Bowling Equipment definition
Examples of Bowling Equipment in a sentence
At such closing, Landlord shall pay Tenant, in immediately available funds, the purchase price for such Bowling Equipment being acquired and Tenant shall convey and assign all such Bowling Equipment and all warranties related thereto (to the extent assignable) to Landlord free and clear of all security interests, Liens, Claims and rights of any other party therein.
Upon termination or expiration of this Lease, Tenant shall, at Tenant’s expense, remove all of Tenant’s Personal Property and, for any Site which Landlord has not Purchased the Bowling Equipment, such Bowling Equipment, from the Premises (but not the Improvements) and repair all damage caused by such removal and restore the Premises to the condition required by this Lease.
Tenant shall timely and properly maintain, repair and replace, to the extent necessary for the operation of its business thereon, the Bowling Equipment and all its component parts at the Premises so as to preserve and protect the useful life, utility and functionality of such system and components, and in all events so as to preserve the effectiveness of any warranty relating thereto, such replacements shall be at least in quality and class that is in good working order, utility and function.
Notwithstanding the foregoing requirements of this paragraph 9, Tenant shall have no obligation to deliver any warranties for any Tenant’s Personal Property or Bowling Equipment at the Premises which may be and which are subsequently removed by Tenant upon expiration or earlier termination of this Lease.
If Landlord fails or declines to exercise its rights to purchase such Bowling Equipment, Tenant shall be free to sell such Bowling Equipment under the BE Offer, which Bowling Equipment shall remain subject to the BE Option.
Tenant shall not accept any offer to sell the Bowling Equipment or any portion thereof (which is not being replaced at a Site by Tenant) which is not all cash.
At any time during a Bowling Equipment Acquisition Period and upon Landlord’s written request therefor, Tenant shall furnish Landlord (within 15 Business Days of Landlord’s request) with the amount of the net book value for tax purposes of the Bowling Equipment (broken down by Site) together with such supporting documents as Landlord requests to verify such amount.
Any improvements and alterations shall remain the property of Tenant unless paid for by Landlord or purchased by Landlord as noted above as part of the Bowling Equipment; provided, however, such alterations and improvements (other than the Bowling Equipment) which are not removed by Tenant as the end of the Term shall become Landlord’s property at the expiration or earlier termination of the Lease without further act, deed or payment.
The foregoing option shall not apply to situations where the Tenant is selling all or a portion of the Bowling Equipment and replacing the same.
Upon expiration of this Lease in its entirety and for each Site, Tenant shall remove all alterations not consented to by Landlord and all of Tenant’s Personal Property from the Premises and the Bowling Equipment, unless Landlord has previously acquired the Bowling Equipment, in which event all Bowling Equipment shall remain with the Premises, included at each Site.