Yield Up. Tenant shall, on or before the last day of the Term or upon the sooner termination thereof, peaceably and quietly surrender and deliver to Landlord the Leased Property, including, without limitation, all Leased Improvements and P&E and all additions thereto and replacements thereof made from time to time during the Term, together with and including without limitation the P&E Replacements, in good order, condition and repair, reasonable wear and tear excepted, and free and clear of all liens and encumbrances (other than Permitted Encumbrances, liens or encumbrances in favor of or granted by Landlord, and any other encumbrances expressly permitted under the terms of this Agreement). Tenant acknowledges that both the Initial Landlord P&E described on Exhibit "I" attached hereto and consumable items of Inventory located at the Leased Property as of the Commencement Date may be completely consumed and/or otherwise disposed of in the course of operation of the Leased Property during the Term of this Agreement. Tenant agrees that, at the expiration or earlier termination of this Agreement, at Landlord's option: (i) Tenant shall fully restore the Initial Landlord P&E, inclusive with and after consideration of all P&E Replacements which will become the property of Landlord, to at least the approximate types and amounts (with reasonably equivalent value) as shown on Exhibit "I", and shall fully restore an adequate supply of Inventory consistent with the full stocking levels to be maintained by Tenant pursuant to Section 4.6 of this Lease (or a full thirty days supply, which ever is greater), or (ii) Landlord shall deduct the then-current value of amounts needed to fully restore the required P&E and Inventory, as aforesaid, to the extent that this sum exceeds the Reserve amount to be transferred to Landlord under Section 5.2.6 hereof, from the Security Deposit.
Appears in 8 contracts
Samples: Lease Agreement (CNL Retirement Properties Inc), Lease Agreement (CNL Retirement Properties Inc), Lease Agreement (CNL Retirement Properties Inc)
Yield Up. Tenant shall, on or before At the last day expiration of the Term term or upon earlier termination of this Lease: to surrender all keys to the sooner termination thereof, peaceably Premises; to remove all of its trade fixtures and quietly surrender and personal property in the Premises; to deliver to Landlord stamped architectural plans showing the Leased PropertyPremises at yield up (which may be the initial plans if Tenant has made no installations after the Commencement Date); to remove such installations made by it as Landlord may request (including computer and telecommunications wiring and cabling, includingit being understood that if Tenant leaves such wiring and cabling in a useable condition, without limitationLandlord, all Leased Improvements and P&E although having the right to request removal thereof, is less likely to so request) and all additions thereto Tenant’s signs wherever located; to repair all damage caused by such removal and replacements thereof to yield up the Premises (including all installations and improvements made from time by Tenant except for trade fixtures and such of said installations or improvements as Landlord shall request Tenant to time during remove), broom-clean and in the Term, together with same good order and including without limitation repair in which Tenant is obliged to keep and maintain the P&E Replacements, in good order, condition and repair, reasonable wear and tear excepted, and free and clear of all liens and encumbrances (other than Permitted Encumbrances, liens or encumbrances in favor of or granted Premises by Landlord, and any other encumbrances expressly permitted under the terms provisions of this Agreement)Lease. Tenant acknowledges that both the Initial Landlord P&E described on Exhibit "I" attached hereto and consumable items of Inventory located Tenant, at the Leased Property as time of the Commencement Date making any installations, may be completely consumed and/or otherwise disposed of request in writing Landlord’s permission to leave such installation in the course of operation of the Leased Property during the Term of this Agreement. Tenant agrees that, Premises at the expiration or earlier termination of this AgreementLease. If Landlord grants permission, then, notwithstanding the foregoing provisions of this subsection 6.1.9, Landlord may not later request removal of such