Museum Property definition
Examples of Museum Property in a sentence
Notwithstanding the foregoing, the ownership of the Museum Property and all personal property of PWRF shall remain with PWRF in all events.
In the event of any damage or destruction to the Land, any Improvements, or Museum Property, PWRF shall, subject to the requirements of the holder of any Mortgage, repair and restore the Land, Improvements, or Museum Property, as applicable.
PWRF shall use the Land for Museum purposes (including the display of Museum Property, and cultural, educational, and special events), ancillary purposes (including cafe and gift shop), functions and events hosted or sponsored by PWRF, and related office, educational, research, administrative, storage, and back- of-house uses only.
During the Term, PWRF shall at its expense (i) undertake construction of the Museum and the construction and installation of Museum Property, (ii) maintain and operate the Museum as open to the public and in a condition suitable for Museum purposes, and (iii) permit the City Events, all as further provided below.
From and after the date the Museum is placed in service, the relocation of the PWR to the Museum, and the opening of the Museum to the public (“Opening Date”), PWRF shall ensure that the Museum Property is maintained in good operating condition and state of repair and in a condition suitable for the Public Benefits to be provided, subject to the terms and conditions of this Covenant.
Throughout the Term of this Covenant, PWRF shall maintain (a) a standard form property insurance policy insuring the Improvements (excluding the Museum Property) against all risks of physical loss or damage (including earthquake and flood) (“Improvements Insurance”) and (b) a standard form property insurance policy insuring the Museum Property against all risks of physical loss or damage (including earthquake and flood) (“Exhibit Insurance”).
Similarly, the amount of the Exhibit Insurance coverage required under this Section 4.3 also shall be determined by PWRF based on its reasonable determination of a practical replacement value of the Museum Property and the availability of any such insurance on commercially reasonable terms consistent with PWRF’s financial capacity as reasonably determined by PWRF to be appropriate within the constraints of a self-sustaining budget.
In the event of any material damage to or destruction of the Land, any Improvements thereon, or Museum Property (i.e. the cost of repairing or replacing the same equals or exceeds thirty percent (30%) of the fair market value of the Improvements or Museum Property, as applicable, immediately preceding such damage or destruction) (“Major Destruction”) from any causes whatever, PWRF shall promptly give written notice thereof to City.
From and after the date the Museum is placed in service, the relocation of the PWR to the Museum, and the opening of the Museum to the public (“Opening Date”), Tenant shall ensure that the Museum Property is maintained in good operating condition and state of repair and in a condition suitable for the Public Benefits to be provided, subject to the terms and conditions of this Lease.
During the Term, as consideration for this Lease, Tenant shall at its expense (i) undertake construction of the Museum and the construction and installation of Museum Property, (ii) maintain and operate the Museum as open to the public and in a condition suitable for Museum purposes, and (iii) permit the City Events, all as further provided below.