Common use of - Title to Leasehold Improvements Clause in Contracts

- Title to Leasehold Improvements. 5.3.1 All contracts for the construction of the Leasehold Improvements must include provisions of insurance and suretyship reasonably satisfactory to Lessor for protection of Lessor, laborers, suppliers, subcontractors, and the general public. 5.3.2 All Leasehold Improvements approved by Lessor become and remain the property of Lessee until the expiration or termination of this Lease. Upon expiration or termination of this Lease for any reason, all Leasehold Improvements become the property of Lessor, with Trade Fixtures, signs and other personal property remaining the property of Lessee so long as: (1) the removal of such Trade Fixtures, signs, or personal property, at Lessee’s sole expense, does not result in material damage to the Premises that cannot be repaired by Lessee to Lessor’s satisfaction; (2) Lessee is not in default at the time of the expiration or termination of the Lease; and (3) the Trade Fixtures, signs, or personal property are removed from the Premises no later than ten (10) days after the expiration or termination of the Lease. 5.3.3 Lessee shall remove its Trade Fixtures, signs, and personal property in a manner and at times that do not interrupt Airport operations. Lessee shall repair all damage done to the Premises or other Lessor-owned property resulting from the removal of such Trade Fixtures, signs, and personal property and shall restore the Premises and other Lessor-owned property to the state of good repair that existed prior to the installation of Lessee’s Trade Fixtures, signs, and personal property, less normal wear and tear. Should Lessee fail to repair the damage to Lessor’s satisfaction, Lessor shall have the right to make such repairs and be reimbursed by Lessee within ten (10) days following demand by Lessor for payment at Lessor’s standard rates plus Lessor’s administrative costs, or, if the work is performed by Lessor’s contractor, Lessor’s actual cost, including but not limited to Lessor’s administrative costs. If Lessee fails to become current on all payments owed to Lessor within thirty (30) calendar days, title to the Trade Fixtures shall vest in Lessor. If Lessee is in default at the time of expiration or termination of this Lease, Lessor may hold title to the Trade Fixtures until Lessee is current on all payments owed to Lessor. If Lessee fails to remove its Trade Fixtures, signs, and other personal property within ten (10) calendar days, or a longer period of time agreed to in writing by Lessor, after the expiration or termination of this Lease, Lessor, at its option, may determine that title to these items shall vest in Lessor at no cost to Lessor, or Lessor may elect to exercise its rights under Section 15. 5.3.4 In the event of a dispute as to the affixed or non-affixed nature of any Leasehold Improvements or Trade Fixtures, Lessor’s determination shall be final. 5.3.5 Lessee shall maintain all Leasehold Improvements and Trade Fixtures at its own expense.

Appears in 2 contracts

Samples: Luggage Cart Rental Services Concessions Lease, Automated Teller Machine (Atm) Concessions Lease

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- Title to Leasehold Improvements. 5.3.1 All contracts for the construction of the Leasehold Improvements must include provisions of insurance and suretyship reasonably satisfactory to Lessor for protection of Lessor, laborers, suppliers, subcontractors, and the general public. 5.3.2 All Leasehold Improvements approved by Lessor become and remain the property of Lessee until the expiration or termination of this Lease. Upon expiration or termination of this Lease for any reason, all Leasehold Improvements become the property of Lessor, with Trade Fixtures, signs signs, and other personal property remaining remaining, the property of Lessee so long as: (1) the removal of such Trade Fixtures, signs, or personal property, at Lessee’s sole expense, does not result in material damage to the Premises that cannot be repaired by Lessee to Lessor’s satisfaction; (2) Lessee is not in default at the time of the expiration or termination of the Lease; and (3) the Trade Fixtures, signs, or personal property are removed from the Premises no later than ten (10) days after the expiration or termination of the Lease. 5.3.3 Lessee shall remove its Trade Fixtures, signs, and personal property in a manner and at times that do not interrupt Airport operations. Lessee shall repair all damage done to the Premises or other Lessor-owned property resulting from the removal of such Trade Fixtures, signs, and personal property property, and shall restore the Premises and other Lessor-owned property to the state of good repair that existed prior to the installation of Lessee’s Trade Fixtures, signs, and personal property, less normal wear and tear. Should Lessee fail to repair the damage to Lessor’s satisfaction, Lessor shall have the right to make such repairs and be reimbursed by Lessee within ten (10) days following demand by Lessor for payment at Lessor’s standard rates plus Lessor’s administrative costs, or, if the work is performed by Lessor’s contractor, Lessor’s actual cost, including but not limited to Lessor’s administrative costs. If Lessee fails to become current on all payments owed to Lessor within thirty (30) calendar days, title to the Trade Fixtures shall vest in Lessor. If Lessee is in default at the time of expiration or termination of this Lease, Lessor may hold title to the Trade Fixtures until Lessee is current on all payments owed to Lessor. If Lessee fails to remove its Trade Fixtures, signs, and other personal property within ten (10) calendar days, or a longer period of time agreed to in writing by Lessor, after the expiration or termination of this Lease, Lessor, at its option, may determine that title to these items shall vest in Lessor at no cost to Lessor, or Lessor may elect to exercise its rights under Section 1513. 5.3.4 In the event of a dispute as to the affixed or non-affixed nature of any Leasehold Improvements or Trade Fixtures, Lessor’s determination shall be final. 5.3.5 Lessee shall maintain all Leasehold Improvements and Trade Fixtures at its own expense.