installation at Landlord's option: (i) the end of the term. Notwithstanding the foregoing, Landlord shall not require Tenant shall fully restore to remove any of the Initial Landlord P&E, inclusive with and after consideration of all P&E Replacements which will become the property of Landlord, to at least the approximate types and amounts (with reasonably equivalent value) as shown alterations depicted on Exhibit "I"A-1 attached hereto; provided, and shall fully restore an adequate supply of Inventory consistent with however, that notwithstanding anything to the full stocking levels to be maintained by Tenant pursuant to Section 4.6 contrary contained herein, Landlord may elect on or before the expiration or earlier termination of this Lease to require Tenant to remove the so-called SLS, Breakout and Receiving areas (including but not limited to removal of dedicated air-conditioning systems and restoring the affected area to typical, open R&D space including connection to the Building’s HVAC system) as highlighted in yellowon Exhibit A-1. Any property not so removed shall be deemed abandoned and, if Landlord so elects, deemed to be Landlord’s property, and may be retained or a full thirty days supply, which ever is greater), or (ii) removed and disposed of by Landlord in such manner as Landlord shall deduct determine and Tenant shall pay Landlord the then-current value of amounts needed to fully restore the required P&E entire cost and Inventory, as aforesaid, expense incurred by it in effecting such removal and disposition and in making any incidental repairs and replacements to the extent that Premises and for use and occupancy during the period after the expiration of the term and prior to its performance of its obligations under this sum exceeds subsection 6.1.9. Tenant shall further indemnify Landlord against all loss, cost and damage resulting from Tenant’s failure and delay in surrendering the Reserve amount Premises as above provided. If the Tenant remains in the Premises beyond the expiration or earlier termination of this Lease, such holding over shall be without right and shall not be deemed to create any tenancy, but the Tenant shall be transferred a tenant at sufferance only at a daily rate of rent equal to Landlord two (2) times the rent and other charges in effect under Section 5.2.6 hereof, from this Lease as of the Security Depositday prior to the date of expiration of this Lease.
Appears in 4 contracts
Samples: Lease Agreement (ConforMIS Inc), Lease Agreement (ConforMIS Inc), Lease Agreement (ConforMIS Inc)
Yield Up. Tenant shall, on or before the last day of the Term or upon the sooner termination thereof, peaceably and quietly surrender and deliver to Landlord the Leased Property, including, without limitation, all Leased Improvements and P&E and all additions thereto and replacements thereof made from time to time during the Term, together with and including without limitation the P&E Replacements, in good order, condition and repair, reasonable wear and tear excepted, and free and clear of all liens and encumbrances (other than Permitted Encumbrances, liens or encumbrances in favor of or granted by Landlord, and any other encumbrances expressly permitted under the terms of this Agreement). Tenant acknowledges that both the Initial Landlord P&E described on Exhibit "I" attached hereto and consumable items of Inventory located at the Leased Property as of the Commencement Date may be completely consumed and/or otherwise disposed of in the course of operation of the Leased Property during the Term of this Agreement. Tenant agrees that, at the expiration or earlier termination of this Agreement, at Landlord's option: (i) Tenant shall fully restore the Initial Landlord P&E, inclusive with and after consideration of all P&E Replacements which will become the property of Landlord, to at least the approximate types and amounts (with reasonably equivalent value) as shown on Exhibit "I", and shall fully restore an adequate supply of Inventory consistent with the full stocking levels to be maintained by Tenant pursuant to Section 4.6 of this Lease (or a full thirty days supply, which ever is greater), or (ii) Landlord shall deduct the then-current value of amounts needed to fully restore the required P&E and Inventory, as aforesaid, to the extent that this sum exceeds the Reserve amount to be transferred to Landlord under Section 5.2.6 hereof, from the Security DepositLease.
