Common use of Title to Improvements; Personal Property Clause in Contracts

Title to Improvements; Personal Property. (a) During the Lease Term title to all Improvements, now existing or later made, on the Schwabacher Property are and shall be vested in Lessee. When the Lease Term expires or, when the Lease is otherwise terminated under the terms of this Lease, title to the Improvements held by Xxxxxx shall revert to and vest in Lessor without cost to Lessor. The Improvements shall be and remain real property and shall be owned in fee by the Lessee for the Lease Term. Xxxxxx acknowledges and agrees that any and all depreciation, amortization and tax credits for federal or state tax purposes relating to the Improvements located on the Schwabacher Property and any and all additions thereto, substitutions therefor, fixtures therein and other property relating thereto shall be deducted or credited exclusively to Lessee during the Lease Term and for the tax years during which the Term begins and ends. (b) All personal property, furnishings, fixtures and equipment, including, without limitation, Lessee-owned appliances, which are not so affixed to the Schwabacher Property or the buildings thereon as to require substantial damage to the buildings upon removal thereof shall constitute personal property including, but not limited to, (a) functional items related to the everyday operations of the Schwabacher Property, and (b) personal property and furnishings. At any time during the Lease Term, and at the termination thereof, Lessee shall have the right to remove any and all such personal property, furnishings, fixtures and equipment; provided, that Lessee repairs any damage to the Schwabacher Property or the Improvements caused by such removal.

Title to Improvements; Personal Property. (a) During the Lease Term title to all Improvements, now existing or later made, on the Schwabacher 000 X. Xxxx Street Property are and shall be vested in Lessee, provided, however, that Lessee shall have no right to destroy, demolish or remove the Improvements except as specifically provided for in this Lease or as approved in writing by Lessor. When the Lease Term expires or, when the Lease is otherwise terminated under the terms of this Lease, title to the Improvements held by Xxxxxx shall revert to and vest in Lessor without cost to Lessor. It is the intent of the Parties that this Lease shall create a constructive notice of severance of the Improvements from the 000 X. Xxxx Street Property without the necessity of a deed from Lessor to Lessee. The Improvements shall be and remain real property and shall be owned in fee by the Lessee for the Lease Term. Xxxxxx At the request of Lessor and at the end of the Lease Term, Lessee agrees to execute a confirmatory quitclaim deed of the Improvements to Lessor to be recorded at Lessor’s option and expense and any other documents that may be reasonably required by Lessor or Lessor’s title company to provide Lessor title to the 000 X. Xxxx Street Property and the Improvements free and clear of Lessee’s leasehold interest in the 000 X. Xxxx Street Property, ownership interest in the Improvements and all monetary liens and monetary encumbrances not caused or agreed to by Lessor in writing. Lessor acknowledges and agrees that any and all depreciation, amortization and tax credits for federal or state tax purposes relating to the Improvements located on the Schwabacher 000 X. Xxxx Street Property and any and all additions thereto, substitutions therefor, fixtures therein and other property relating thereto shall be deducted or credited exclusively to Lessee during the Lease Term and for the tax years during which the Term begins and ends. (b) All personal property, furnishings, fixtures and equipment, including, without limitation, Lessee-owned appliances, which are not so affixed to the Schwabacher 000 X. Xxxx Street Property or the buildings thereon as to require substantial damage to the buildings upon removal thereof shall constitute personal property including, but not limited to, (a) functional items related to the everyday operations of the Schwabacher 000 X. Xxxx Street Property, and (b) personal property and furnishings. At any time during the Lease Term, and at the termination thereof, Lessee shall have the right to remove any and all such personal property, furnishings, fixtures and equipment; provided, that Lessee repairs any damage to the Schwabacher 000 X. Xxxx Street Property or the Improvements caused by such removal.