Appears in 1 contract

Samples: Concession Lease

- Title to Leasehold Improvements. 5.3.1 All contracts for the construction of the Leasehold Improvements must include provisions of insurance and suretyship reasonably satisfactory to Lessor for protection of Lessor, laborers, suppliers, subcontractors, and the general public. 5.3.2 All Leasehold Improvements approved by Lessor become and remain the property of Lessee until the expiration or termination of this Lease. Upon expiration or termination of this Lease for any reason, all Leasehold Improvements become the property of Lessor, with Trade Fixtures, signs and other personal property remaining the property of Lessee so long as: (1) the removal of such Trade Fixtures, signs, or personal property, at Lessee’s sole expense, does not result in material damage to the Premises that cannot be repaired by Lessee to Lessor’s satisfaction; (2) Lessee is not in default at the time of the expiration or termination of the Lease; and (3) the Trade Fixtures, signs, or personal property are removed from the Premises no later than ten (10) days after the expiration or termination of the Lease. 5.3.3 Notwithstanding the foregoing, if the Primary Term is less than five (5) years, upon the expiration or termination hereof, Lessor shall reimburse Lessee for the then- unamortized value of its Leasehold Improvements. For purposes of this provision, the amortization period for all of the foregoing assets installed on the commencement of the Primary Term shall be five (5) years commencing with the start of the Primary Term. Any additional assets installed on the Premises must be brought to the attention of Lessor and will be amortized over five (5) years commencing on the date of installation. 5.3.4 Lessee shall remove its Trade Fixtures, signs, and personal property in a manner and at times that do not interrupt Airport operations. Lessee shall repair all damage done to the Premises or other Lessor-owned property resulting from the removal of such Trade Fixtures, signs, and personal property and shall restore the Premises and other Lessor-owned property to the state of good repair that existed prior to the installation of Lessee’s Trade Fixtures, signs, and personal property, less normal wear and tear. Should Lessee fail to repair the damage to Lessor’s satisfaction, Lessor shall have the right to make such repairs and be reimbursed by Lessee within ten (10) days following demand by Lessor for payment at Lessor’s standard rates plus Lessor’s administrative costs, or, if the work is performed by Lessor’s contractor, Lessor’s actual cost, including but not limited to Lessor’s administrative costs. If Lessee fails to become current on all payments owed to Lessor within thirty (30) calendar days, title to the Trade Fixtures shall vest in Lessor. If Lessee is in default at the time of expiration or termination of this Lease, Lessor may hold title to the Trade Fixtures until Lessee is current on all payments owed to Lessor. If Lessee fails to remove its Trade Fixtures, signs, and other personal property within ten (10) calendar days, or a longer period of time agreed to in writing by Lessor, after the expiration or termination of this Lease, Lessor, at its option, may determine that title to these items shall vest in Lessor at no cost to Lessor, or Lessor may elect to exercise its rights under Section 15. 5.3.4 5.3.5 In the event of a dispute as to the affixed or non-affixed nature of any Leasehold Improvements or Trade Fixtures, Lessor’s determination shall be final. 5.3.5 5.3.6 Lessee shall maintain all Leasehold Improvements and Trade Fixtures at its own expense.