Appears in 2 contracts
Samples: Lease Agreement (American Retirement Corp), Lease Agreement (American Retirement Corp)
Yield Up. Tenant shall, on or before At the last day expiration of the Term or upon earlier termination of this Lease: to surrender all keys to the sooner termination thereofPremises; to remove all of its trade fixtures and personal property in the Premises; to remove the items, peaceably and quietly surrender perform the associated yield up work, listed on Exhibit E attached hereto; to repair all damage caused by such removal and deliver to Landlord yield up the Leased PropertyPremises, includingbroom-clean and in the same good order and repair in which Tenant is obliged to keep and maintain the Premises by the provisions of this Lease, without limitationordinary wear and tear and damage by casualty excepted (it being agreed that, except for the items listed on Exhibit E that are being removed by Tenant, Tenant shall leave all Leased Improvements other installations, improvements and P&E and all additions thereto and replacements thereof made from time to time during equipment installed by Tenant in the Term, together with and including without limitation the P&E Replacements, Premises in good working order, condition and repairappearance). Any property not so removed shall be deemed abandoned and, reasonable wear and tear exceptedif Landlord so elects, deemed to be Landlord’s property, and free may be retained or removed and clear disposed of by Landlord in such manner as Landlord shall determine and Tenant shall pay Landlord the entire cost and expense incurred by it in effecting such removal and disposition and in making any incidental repairs and replacements to the Premises and for use and occupancy during the period after the expiration of the term and prior to its performance of its obligations under this subsection 6.1.9. Tenant shall further indemnify Landlord against all liens loss, cost and encumbrances damage resulting from Tenant’s failure and delay in surrendering the Premises as above provided, it being agreed that notwithstanding the foregoing, provided that Tenant has timely delivered a Holdover Notice (other than Permitted Encumbrances, liens or encumbrances in favor of or granted by as defined below) to Landlord, and then Tenant shall not be liable for any other encumbrances expressly permitted under the terms of this Agreement). Tenant acknowledges that both the Initial Landlord P&E described on Exhibit "I" attached hereto and consumable items of Inventory located at the Leased Property as of the Commencement Date may be completely consumed and/or otherwise disposed of consequential damages in the course of operation of event that Tenant occupies the Leased Property during the Term of this Agreement. Tenant agrees that, at Premises for fewer than thirty (30) days beyond the expiration or earlier termination of this AgreementLease. If the Tenant remains in the Premises beyond the expiration or earlier termination of this Lease, such holding over shall be without right and shall not be deemed to create any tenancy, but Tenant shall be a tenant at sufferance only, at Landlord's option: a daily rate of rent equal to $33.00 per rentable square feet of the Premises through August 31, 2014, and thereafter at a daily rate of $44.00 per rentable square feet of the Premises, plus Tenant shall continue to be responsible for paying all charges payable under this Lease as of the day prior to the date of expiration of this Lease, including, without limitation, charges on account of Taxes and Operating Costs. Notwithstanding the foregoing, Tenant shall be permitted to remain in occupancy of the Premises beyond the Expiration Date and shall not be deemed in holdover only if (ia) Tenant gives Landlord written notice, no less than sixty (60) days prior to the Expiration Date, that Tenant intends to remain in occupancy of the Premises beyond the Expiration Date (such notice a “Holdover Notice”), and (b) Landlord has not signed a letter of intent or a lease with another tenant for all or any portion of the Premises. Such continued occupancy by Tenant shall fully restore be a month-to-month basis, terminable by either party for any reason by giving written notice given to the Initial Landlord P&E, inclusive with and after consideration of all P&E Replacements which will become the property of Landlord, to other party at least thirty (30) days prior to the approximate types and amounts (with reasonably equivalent value) as shown on Exhibit "I"effective date of termination, and shall fully restore an adequate supply of Inventory consistent with be on all the full stocking levels same terms as this Lease, except that Tenant shall commence paying fixed rent to be maintained Landlord on the day after the Expiration Date, by Tenant pursuant to Section 4.6 of this Lease electronic fund transfer (or a full thirty days supply, which ever is greaterby such other method or to such other person or entity as Landlord may direct Tenant), in advance, without notice or (ii) Landlord demand, and without setoff, abatement, suspension, deferment, reduction or deduction, on the first day of each calendar month and for any portion of a calendar month following the Expiration Date. The monthly fixed rent during such continued tenancy shall deduct be at the then-current value rate of amounts needed $33.00 per rentable square feet of the Premises through August 31, 2014, and thereafter at the rate of $44.00 per rentable square feet of the Premises, and Tenant’s obligation to fully restore the required P&E pay all other charges which Tenant is obligated to pay under this Lease, including, without limitation, charges on account of Taxes and Inventory, as aforesaid, to the extent that this sum exceeds the Reserve amount to be transferred to Landlord under Section 5.2.6 hereof, from the Security DepositOperating Costs.
