Unwanted property Clause Samples
The "Unwanted property" clause defines how property that is not desired by the receiving party is to be handled in a transaction or agreement. Typically, this clause outlines the process for identifying such property, the obligations of the parties regarding its removal or disposal, and any associated costs or responsibilities. For example, in a real estate sale, it may specify that the seller must remove certain items from the premises before closing. The core function of this clause is to prevent disputes and clarify responsibilities regarding property that one party does not wish to accept, ensuring a smooth transfer and avoiding unwanted liabilities.
Unwanted property. If after the end of the Term any property remains on the Premises or the Estate the landlord may either in so far as the same is annexed to the Premises treat it as having reverted to the Landlord or as the agent of the Tenant (and the Landlord is appointed by the Tenant to act in that behalf) remove, store, and sell such property and then hold the proceeds of sale after deducting the reasonable and proper costs and expenses of removal, storage and sale incurred by it to the order of the Tenant and the Tenant shall indemnify the Landlord against liability incurred by it to any third party whose property is dealt with by the Landlord.
Unwanted property. If after the ending of the term any property remains on the demised premises for more than 14 days the Landlord may either in so far as the same is annexed to the demised premises treat it as having reverted to the Landlord or as the agent of the Tenant (and the Landlord is appointed by the Tenant to act in that behalf) remove, store, and sell such property and then hold the proceeds of sale after deducting the proper costs and expenses of removal, storage and sale incurred by it to the order of the Tenant provided that the Tenant shall indemnify the Landlord against liability incurred by it to any third party whose property has been sold by the Landlord in the bona fide mistaken belief that such property belongs to the Tenant.
Unwanted property. If after the ending of the Term, any property remains on the Demised Premises the Landlord may either in so far as the same is annexed to the Demised Premises treat it as having reverted to the Landlord or as the agent of the Tenant (and the Landlord is appointed by the Tenant to act in that behalf) remove, store, and sell such property and then hold the proceeds of sale after deducting the costs and expenses of removal, storage and sale incurred by it to the order of the Tenant.
Unwanted property. All of the Unwanted Property shall be duly and validly transferred by Metalsco or Skyliner, as the case may be, to Seller as provided in Section 2A.1 prior to the Closing without any Liability (including without limitation for any Taxes) to, or the need for further action by, Metalsco, Skyliner or NSA.