Appears in 1 contract

Samples: Food and Beverage Concessions Lease

- Title to Leasehold Improvements. 5.3.1 7.3.1 All contracts for the construction of the Leasehold Improvements must include provisions of insurance and suretyship reasonably satisfactory to Lessor for protection of Lessor, laborers, suppliers, subcontractors, and the general public. 5.3.2 7.3.2 All Leasehold Improvements approved by Lessor become and remain the property of Lessee until the expiration or termination of this Lease. Upon expiration or termination of this Lease for any reason, all Leasehold Improvements become the property of Lessor, with Trade Fixtures, signs and other personal property remaining the property of Lessee so long as: (1) the removal of such Trade Fixtures, signs, or personal property, at Lessee’s sole expense, does not result in material damage to the Premises that cannot be repaired by Lessee to Lessor’s satisfaction; (2) Lessee is not in default at the time of the expiration or termination of the Lease; and (3) the Trade Fixtures, signs, or personal property are removed from the Premises no later than ten (10) days after the expiration or termination of the Lease. 5.3.3 7.3.3 Notwithstanding the foregoing, if the Primary Term is less than five (5) years, upon the expiration or termination hereof, Lessor shall reimburse Lessee for the then- unamortized value of its Leasehold Improvements. For purposes of this provision, the amortization period for all of the foregoing assets installed on the commencement of the Primary Term shall be five (5) years commencing with the start of the Primary Term. Any additional assets installed on the Premises must be brought to the attention of Lessor and will be amortized over five (5) years commencing on the date of installation. 7.3.4 Lessee shall remove its Trade Fixtures, signs, and personal property in a manner and at times that do not interrupt Airport operations. Lessee shall repair all damage done to the Premises or other Lessor-owned property resulting from the removal of such Trade Fixtures, signs, and personal property and shall restore the Premises and other Lessor-owned property to the state of good repair that existed prior to the installation of Lessee’s Trade Fixtures, signs, and personal property, less normal wear and tear. Should Lessee fail to repair the damage to Lessor’s satisfaction, Lessor shall have the right to make such repairs and be reimbursed by Lessee within ten (10) days following demand by Lessor for payment at Lessor’s standard rates plus Lessor’s administrative costs, or, if the work is performed by Lessor’s contractor, Lessor’s actual cost, including but not limited to Lessor’s administrative costs. If Lessee fails to become current on all payments owed to Lessor within thirty (30) calendar days, title to the Trade Fixtures shall vest in Lessor. If Lessee is in default at the time of expiration or termination of this Lease, Lessor may hold title to the Trade Fixtures until Lessee is current on all payments owed to Lessor. If Lessee fails to remove its Trade Fixtures, signs, and other personal property within ten (10) calendar days, or a longer period of time agreed to in writing by Lessor, after the expiration or termination of this Lease, Lessor, at its option, may determine that title to these items shall vest in Lessor at no cost to Lessor, or Lessor may elect to exercise its rights under Section 15. 5.3.4 7.3.5 In the event of a dispute as to the affixed or non-affixed nature of any Leasehold Improvements or Trade Fixtures, Lessor’s determination shall be final. 5.3.5 7.3.6 Lessee shall maintain all Leasehold Improvements and Trade Fixtures at its own expense. SECTION 7.4 Removal and Demolition