Appears in 2 contracts
Samples: Purchase and Sale Agreement, Purchase and Sale Agreement (Cynosure Inc)
Yield Up. Tenant shall, on or before the last day of the Term or upon the sooner termination thereof, peaceably and quietly surrender and deliver to Landlord the Leased Property, including, without limitation, all Leased Improvements and P&E and all additions thereto and replacements thereof made from time to time during the Term, together with and including including, without limitation limitation, the P&E Replacements, in good order, condition and repair, reasonable wear and tear excepted, and free and clear of all liens Liens and encumbrances (other than Permitted Encumbrances, liens Liens or encumbrances in favor of or granted by Landlord, and any other encumbrances expressly permitted under the terms of this AgreementLease), and Tenant shall fully cooperate with Landlord in transferring, to the extent transferable under Applicable Laws and without consideration or fee, any of the Permits, which Landlord determines, in its sole and absolute discretion, would be necessary or appropriate to continue to operate the Leased Property for its Permitted Use. Tenant acknowledges that both the Initial Landlord P&E described on Exhibit "I" G attached hereto and consumable items of Inventory located at the Leased Property as of the Commencement Date may be completely consumed and/or otherwise disposed of in the course of operation of the Leased Property during the Term of this AgreementLease. Tenant agrees that, at the expiration or earlier termination of this AgreementLease, at Landlord's option: (i) Tenant shall fully restore the Initial Landlord P&E, inclusive with and after consideration of all P&E Replacements which will become the property of Landlord, to at least the approximate types and amounts (with reasonably equivalent value) as shown on Exhibit "I"G, and shall fully restore an adequate supply of Inventory consistent with the full stocking levels at the applicable time of the Fiscal Year to be maintained by Tenant pursuant to Section 4.6 this Lease. At the expiration or earlier termination of this Lease Lease, Tenant shall (i) retain all accounts receivable from its operation of the Property and Business subject to and net of the amount of such receivables due to Landlord or a full thirty days supplyto the Reserve pursuant to the terms hereof, which ever is greater), or and (ii) Landlord shall deduct remain liable for the then-current value payment of amounts needed to fully restore the required P&E and Inventory, accounts payable which have accrued as aforesaid, to the extent that this sum exceeds the Reserve amount to be transferred to Landlord under Section 5.2.6 hereof, from the Security Depositof such time.
Appears in 2 contracts
Samples: Lease Agreement (CNL Healthcare Trust, Inc.), Lease Agreement (CNL Healthcare Trust, Inc.)
Yield Up. Subject to the provisions of Articles 10 and 11 below, Tenant shall, on or before the last day of the Term or upon the sooner termination thereof, peaceably and quietly surrender and deliver to Landlord the Leased Property, including, without limitation, all Leased Improvements and P&E and all additions thereto and replacements thereof made from time to time during the Term, together with and including without limitation the P&E Replacements, in good order, condition and repair, reasonable wear and tear excepted, and free and clear of all liens and encumbrances (other than Permitted Encumbrances, liens or encumbrances in favor of or granted by Landlord, and any other encumbrances expressly permitted under the terms of this Agreement). Tenant acknowledges that both the Initial Landlord P&E described on Exhibit "I" “G” attached hereto and consumable items of Inventory located at the Leased Property as of the Commencement Date may be completely consumed and/or otherwise disposed of in the course of operation of the Leased Property during the Term of this Agreement. Subject to the provisions of Articles 10 and 11 below, Tenant agrees that, at the expiration or earlier termination of this Agreement, at Landlord's option: (i) Tenant shall fully restore (i) the Initial Landlord P&E, inclusive with and after consideration of all P&E Replacements which will become the property of Landlord, to at least the approximate types and amounts (with reasonably equivalent value) as shown on Exhibit "I"“H”, and shall fully restore (ii) an adequate supply of Inventory consistent with the full stocking levels to be maintained by Tenant pursuant to Section 4.6 of this Lease (or a full thirty days (30) days’ supply, which ever whichever is greater), or (ii) provided that Landlord shall deduct the then-current value reimburses Tenant on such date for such Inventory based on Tenant’s cost of amounts needed to fully restore the required P&E and such Inventory, as aforesaid, to the extent that this sum exceeds the Reserve amount to be transferred to Landlord under Section 5.2.6 hereof, from the Security Deposit.
