Restaurant Equipment definition

Restaurant Equipment. All equipment, furniture, fixtures, utensils, glassware, silverware and china used in connection with the operation of all restaurants and lounges on the Real Property.

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Restaurant Equipment shall include without limitation, with respect to each Demised Property, all of the following, whether now or hereafter owned or acquired by, or in which Tenant has any interest (whether unattached or attached by bolts and screws and/or by utility connections): décor items, office equipment, tables, chairs, seating stations, bus stations, beverage stations, grill areas, host stations, serving stations and equipment, steam tables, warming tables, stoves, ovens, fryers, ranges, grills, dishwashing equipment, non-built in shelving and racking, decorative light fixtures, stereo equipment, furniture, trade fixtures (including, but not limited to, window grills and countertops), remote or movable refrigeration and freezer systems, signage panels, building lettering, neon signage, food and customer service equipment, removable equipment, any and all inventory existing within or upon any Demised Property (including, without limitation, supplies, foods and beverages), and other similar type items of personal property now owned, acquired, held or used by Tenant in its restaurant operations, and all additions to, substitutions for and replacements of the foregoing. [Reference is hereby made to the last paragraph of Section 22.03 of this Lease relating to certain limitations on Landlord’s option to purchase the Restaurant Equipment for Fair Market Value pursuant to Article XXII.]

Restaurant Equipment is defined in the Recitals to this Lease.

Examples of Restaurant Equipment in a sentence

• Subject to the terms of this Section, and Tenant’s rights under the Leases, following any Event of Default or expiration of a Lease (including, without limitation, the nonrenewal of a Lease), Landlord shall have the option to purchase any or all the Restaurant Equipment covered by such Lease for Fair Market Value (as hereinafter defined).

• At any time any Personal Property (including without limitation any Restaurant Equipment) becomes the property of Landlord pursuant to the terms of this Agreement, Leasehold Mortgagee agrees to cooperate reasonably with Landlord in connection with evidencing Leasehold Mortgagee’s release of its interest in said Personal Property, including without limitation by executing any reasonable instruments requested by Landlord evidencing same.

• After the Notice Date, Landlord and Leasehold Mortgagee shall attempt for a ten (10) day period (the “Discussion Period”) to agree on the fair market value of such Restaurant Equipment (the “Fair Market Value”).

• Each of Landlord and Leasehold Mortgagee agree that any Appraiser may be (but is not required to be) an appraiser who assisted either party in determining such party’s calculation of the Fair Market Value of such Restaurant Equipment pursuant to subsection 4(a), above.

• Within fifteen (15) days after the last date of the Discussion Period (the last day of such fifteen (15) day period is referred to herein as the “Calculation Date”), each of Landlord and Leasehold Mortgagee shall deliver to the other party its calculation of the Fair Market Value of such Restaurant Equipment.

• If either party (a “Failing Party”) fails to deliver its calculation to the other party on or before the Calculation Date, but the other party delivers its calculation to the Failing Party on or before the Calculation Date, such other party’s calculation shall be binding on both parties and shall be the price paid by Landlord to Leasehold Mortgagee in exchange for such Restaurant Equipment, and the arbitration shall be deemed concluded.

• Provided the arbitration is not previously deemed concluded pursuant to subsection 4(c), within thirty (30) days after the appointment of the third Appraiser, each of the three (3) Appraisers shall decide whether the Fair Market Value of such Restaurant Equipment as proposed by Landlord or Leasehold Mortgagee pursuant to subsection 4(a), above, is closer to the Fair Market Value of such Restaurant Equipment as determined by each such Appraiser.

• The Fair Market Value as proposed by Landlord or Leasehold Mortgagee that is determined by the majority of the Appraisers to be closer to the actual Fair Market Value of such Restaurant Equipment shall be the price paid by Landlord to Leasehold Mortgagee in exchange for such Restaurant Equipment.

• The determination of each Appraiser shall be limited to the sole issue of, and each Appraiser shall have neither the right nor the power to determine any issue other than, whether the Fair Market Value of such Restaurant Equipment as proposed by Landlord or Leasehold Mortgagee pursuant to subsection 4(a), above, is closer to the actual Fair Market Value of such Restaurant Equipment as determined by each such Appraiser.

• Leasehold Mortgagee shall cause all Restaurant Equipment to be unencumbered by any security interest or other interest of Leasehold Mortgagee or any other Secured Parties at the time it is delivered to Landlord.

More Definitions of Restaurant Equipment

Restaurant Equipment means kitchen appliances, china, crystal, dishware, glassware, silverware, flatware and other dinnerware, cookware and cooking utensils. “Scheduled Closing Date” shall mean May 15, 2015, as the same may be extended pursuant to the express terms of this Agreement. “Seller Parties” shall mean and include, collectively, (a) Seller; (b) its counsel; (

Restaurant Equipment means kitchen appliances, china, crystal, dishware, glassware, silverware, flatware and other dinnerware, cookware and cooking utensils.