Appears in 1 contract

Samples: Food and Beverage/Retail Concessions Lease

- Title to Leasehold Improvements. 5.3.1 All contracts for the construction of the Leasehold Improvements must include provisions of insurance and suretyship reasonably satisfactory to Lessor for protection of Lessor, laborers, suppliers, subcontractors, and the general public. 5.3.2 All Leasehold Improvements approved by Lessor become and remain the property of Lessee until the expiration or termination of this Lease. Upon expiration or termination of this Lease for any reason, all Leasehold Improvements become the property of Lessor, with Trade Fixtures, signs and other personal property remaining the property of Lessee so long as: (1) the removal of such Trade Fixtures, signs, or personal property, at Lessee’s sole expense, does not result in material damage to the Premises that cannot be repaired by Lessee to Lessor’s satisfaction; (2) Lessee is not in default at the time of the expiration or termination of the Lease; and (3) the Trade Fixtures, signs, or personal property are removed from the Premises no later than ten (10) days after the expiration or termination of the Lease. 5.3.3 Notwithstanding the foregoing, if the Primary Term is less than five (5) years, upon the expiration or termination hereof, Lessor shall reimburse Lessee for the then- unamortized value of its Leasehold Improvements. For purposes of this provision, the amortization period for all of the foregoing assets installed on the commencement of the Primary Term shall be five (5) years commencing with the start of the Primary Term. Any additional assets installed on the Premises must be brought to the attention of Xxxxxx and will be amortized over five (5) years commencing on the date of installation. 5.3.4 Lessee shall remove its Trade Fixtures, signs, and personal property in a manner and at times that do not interrupt Airport operations. Lessee shall repair all damage done to the Premises or other Lessor-owned property resulting from the removal of such Trade Fixtures, signs, and personal property and shall restore the Premises and other Lessor-owned property to the state of good repair that existed prior to the installation of Lessee’s Trade Fixtures, signs, and personal property, less normal wear wear, and tear. Should Lessee fail to repair the damage to Lessor’s satisfaction, Lessor shall have the right to make such repairs and be reimbursed by Lessee within ten (10) days following demand by Lessor for payment at Lessor’s standard rates plus Lessor’s administrative costs, or, if the work is performed by Lessor’s contractor, Lessor’s actual cost, including but not limited to Lessor’s administrative costs. If Lessee Xxxxxx fails to become current on all payments owed to Lessor within thirty (30) calendar days, title to the Trade Fixtures shall vest in Lessor. If Lessee is in default at the time of expiration or termination of this Lease, Lessor may hold title to the Trade Fixtures until Lessee is current on all payments owed to Lessor. If Lessee fails to remove its Trade Fixtures, signs, and other personal property within ten (10) calendar days, or a longer period of time agreed to in writing by Lessor, after the expiration or termination of this Lease, Lessor, at its option, may determine that title to these items shall vest in Lessor at no cost to Lessor, or Lessor may elect to exercise its rights under Section 15. 5.3.4 In the event of a dispute as to the affixed or non-affixed nature of any Leasehold Improvements or Trade Fixtures, Lessor’s determination shall be final. 5.3.5 Lessee shall maintain all Leasehold Improvements and Trade Fixtures at its own expense.thirty

Appears in 1 contract

Samples: Retail Concession Lease

- Title to Leasehold Improvements. 5.3.1 All contracts for the construction of the Leasehold Improvements must include provisions of insurance and suretyship reasonably satisfactory to Lessor for protection of Lessor, laborers, suppliers, subcontractors, and the general public. 5.3.2 All Leasehold Improvements approved by Lessor become and remain the property of Lessee until the expiration or termination of this Lease. Upon expiration or termination of this Lease for any reason, all Leasehold Improvements become the property of Lessor, with Trade Fixtures, signs and other personal property remaining the property of Lessee so long as: (1) the removal of such Trade Fixtures, signs, or personal property, at Lessee’s sole expense, does not result in material damage to the Premises that cannot be repaired by Lessee to Lessor’s satisfaction; (2) Lessee is not in default at the time of the expiration or termination of the Lease; and (3) the Trade Fixtures, signs, or personal property are removed from the Premises no later than ten (10) days after the expiration or termination of the Lease. 5.3.3 Notwithstanding the foregoing, if the Primary Term is less than five (5) years, upon the expiration or termination hereof, Lessor shall reimburse Lessee for the then- unamortized value of its Leasehold Improvements. For purposes of this provision, the amortization period for all of the foregoing assets installed on the commencement of the Primary Term shall be five (5) years commencing with the start of the Primary Term. Any additional assets installed on the Premises must be brought to the attention of Lessor and will be amortized over five (5) years commencing on the date of installation. 5.3.4 Lessee shall remove its Trade Fixtures, signs, and personal property in a manner and at times that do not interrupt Airport operations. Lessee shall repair all damage done to the Premises or other Lessor-owned property resulting from the removal of such Trade Fixtures, signs, and personal property and shall restore the Premises and other Lessor-Lessor- owned property to the state of good repair that existed prior to the installation of Lessee’s Trade Fixtures, signs, and personal property, less normal wear and tear. Should Lessee fail to repair the damage to Lessor’s satisfaction, Lessor shall have the right to make such repairs and be reimbursed by Lessee within ten (10) days following demand by Lessor for payment at Lessor’s standard rates plus Lessor’s administrative costs, or, if the work is performed by Lessor’s contractor, Lessor’s actual cost, including but not limited to Lessor’s administrative costs. If Lessee fails to become current on all payments owed to Lessor within thirty (30) calendar days, title to the Trade Fixtures shall vest in Lessor. If Lessee is in default at the time of expiration or termination of this Lease, Lessor may hold title to the Trade Fixtures until Lessee is current on all payments owed to Lessor. If Lessee fails to remove its Trade Fixtures, signs, and other personal property within ten (10) calendar days, or a longer period of time agreed to in writing by Lessor, after the expiration or termination of this Lease, Lessor, at its option, may determine that title to these items shall vest in Lessor at no cost to Lessor, or Lessor may elect to exercise its rights under Section 1513. 5.3.4 5.3.5 In the event of a dispute as to the affixed or non-affixed nature of any Leasehold Improvements or Trade Fixtures, Lessor’s determination shall be final. 5.3.5 Lessee shall maintain all Leasehold Improvements and Trade Fixtures at its own expense.