Appears in 1 contract
Yield Up. Tenant shall, on or before the last day of the Term or upon the sooner termination thereof, peaceably and quietly surrender and deliver to Landlord the Leased Property, including, without limitation, all Leased Improvements and P&E and all additions thereto and replacements thereof made from time to time during the Term, together with and including including, without limitation limitation, the P&E Replacements, in good order, condition and repair, reasonable wear and tear excepted, and free and clear of all liens Liens and encumbrances (other than Permitted Encumbrances, liens Liens or encumbrances in favor of or granted by Landlord, and any other encumbrances expressly permitted under the terms of this AgreementLease), and Tenant shall fully cooperate with Landlord in transferring, to the extent transferable under Applicable Laws and without consideration or fee, any of Tenant’s Permits, specifically including, without limitation, any liquor licenses, which Landlord determines, in its sole and absolute discretion, would be necessary or appropriate to continue to operate the Leased Property for its Permitted Use. Tenant acknowledges that both the Initial Landlord P&E described on Exhibit "I" A attached hereto and consumable items of Inventory located at the Leased Property as of the Commencement Date date of the Original Lease may be completely consumed and/or otherwise disposed of in the course of operation of the Leased Property during the Term of this AgreementLease. Tenant agrees that, at the expiration or earlier termination of this AgreementLease, at Landlord's option: (i) Tenant shall fully restore the Initial Landlord P&E, inclusive with and after consideration of all P&E Replacements which will become the property of Landlord, to at least the approximate types and amounts (with reasonably equivalent value) as shown on Exhibit "I"A, subject to ordinary wear and tear, and shall fully restore an adequate supply of Inventory consistent with the full stocking levels at the applicable time of the Fiscal Year to be maintained by Tenant pursuant to Section 4.6 this Lease. At the expiration or earlier termination of this Lease Lease, Tenant shall (i) retain all accounts receivables from its operation of the Property and Business subject to and net of the amounts of such receivables due to Landlord or a full thirty days supplyto the Capex Reserve pursuant to the terms hereof, which ever is greater), or and (ii) Landlord shall deduct remain liable for the then-current value payment of amounts needed to fully restore the required P&E and Inventory, accounts payable which have accrued as aforesaid, to the extent that this sum exceeds the Reserve amount to be transferred to Landlord under Section 5.2.6 hereof, from the Security Depositof such time.
Appears in 1 contract
Yield Up. Tenant shall, on or before the last day of the Term or upon the sooner termination thereof, peaceably and quietly surrender and deliver to Landlord the Leased PropertyProperty and the OTA Assets, including, without limitation, all Leased Improvements and P&E and all additions thereto and replacements thereof made from time to time during the Term, together with and including including, without limitation limitation, the P&E Replacements, in good order, condition and repair, reasonable wear and tear excepted, and free and clear of all liens Liens and encumbrances (other than Permitted Encumbrances, liens Liens or encumbrances in favor of or granted by Landlord, and any other encumbrances expressly permitted under the terms of this AgreementLease), and Tenant shall fully cooperate with Landlord in transferring, to the extent transferable under Applicable Laws and without consideration or fee, any of the Permits, which Landlord determines, in its sole and absolute discretion, would be necessary or appropriate to continue to operate the Leased Property for its Permitted Use. Tenant acknowledges that both the Initial Landlord P&E described on Exhibit "I" G attached hereto and consumable items of Inventory located at the Leased Property as of the Commencement Date may be completely consumed and/or otherwise disposed of in the course of operation of the Leased Property during the Term of this AgreementLease. Tenant agrees that, at the expiration or earlier termination of this AgreementLease, at Landlord's option: (i) Tenant shall fully restore the Initial Landlord P&E, inclusive with and after consideration of all P&E Replacements which will become the property of Landlord, to at least the approximate types and amounts (with reasonably equivalent value) as shown on Exhibit "I"G, and shall fully restore an adequate supply of Inventory consistent with the full stocking levels at the applicable time of the Fiscal Year to be maintained by Tenant pursuant to Section 4.6 this Lease. At the expiration or earlier termination of this Lease Lease, Tenant shall (i) retain all accounts receivable from its operation of the Property and Business subject to and net of the amount of such receivables due to Landlord or a full thirty days supplyto the Reserve pursuant to the terms hereof, which ever is greater), or and (ii) Landlord shall deduct remain liable for the then-current value payment of amounts needed to fully restore the required P&E and Inventory, as aforesaid, accounts payable which have accrued prior to the extent that expiration or earlier termination of this sum exceeds the Reserve amount to be transferred to Landlord under Section 5.2.6 hereofLease. Batesville Healthcare Center Batesville, from the Security Deposit.Arkansas
