alterations”). Nothing in this Section 8.2 shall limit (i) any of Tenant’s obligations under this Lease, including, without limitation, with respect to the repair of any damage resulting from any removal of Alterations or, if otherwise required pursuant to the terms of Section 8.02; or
(c) such Alteration shall be Nonseverable. Lessee shall, at Lessor's request and at Lessee's sole cost and expense, execute and deliver any deeds, bills of sale or assignments reasonably requested by Lessor to evidence the vesting of title in and to such Alterations in Lessor (or Head Lessor to the extent relating to the Equipment). If an Alteration is not within any of the categories set forth in Section 8.04(a) through Section 8.04(c), then title to such Alteration shall vest in Lessee and may be removed by Lessee to the extent permitted in accordance with Article X hereof. All Alterations to which title shall vest in Lessee as aforesaid, and all Lessee's Equipment and Personalty, so long as removal thereof shall not result in the violation of any Applicable Laws or this Lease, may be removed at any time by Lessee; provided that Lessee shall, at its expense, repair any damage to indemnify, protect the Property caused by the removal of such Alteration or Lessee's Equipment and hold harmless Personalty and shall restore the Landlord Indemnified Parties from Property to substantially the same condition as existed prior to such Alteration being made. Lessee shall provide "AS-BUILT" plans and against any Costs and Expenses incurred by any a new survey (meeting the requirements of them in connection with such removal and/or repair, or (iithe original survey) Tenant’s right in accordance with (and subject to) the terms of this Lease to remove for any Alterations upon costing in excess of $2,000,000 determined on an aggregate basis. Once such $2,000,000 aggregate threshold has been met, Lessee shall be required to provide "AS-BUILT" plans and a new survey on each other occasion where additional Alterations in the Expiration Date or on or after any earlier Property Termination Dateaggregate exceed $2,000,000.
Appears in 1 contract
Title to Alterations. Title to all Alterations shall remain in Landlord unless:
(a) such Alteration is readily removable without causing material damage to the Property which is incapable of being repaired; and
(b) such Alteration is not required for the lawful occupancy or use of the Property or otherwise required by Applicable Laws (collectively, a "Severable Alteration"). Upon the expiration or earlier termination of this Lease, Tenant shall, at Landlord's request and at Tenant's sole cost and expense, execute and deliver any deeds or assignments reasonably requested by Landlord to evidence the vesting of title in and to any Alterations then-remaining on the Property in Landlord, free and clear of all Liens, which obligation shall survive the expiration or earlier termination of the Lease. Except as otherwise provided in Article 24, in no event shall Tenant be obligated to remove any Alteration at the expiration or earlier termination of the Term or otherwise. Title to any Severable Alteration shall vest in Tenant immediately upon the installation thereof and shall not be transferred or be deemed to have transferred to Landlord prior to the expiration or earlier termination of the Lease. Any Severable Alterations and any of Tenant's Equipment and Personalty may be removed at any time during the Term by Tenant so long as removal thereof shall not result in the violation of any Applicable Law or this Lease; provided, however, Tenant shall, at its expense, repair any damage to the Property caused by the removal of any Severable Alteration or any of Tenant's Equipment and Personalty that is in excess of a de minimis amount in any individual instance or in the aggregate. Notwithstanding the foregoing, Landlord shall have the right to require Tenant purchase any or all Severable Alterations for a price equal to remove, upon the Expiration Date or any earlier Property Termination Date, any Alterations (other than any Alterations that were required to be made by Tenant (fair market value thereof at and which Tenant did make) during the Term pursuant to any applicable Legal Requirements) if (a) such Alterations are not customary (e.g., of an extraordinary or unusual character) for Tenant’s then current use of the applicable Demised Premises in accordance with this Lease (unless Landlord otherwise agrees in writing that the removal of any such Alterations would not be required), or (b) from after the date on which Tenant changes the use of any Demised Premises to a use that is substantially different from its use as of the Commencement Date, if expiration or earlier termination of the Lease. Tenant shall give Landlord conditioned its approval (written notice no less than 180 days prior to the extent such approval is otherwise required under this Lease) of such Alterations upon Tenant’s removal thereof from the such Demised Premises at the end expiration of the Term (collectively, “Required Removal Alterations”)of the nature and anticipated fair market value of each such Severable Alteration. Nothing All Alterations that are not Severable Alterations will become part of the Property and title thereto will automatically vest in this Section 8.2 shall limit (i) any Landlord when made without compensation to Tenant and will thereupon become part of Tenant’s obligations under the Property subject to this Lease, including, without limitation, with respect to the repair of any damage resulting from any removal of Alterations or, if otherwise required pursuant to the terms of this Lease, to indemnify, protect and hold harmless the Landlord Indemnified Parties from and against any Costs and Expenses incurred by any of them in connection with such removal and/or repair, or (ii) Tenant’s right in accordance with (and subject to) the terms of this Lease to remove any Alterations upon the Expiration Date or on or after any earlier Property Termination Date.
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Samples: Sublease Agreement (Nalco Energy Services Equatorial Guinea LLC)