Appears in 1 contract

Samples: Rental Car Center Food, Beverage and Retail Concessions Lease

- Title to Leasehold Improvements. 5.3.1 All contracts for the construction of the Leasehold Improvements must include provisions of insurance and suretyship reasonably satisfactory to Lessor for protection of Lessor, laborers, suppliers, subcontractors, and the general public. 5.3.2 All Leasehold Improvements approved by Lessor become shall be and remain the property of Lessee Concessionaire until the expiration Expiration Date or earlier termination of this Lease. Upon expiration or termination of this Lease for any reason, all Leasehold Improvements shall become the property of Lessorthe Authority; provided, with however, that any Trade Fixtures, signs and other personal property remaining Fixtures not permanently affixed to the Premises shall remain the property of Lessee so long as: (1) the removal of such Trade Fixtures, signs, or personal property, at Lessee’s sole expense, does not result in material damage to the Premises that cannot be repaired by Lessee to Lessor’s satisfaction; (2) Lessee is not in default at the time of the expiration or termination of the Lease; and (3) the Trade Fixtures, signs, or personal property Concessionaire if they are removed from the Premises no later than ten fourteen (1014) days after the expiration or termination of this Lease. If Concessionaire fails to remove its Trade Fixtures within this fourteen (14) day period, or any longer period agreed to, in writing, by the Authority, after the expiration or termination of this Lease. 5.3.3 Lessee , the Authority, at its option, may take title to these Trade Fixtures, at no cost to the Authority, or in the alternative, the Authority may dispose of the Trade Fixtures and charge Concessionaire all of its costs in disposing of the Trade Fixtures. Concessionaire shall remove its Trade Fixtures, signs, and personal property Fixtures in a manner and at times that do not interrupt other business at the Airport operationsor operations of the Airport. Lessee Concessionaire shall repair all damage done to the Premises or other LessorAuthority-owned property resulting from the removal of such Trade Fixtures, signs, Fixtures and other personal property and shall restore the Premises and other LessorAuthority-owned property to the state of good repair that existed prior to the installation and, removal of Lessee’s Concessionaire's Trade Fixtures, signs, and Fixtures or other personal property, less normal wear and tear. Should Lessee fail to repair the damage to Lessor’s satisfaction, Lessor shall have the right to make such repairs and be reimbursed by Lessee within ten (10) days following demand by Lessor for payment at Lessor’s standard rates plus Lessor’s administrative costs, or, if the work is performed by Lessor’s contractor, Lessor’s actual cost, including but not limited to Lessor’s administrative costs. If Lessee fails to become current on all payments owed to Lessor within thirty (30) calendar days, title to the Trade Fixtures shall vest in Lessor. If Lessee is in default at the time of expiration or termination of this Lease, Lessor may hold title to the Trade Fixtures until Lessee is current on all payments owed to Lessor. If Lessee fails to remove its Trade Fixtures, signs, and other personal property within ten (10) calendar days, or a longer period of time agreed to in writing by Lessor, after the expiration or termination of this Lease, Lessor, at its option, may determine that title to these items shall vest in Lessor at no cost to Lessor, or Lessor may elect to exercise its rights under Section 15. 5.3.4 In the event of a dispute as to the affixed or non-affixed nature of any Leasehold Improvements or Trade Fixtures, Lessor’s the Authority's determination shall be finalfinal and shall not be subject to mediation or any other form of dispute resolution or litigation. 5.3.5 Lessee shall maintain all Leasehold Improvements and Trade Fixtures at its own expense.