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Yield Up. Tenant shall, on or before the last day of the Term or upon the sooner termination thereof, peaceably and quietly surrender and deliver to Landlord the Leased Property, including, without limitation, all Leased Improvements and P&E and all additions thereto and replacements thereof made from time to time during the Term, together with and including without limitation the P&E Replacements, in good order, condition and repair, reasonable wear and tear excepted, to the same extent as received by Tenant as of the Effective Date and free and clear of all liens Liens and encumbrances (other than Permitted Encumbrances, liens property which is subject to an equipment lease or encumbrances in favor of or granted by Landlord, and any other encumbrances expressly permitted under the terms of this Agreement)Lease) and fully cooperate with Landlord in transferring, to the extent transferable under Applicable Laws and without consideration or fee, any of Tenant’s Permits, specifically including without limitation, any liquor license, which Landlord determines would be necessary or appropriate to continue to operate the Leased Property for its Permitted Use. Tenant acknowledges that both the Initial Landlord P&E described on Exhibit "I" B attached hereto and consumable items of Inventory located at the Leased Property as of on the Commencement Effective Date may be completely consumed and/or otherwise disposed of in the course of operation of the Leased Property during the Term of this AgreementLease. Tenant agrees that, at the expiration or earlier termination of this AgreementLease, at Landlord's option: (i) Tenant shall fully restore the Initial Landlord P&E, inclusive with and after consideration of all P&E Replacements which will become the property of LandlordReplacements, to at least the approximate types and amounts (with reasonably equivalent value) as shown on Exhibit "I"B, subject to ordinary wear and tear, and shall fully restore an adequate supply of Inventory consistent with the full stocking levels at the applicable time of the Fiscal Year to be maintained by Tenant pursuant to Section 4.6 hereof. Upon the expiration or earlier termination of this Lease (Lease, Landlord and Tenant shall cooperate and take commercially reasonable efforts to cause all of the Operating Contracts to be assigned to and assumed by Landlord or a full thirty days supplyits designee as of the last day of the Term or upon the sooner termination of this Lease, which ever is greater)with Tenant having no obligation thereunder accruing from and after the date of such assignment. Landlord acknowledges and agrees that upon expiration of the term of this Lease, Tenant shall retain all accounts receivables from its operation of the Property and Business subject to and net of the amounts of such receivables due to Landlord or (ii) Landlord shall deduct the then-current value of amounts needed to fully restore the required P&E and Inventory, as aforesaid, to the extent that this sum exceeds Reserve pursuant to the Reserve amount to be transferred to Landlord under Section 5.2.6 terms hereof, from the Security Deposit.
Appears in 1 contract
Yield Up. Tenant shall, on or before shall be the last day owner of all of the Term Initial Tenant Improvements (as defined on Appendix D) and Tenant’s Work from time to time constructed, installed, or upon otherwise placed on the sooner termination thereofPremises (collectively, peaceably the “TI Work”). All articles of personal property and quietly surrender all business and deliver to Landlord trade fixtures, machinery and equipment, owned by Tenant or installed by Tenant in the Leased Property, Premises including, without limitation, furniture, furnishings and movable partitions, all Leased Improvements signs and P&E signage, cabinetry, computers and all additions thereto data processing machinery, telecommunication or electrical conduits, switches or wiring, cabling, business machines and replacements thereof made from time to equipment, and communications equipment (collectively, “Tenant’s Property”) shall remain the property of Tenant, and may be removed by Tenant at any time during the Term, together with and including without limitation the P&E Replacements, in good order, condition and repair, reasonable wear and tear excepted, and free and clear of all liens and encumbrances (other than Permitted Encumbrances, liens or encumbrances in favor of or granted by Landlord, and any other encumbrances expressly permitted under the terms of this Agreement). Tenant acknowledges that both the Initial Landlord P&E described on Exhibit "I" attached hereto and consumable items of Inventory located at the Leased Property as of the Commencement Date may be completely consumed and/or otherwise disposed of in the course of operation of the Leased Property during the Term of this Agreement. Tenant agrees that, at At the expiration or earlier termination of this AgreementLease, at Landlord's option: Tenant (and all persons claiming by, through or under it) shall, without the necessity of any notice, surrender the Premises (including all TI