Use and Possession of Leased Facility. (a) The parties acknowledge that the Leased Facility represents an undivided ownership interest in the Facility. Following the Commercial Operation Date, the Lessee shall have the exclusive right to use, operate and maintain the Leased Facility, subject to the rights of the co-owners and their designees with respect to the Facility. (b) Lessee shall use and operate the Leased Facility, or cause the use and operation thereof, to be in compliance in all material respects with all applicable Laws. Lessee shall obtain and maintain in full force and effect all material Authorizations required by applicable Law to use and operate the Leased Facility and to perform its other obligations under this Facility Lease and the other Lease Documents to which it is a party. Lessee shall not use and operate the Leased Facility for any purpose or in any manner that would adversely affect the Fair Market Value, utility, remaining useful life or residual value of the Leased Facility (other than to the extent any of the foregoing constitutes Ordinary Wear and Tear). Lessee hereby waives any right that it may now have or hereafter acquire under any Law or otherwise (a) to require Lessor to repair, renew, replace or improve all or any part of the Leased Facility or (b) to make any repairs to the Leased Facility at the expense of Lessor, in each case, except as provided in Section 8.1(c).
Appears in 2 contracts
Samples: Facility Lease Agreement (Madison Gas & Electric Co), Facility Lease Agreement (Mge Energy Inc)
Use and Possession of Leased Facility. (a) The parties acknowledge that the Leased Facility represents an undivided ownership interest in the Facility. Following the Commercial Operation DateWithout limiting Lessee's obligations under Section 9.2, the Lessee shall have the exclusive right to use, operate and maintain the Leased Facility, subject to the rights of the co-owners and their designees with respect to the Facility.
(b) Lessee shall use and operate the Leased Facility, or cause the use and operation thereof, to be Facility in compliance in all material respects with all applicable Laws. Lessee shall obtain and maintain in full force and effect all material Authorizations Government Approvals required by applicable Law to use and operate the Leased Facility and to perform its other obligations under this Facility Lease and the other Lease Documents to which it is a party and shall comply in all material respects with all such Government Approvals in connection with the use and operation of the Leased Facility and the performance of its other obligations under this Facility Lease and the other Lease Documents to which it is a party. Lessee shall not use and operate the Leased Facility for any purpose or in any manner that would adversely affect affect, in any material respect, the Fair Market Value, utility, remaining useful life or residual value of the Leased Facility (other than to the extent any of the foregoing constitutes Ordinary Wear and Tear). Lessee hereby waives any right that it may now have or hereafter acquire under any Law or otherwise (a) to require Lessor to repair, renew, replace or improve all or any part of the Leased Facility Facility, or (b) to make any repairs to the Leased Facility at the expense of Lessor, in each case, except as expressly provided for in this Facility Lease. Subject to Section 8.1(c)9.3 and Article 17, the Leased Facility shall at all times during the Lease Term be and remain in the possession and control of Lessee.
Appears in 2 contracts
Samples: Facility Lease Agreement (Wisconsin Electric Power Co), Facility Lease Agreement (Wisconsin Electric Power Co)
Use and Possession of Leased Facility. (a) The parties acknowledge that the Leased Facility represents an undivided ownership interest in the Facility. Following the Commercial Operation DateWithout limiting Lessee’s obligations under Section 7.2, the Lessee shall have the exclusive right to use, operate and maintain the Leased Facility, subject to the rights of the co-owners and their designees with respect to the Facility.
(b) Lessee shall use and operate the Leased Facility, or cause the use and operation thereof, to be Facility in compliance in all material respects with all applicable Laws. Lessee shall obtain and maintain in full force and effect all material Authorizations required by applicable Law to use and operate the Leased Facility and to perform its other obligations under this Facility Lease and the other Lease Documents to which it is a party and shall comply in all material respects with all such Authorizations in connection with the use and operation of the Leased Facility and the performance of its other obligations under this Facility Lease and the other Lease Documents to which it is a party. Lessee shall not use and operate the Leased Facility for any purpose or in any manner that would adversely affect the Fair Market Value, utility, remaining useful life or residual value of the Leased Facility (other than to the extent any of the foregoing constitutes Ordinary Wear and Tear). Lessee hereby waives any right that it may now have or hereafter acquire under any Law or otherwise (a) to require Lessor to repair, renew, replace or improve all or any part of the Leased Facility or (b) to make any repairs to the Leased Facility at the expense of Lessor, in each case, except as provided in this Facility Lease. Subject to Section 8.1(c)7.2 and Article 15, the Leased Facility shall at all times during the Lease Term be and remain in the possession and control of Lessee.
Appears in 1 contract
Samples: Facility Lease Agreement (Madison Gas & Electric Co)