Appears in 1 contract

Samples: Terminal Concession Lease

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- Title to Leasehold Improvements. 5.3.1 All contracts for the construction of the Leasehold Improvements must include provisions of insurance and suretyship reasonably satisfactory to Lessor for protection of Lessor, laborers, suppliers, subcontractors, and the general public. 5.3.2 All Leasehold Improvements approved by Lessor become and remain the property of Lessee until the expiration or termination of this Lease. Upon expiration or termination of this Lease for any reason, all Leasehold Improvements become the property of Lessor, with Trade Fixtures, signs and other personal property remaining the property of Lessee so long as: (1) the removal of such Trade Fixtures, signs, or personal property, at Lessee’s sole expense, does not result in material damage to the Premises that cannot be repaired by Lessee to Lessor’s satisfaction; (2) Lessee is not in default at the time of the expiration or termination of the Lease; and (3) the Trade Fixtures, signs, or personal property are removed from the Premises no later than ten (10) days after the expiration or termination of the Lease. 5.3.3 Notwithstanding the foregoing, if the Primary Term is less than five (5) years, upon the expiration or termination hereof, Lessor shall reimburse Lessee for the then- unamortized value of its Leasehold Improvements. For purposes of this provision, the amortization period for all of the foregoing assets installed on the commencement of the Primary Term shall be five (5) years commencing with the start of the Primary Term. Any additional assets installed on the Premises must be brought to the attention of Lessor and will be amortized over five (5) years commencing on the date of installation. 5.3.4 Lessee shall remove its Trade Fixtures, signs, and personal property in a manner and at times that do not interrupt Airport operations. Lessee shall repair all damage done to the Premises or other Lessor-owned property resulting from the removal of such Trade Fixtures, signs, and personal property and shall restore the Premises and other Lessor-owned property to the state of good repair that existed prior to the installation of Lessee’s Trade Fixtures, signs, and personal property, less normal wear and tear. Should Lessee fail to repair the damage to Lessor’s satisfaction, Lessor shall have the right to make such repairs and be reimbursed by Lessee within ten (10) days following demand by Lessor for payment at Lessor’s standard rates plus Lessor’s administrative costs, or, if the work is performed by Lessor’s contractor, Lessor’s actual cost, including but not limited to Lessor’s administrative costs. If Lessee fails to become current on all payments owed to Lessor within thirty (30) calendar days, title to the Trade Fixtures shall vest in Lessor. If Lessee is in default at the time of expiration or termination of this Lease, Lessor may hold title to the Trade Fixtures until Lessee is current on all payments owed to Lessor. If Lessee fails to remove its Trade Fixtures, signs, and other personal property within ten (10) calendar days, or a longer period of time agreed to in writing by Lessor, after the expiration or termination of this Lease, Lessor, at its option, may determine that title to these items shall vest in Lessor at no cost to Lessor, or Lessor may elect to exercise its rights under Section 15.13.‌ 5.3.4 5.3.5 In the event of a dispute as to the affixed or non-affixed nature of any Leasehold Improvements or Trade Fixtures, Lessor’s determination shall be final. 5.3.5 5.3.6 Lessee shall maintain all Leasehold Improvements and Trade Fixtures at its own expense. SECTION 5.4 - Removal and Demolition‌ Lessee shall not remove or demolish, in whole or in part, any Leasehold Improvement on the Premises without Lessor’s prior written approval. Lessor may, at its sole discretion, condition such approval upon the obligation of Lessee to replace the Leasehold Improvement by an improvement specified by Lessor.