Work and all replacements thereof [except such TI Work as has been identified for removal by Landlord in a Landlord Removal Notice, as hereafter defined], which shall be removed by Tenant and the portion of the Premises which was subject of such TI Work shall be restored to their pre-existing condition) and all keys to the Premises, remove all Tenant’s Property and all Tenant’s signs wherever located, in each case repairing damage to the Premises which results in the course of such removal (including the filling of all floor holes, the removal of all disconnected wiring back to junction boxes and the replacement of all damaged ceiling tiles), provided that, notwithstanding the foregoing (a) with respect to the Initial Tenant Improvements only, Tenant shall not be required to remove (i) Tenant shall fully restore any of the Initial Tenant Improvements except for any non-standard office improvements that Landlord P&Eidentifies in a Landlord Removal Notice (non-standard office improvements include, inclusive with for example, for purposes of illustration only, internal staircases [except as provided in clause (ii)], other alterations requiring penetrations in the floors or ceilings and after consideration of all P&E Replacements which will become the property of Landlord, to at least the approximate types and amounts (with reasonably equivalent value) as shown on Exhibit "I", and shall fully restore an adequate supply of Inventory consistent with the full stocking levels to be maintained by Tenant pursuant to Section 4.6 of this Lease (or a full thirty days supply, which ever is greaterraised floors), or (ii) the two (2) internal staircases to be constructed by Landlord as part of Tenant’s Improvements, and (b) with respect to all other TI Work, prior to the installation of any such TI Work in connection with Landlord’s review and approval of the plans for such TI Work, Landlord will provide Tenant with notice of improvements that it requires removed at the time of Landlord’s approval of Tenant’s plans (a “Landlord Removal Notice”). Tenant shall deduct yield up the thenPremises broom-current value of amounts needed to fully restore the required P&E clean and Inventoryin good order, as aforesaidrepair and condition, reasonable wear and tear and damage by casualty and taking (to the extent that this sum exceeds provided in Article VI only) excepted. Any property not so removed within thirty (30) days after the Reserve amount to expiration or termination of the Lease shall be transferred deemed abandoned and may be removed and disposed of by Landlord in such manner as Landlord shall determine, and Tenant shall pay to Landlord under Section 5.2.6 hereof, from the Security Depositreasonable cost and expense incurred by it in effecting such removal and disposition and in making any incidental repairs to the Premises.
Appears in 1 contract
Samples: Lease Agreement (Vistaprint LTD)
Yield Up. Tenant shall, on or before the last day of the Term or upon the sooner termination thereof, peaceably and quietly surrender and deliver to Landlord the Leased Property, including, without limitation, all Leased Improvements and P&E and all additions thereto and replacements thereof made from time to time during the Term, together with and including including, without limitation limitation, the P&E Replacements, in good order, condition and repair, reasonable wear and tear excepted, and free and clear of all liens Liens and encumbrances (other than Permitted Encumbrances, liens Liens or encumbrances in favor of or granted by Landlord, and any other encumbrances expressly permitted under the terms of this AgreementLease), and Tenant shall fully cooperate with Landlord in transferring, to the extent transferable under Applicable Laws and without consideration or fee, any of Tenant’s Permits, specifically including, without limitation, any liquor licenses, which Landlord determines, in its sole and absolute discretion, would be necessary or appropriate to continue to operate the Leased Property for its Permitted Use. Tenant acknowledges that both the Initial Landlord P&E described on Exhibit "I" A attached hereto and consumable items of Inventory located at the Leased Property as of the Commencement Date date of the Original Lease may be completely consumed and/or otherwise disposed of in the course of operation of the Leased Property during the Term of this AgreementLease. Tenant agrees that, at the expiration or earlier termination of this AgreementLease, at Landlord's option: (i) Tenant shall fully restore the Initial Landlord P&E, inclusive with and after consideration of all P&E Replacements which will become the property of LandlordReplacements, to at least the approximate types and amounts (with reasonably equivalent value) as shown on Exhibit "I"A, and shall fully restore an adequate supply of Inventory consistent with the full stocking levels at the applicable time of the Fiscal Year to be maintained by Tenant pursuant to Section 4.6 of this Lease (or a full thirty days supply, which ever is greater), or (ii) Landlord shall deduct the then-current value of amounts needed to fully restore the required P&E and Inventory, as aforesaid, to the extent that this sum exceeds the Reserve amount to be transferred to Landlord under Section 5.2.6 hereof, from the Security DepositLease.
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