Common use of Transfer of Facility Personalty to Lessee Clause in Contracts

Transfer of Facility Personalty to Lessee. All of the Agency’s right, title and interest in Facility Personalty shall be automatically conveyed to the Lessee immediately, without the need for execution of further documentation, upon the earlier of: (i) with respect to any specific item of Facility Personalty, the permanent installation of such item of Facility Personalty as a real property improvement to the Facility Realty and (ii) the Expiration Date. All of the Agency’s right, title and interest in Eligible Items other than Facility Personalty, including but not limited to, any service, maintenance or installation contracts entered into by the Lessee as agent for the Agency in connection with the Project, shall be automatically conveyed to the Lessee immediately, without the need for execution of further documentation, upon the earlier of: (i) with respect any such Eligible Item that relates to a specific item of Facility Personalty, the permanent installation of such item of Facility Personalty as a real property improvement to the Facility Realty and (ii) the Expiration Date. To the extent that the Agency does not have an interest in any Facility Personalty or any other Eligible Item hereunder, this Agreement shall continue in full force and effect as a contractual agency agreement between the Agency and the Lessee until the Expiration Date. On the Expiration Date, all of the estate, right, title and interest herein granted or vested in the Lessee shall cease and terminate, and all of the Agency’s right, title and interest in the Facility Personalty and any other Eligible Item, including any installation, maintenance and service contracts, shall be conveyed to the Lessee, without the need for execution of further documentation, immediately upon such termination. The provisions of this Section 4(b) shall survive the termination or expiration of this Agreement.

Transfer of Facility Personalty to Lessee. All of the Agency’s right, title and interest in Facility Personalty shall be automatically conveyed to the Lessee immediately, without the need for execution of further documentation, upon the earlier of: (i) with respect to any specific item of Facility Personalty, the permanent installation of such item of Facility Personalty as a real property improvement to the Facility Realty and (ii) the Expiration Termination Date. All of the Agency’s right, title and interest in Eligible Items other than Facility Personalty, including but not limited to, any service, maintenance or installation contracts entered into by the Lessee as agent for the Agency in connection with the Project, shall be automatically conveyed to the Lessee immediately, without the need for execution of further documentation, upon the earlier of: (i) with respect any such Eligible Item that relates to a specific item of Facility Personalty, the permanent installation of such item of Facility Personalty as a real property improvement to the Facility Realty and (ii) the Expiration Termination Date. To the extent that the Agency does not have an interest in any Facility Personalty or any other Eligible Item hereunder, this Agreement shall continue in full force and effect as a contractual agency agreement between the Agency and the Lessee until the Expiration Termination Date. On the Expiration Termination Date, all of the estate, right, title and interest herein granted or vested in the Lessee shall cease and terminate, and all of the Agency’s right, title and interest in the Facility Personalty and any other Eligible Item, including any installation, maintenance and service contracts, shall be conveyed to the Lessee, without the need for execution of further documentation, immediately upon such termination. The provisions of this Section 4(b) shall survive the termination or expiration of this Agreement.