Appears in 1 contract

Samples: Food and Beverage Concessions Lease

- Title to Leasehold Improvements. 5.3.1 All contracts for the construction of the Leasehold Improvements must include provisions of insurance and suretyship reasonably satisfactory to Lessor for protection of Lessor, laborers, suppliers, subcontractors, and the general public. 5.3.2 All Leasehold Improvements approved by Lessor become and remain the property of Lessee until the expiration or termination of this Lease. Upon expiration or termination of this Lease for any reason, all Leasehold Improvements become the property of Lessor, with Trade Fixtures, signs and other personal property remaining the property of Lessee so long as: (1) the removal of such Trade Fixtures, signs, or personal property, at Lessee’s sole expense, does not result in material damage to the Premises that cannot be repaired by Lessee to Lessor’s satisfaction; (2) Lessee is not in default at the time of the expiration or termination of the Lease; and (3) the Trade Fixtures, signs, or personal property are removed from the Premises no later than ten (10) days after the expiration or termination of the Lease. 5.3.3 Notwithstanding the foregoing, if the Primary Term is less than five (5) years, upon the expiration or termination hereof, Lessor shall reimburse Lessee for the then- unamortized value of its Leasehold Improvements. For purposes of this provision, the amortization period for all the foregoing assets installed on the commencement of the Primary Term shall be five (5) years commencing with the start of the Primary Term. Any additional assets installed on the Premises must be brought to the attention of Lessor and will be amortized over five (5) years commencing on the date of installation. 5.3.4 Lessee shall remove its Trade Fixtures, signs, and personal property in a manner and at times that do not interrupt Airport operations. Lessee shall repair all damage done to the Premises or other Lessor-owned property resulting from the removal of such Trade Fixtures, signs, and personal property and shall restore the Premises and other Lessor-owned property to the state of good repair that existed prior to the installation of Lessee’s Trade Fixtures, signs, and personal property, less normal wear and tear. Should Lessee fail to repair the damage to Lessor’s satisfaction, Lessor shall have the right to make such repairs and be reimbursed by Lessee within ten (10) days following demand by Lessor for payment at Lessor’s standard rates plus Lessor’s administrative costs, or, if the work is performed by Lessor’s contractor, Lessor’s actual cost, including but not limited to Lessor’s administrative costs. If Lessee fails to become current on all payments owed to Lessor within thirty (30) calendar days, title to the Trade Fixtures shall vest in Lessor. If Lessee is in default at the time of expiration or termination of this Lease, Lessor may hold title to the Trade Fixtures until Lessee is current on all payments owed to Lessor. If Lessee fails to remove its Trade Fixtures, signs, and other personal property within ten (10) calendar days, or a longer period of time agreed to in writing by Lessor, after the expiration or termination of this Lease, Lessor, at its option, may determine that title to these items shall vest in Lessor at no cost to Lessor, or Lessor may elect to exercise its rights under Section 15. 5.3.4 5.3.5 In the event of a dispute as to the affixed or non-affixed nature of any Leasehold Improvements or Trade Fixtures, Lessor’s determination shall be final. 5.3.5 5.3.6 Lessee shall maintain all Leasehold Improvements and Trade Fixtures at its own expense.

Appears in 1 contract

Samples: Lease Agreement

- Title to Leasehold Improvements. 5.3.1 6.3.1 All contracts for the construction of the Leasehold Improvements must include provisions of insurance and suretyship reasonably satisfactory to Lessor for protection of Lessor, laborers, suppliers, subcontractors, and the general public. 5.3.2 6.3.2 All Leasehold Improvements approved by Lessor become and remain the property of Lessee until the expiration or termination of this Lease. Upon expiration or termination of this Lease for any reason, all Leasehold Improvements become the property of Lessor, with Trade Fixtures, signs and other personal property remaining the property of Lessee so long as: (1) the removal of such Trade Fixtures, signs, or personal property, at Lessee’s sole expense, does not result in material damage to the Premises that cannot be repaired by Lessee to Lessor’s satisfaction; (2) Lessee is not in default at the time of the expiration or termination of the Lease; and (3) the Trade Fixtures, signs, or personal property are removed from the Premises no later than ten (10) days after the expiration or termination of the Lease. 5.3.3 6.3.3 Notwithstanding the foregoing, if the Primary Term is less than five (5) years, upon the expiration or termination hereof, Lessor shall reimburse Lessee for the then- unamortized value of its Leasehold Improvements. For purposes of this provision, the amortization period for all of the foregoing assets installed on the commencement of the Term shall be five (5) years commencing with the start of the Term. Any additional assets installed on the Premises must be brought to the attention of Lessor and will be amortized over five (5) years commencing on the date of installation. 6.3.4 Lessee shall remove its Trade Fixtures, signs, and personal property in a manner and at times that do not interrupt Airport operations. Lessee shall repair all damage done to the Premises or other Lessor-owned property resulting from the removal of such Trade Fixtures, signs, and personal property and shall restore the Premises and other Lessor-owned property to the state of good repair that existed prior to the installation of Lessee’s Trade Fixtures, signs, and personal property, less normal wear and tear. Should Lessee fail to repair the damage to Lessor’s satisfaction, Lessor shall have the right to make such repairs and be reimbursed by Lessee within ten (10) days following demand by Lessor for payment at Lessor’s standard rates plus Lessor’s administrative costs, or, if the work is performed by Lessor’s contractor, Lessor’s actual cost, including but not limited to Lessor’s administrative costs. If Lessee fails to become current on all payments owed to Lessor within thirty (30) calendar days, title to the Trade Fixtures shall vest in Lessor. If Lessee is in default at the time of expiration or termination of this Lease, Lessor may hold title to the Trade Fixtures until Lessee is current on all payments owed to Lessor. If Lessee fails to remove its Trade Fixtures, signs, and other personal property within ten (10) calendar days, or a longer period of time agreed to in writing by Lessor, after the expiration or termination of this Lease, Lessor, at its option, may determine that title to these items shall vest in Lessor at no cost to Lessor, or Lessor may elect to exercise its rights under Section 15. 5.3.4 6.3.5 In the event of a dispute as to the affixed or non-affixed nature of any Leasehold Improvements or Trade Fixtures, Lessor’s determination shall be final. 5.3.5 6.3.6 Lessee shall maintain all Leasehold Improvements and Trade Fixtures at its own expense.