Title to Improvements; Personal Property. (a) During the Lease Term title to all Improvements, now existing or later made, on the Schwabacher Scarlett Property are and shall be vested in Lessee, provided, however, that Lessee shall have no right to destroy, demolish or remove the Improvements except as specifically provided for in this Lease or as approved in writing by Lessor. When the Lease Term expires or, when the Lease is otherwise terminated under the terms of this Lease, title to the Improvements held by Xxxxxx shall revert to and vest in Lessor without cost to Lessor. It is the intent of the Parties that this Lease shall create a constructive notice of severance of the Improvements from the Scarlett Property without the necessity of a deed from Lessor to Lessee. The Improvements shall be and remain real property and shall be owned in fee by the Lessee for the Lease Term. Xxxxxx At the request of Lessor and at the end of the Lease Term, Lessee agrees to execute a confirmatory quitclaim deed of the Improvements to Lessor to be recorded at Lessor’s option and expense and any other documents that may be reasonably required by Lessor or Lessor’s title company to provide Lessor title to the Scarlett Property and the Improvements free and clear of Lessee’s leasehold interest in the Scarlett Property, ownership interest in the Improvements and all monetary liens and monetary encumbrances not caused or agreed to by Lessor in writing. Lessor acknowledges and agrees that any and all depreciation, amortization and tax credits for federal or state tax purposes relating to the Improvements located on the Schwabacher Scarlett Property and any and all additions thereto, substitutions therefor, fixtures therein and other property relating thereto shall be deducted or credited exclusively to Lessee during the Lease Term and for the tax years during which the Term begins and ends. (b) All personal property, furnishings, fixtures and equipment, including, without limitation, Lessee-owned appliances, which are not so affixed to the Schwabacher Scarlett Property or the buildings thereon as to require substantial damage to the buildings upon removal thereof shall constitute personal property including, but not limited to, (a) functional items related to the everyday operations of the Schwabacher Scarlett Property, and (b) personal property and furnishings. At any time during the Lease Term, and at the termination thereof, Lessee shall have the right to remove any and all such personal property, furnishings, fixtures and equipment; provided, that Lessee repairs any damage to the Schwabacher Scarlett Property or the Improvements caused by such removal.

Title to Improvements; Personal Property. (a) During the Lease Term Term, title to all ImprovementsImprovements on the Site, now existing or later made, on the Schwabacher Property are and shall be vested in Lessee, provided, however, that Lessee shall have no right to destroy, demolish or remove the Improvements except as specifically provided for in this Lease or as approved in writing by Lessor. When the Lease Term expires or, when the Lease is otherwise terminated under the terms of this Lease, fee title to the Improvements held by Xxxxxx shall revert to and vest in Lessor without cost to Lessor. It is the intent of the Parties that this Lease and Memorandum of Lease shall create a constructive notice of severance of the Improvements from the Site without the necessity of a deed from Lessor to Lessee. The Improvements shall be and remain real property and shall be owned in fee by the Lessee for the Lease Term. Xxxxxx At the request of Lessor and at the end of the Lease Term, Lessee agrees to execute a confirmatory quitclaim deed of the Improvements to Lessor to be recorded at Lessor’s option and expense and any other documents that may be reasonably required by Lessor or Lessor’s title company to provide Lessor title to the Site and the Improvements free and clear of Lessee’s leasehold interest in the Site, ownership interest in the Improvements and all monetary liens and monetary encumbrances not caused or agreed to by Lessor in writing. Lessor acknowledges and agrees that any and all depreciation, amortization and tax credits for federal or state tax purposes relating to the Improvements located on the Schwabacher Property Site and any and all additions thereto, substitutions therefor, fixtures therein and other property relating thereto shall be deducted or credited exclusively to Lessee during the Lease Term and for the tax years during which the Term begins and ends. (b) All personal property, furnishings, fixtures and equipment, including, without limitation, Lessee-owned appliances, which are not so affixed to the Schwabacher Property Site or the buildings thereon as to require substantial damage to the buildings upon removal thereof shall constitute personal property including, but not limited to, (a) functional items related to the everyday operations of the Schwabacher PropertySite, and (b) personal property and furnishings. At any time during the Lease Term, and at the termination thereof, Lessee shall have the right to remove any and all such personal property, furnishings, fixtures and equipment; provided, that Lessee repairs any damage to the Schwabacher Property Site or the Improvements caused by such removal.