Appears in 1 contract

Samples: Shoe Shine Concession Lease

- Title to Leasehold Improvements. 5.3.1 6.3.1 All contracts for the construction of the Leasehold Improvements must include provisions of insurance and suretyship reasonably satisfactory to Lessor for protection of Lessor, laborers, suppliers, subcontractors, and the general public. 5.3.2 6.3.2 All Leasehold Improvements approved by Lessor become and remain the property of Lessee until the expiration or termination of this Lease. Upon expiration or termination of this Lease for any reason, all Leasehold Improvements become the property of Lessor, with Trade Fixtures, signs and other personal property remaining the property of Lessee so long as: (1) the removal of such Trade Fixtures, signs, or personal property, at Lessee’s sole expense, does not result in material damage to the Premises that cannot be repaired by Lessee to Lessor’s satisfaction; (2) Lessee is not in default at the time of the expiration or termination of the Lease; and (3) the Trade Fixtures, signs, or personal property are removed from the Premises no later than ten (10) days after the expiration or termination of the Lease. 5.3.3 6.3.3 Notwithstanding the foregoing, if the Primary Term is less than five (5) years, upon the expiration or termination hereof, Lessor shall reimburse Lessee for the then- unamortized value of its Leasehold Improvements. For purposes of this provision, the amortization period for all of the foregoing assets installed on the commencement of the Primary Term shall be five (5) years commencing with the start of the Primary Term. Any additional assets installed on the Premises must be brought to the attention of Lessor and will be amortized over five (5) years commencing on the date of installation. 6.3.4 Lessee shall remove its Trade Fixtures, signs, and personal property in a manner and at times that do not interrupt Airport operations. Lessee shall repair all damage done to the Premises or other Lessor-owned property resulting from the removal of such Trade Fixtures, signs, and personal property and shall restore the Premises and other Lessor-owned property to the state of good repair that existed prior to the installation of Lessee’s Trade Fixtures, signs, and personal property, less normal wear and tear. Should Lessee fail to repair the damage to Lessor’s satisfaction, Lessor shall have the right to make such repairs and be reimbursed by Lessee within ten (10) days following demand by Lessor for payment at Lessor’s standard rates plus Lessor’s administrative costs, or, if the work is performed by Lessor’s contractor, Lessor’s actual cost, including but not limited to Lessor’s administrative costs. If Lessee fails to become current on all payments owed to Lessor within thirty (30) calendar days, title to the Trade Fixtures shall vest in Lessor. If Lessee is in default at the time of expiration or termination of this Lease, Lessor may hold title to the Trade Fixtures until Lessee is current on all payments owed to Lessor. If Lessee fails to remove its Trade Fixtures, signs, and other personal property within ten (10) calendar days, or a longer period of time agreed to in writing by Lessor, after the expiration or termination of this Lease, Lessor, at its option, may determine that title to these items shall vest in Lessor at no cost to Lessor, or Lessor may elect to exercise its rights under Section 1514. 5.3.4 6.3.5 In the event of a dispute as to the affixed or non-affixed nature of any Leasehold Improvements or Trade Fixtures, Lessor’s determination shall be final. 5.3.5 6.3.6 Lessee shall maintain all Leasehold Improvements and Trade Fixtures at its own expense.

Appears in 1 contract

Samples: Foreign Currency Exchange Concessions Lease

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