Common use of Title to Improvements Clause in Contracts

Title to Improvements. Title to an undivided interest equal to the Owner Lessor's Percentage in (i) all Required Improvements, (ii) all Non-Severable Improvements and (iii) all other Improvements which are financed by the Owner Lessor by an Additional Equity Investment or a Supplemental Financing pursuant to SECTION 12.1 of the Participation Agreement shall (at no cost to the Owner Lessor, the Owner Participant or the OP Guarantor and with no adjustment to the Purchase Price, or except as expressly provided herein, Basic Lease Rent, Renewal Rent, Proportional Rent, Allocated Rent, Lessor Section 467 Loan Balance, Lessee Section 467 Loan Balance, Lessor Section 467 Interest, Lessee Section 467 Interest or Termination Values) automatically vest in the Owner Lessor upon being affixed to or incorporated into the Facility, and such undivided interest shall immediately (a) become subject to this Facility Lease and (b) be deemed part of the Undivided Interest for all purposes of this Facility Lease. The Facility Lessee shall, at its own cost and expense, take such steps as the Owner Lessor may reasonably require from time to time to confirm that title to such Improvement has vested in the Owner Lessor and is subject to this Facility Lease. No interest in any Optional Improvement which is a Severable Improvement (other than Severable Improvements which are financed by the Owner Lessor by an Additional Equity Investment or a Supplemental Financing pursuant to SECTION 12.1 of the Participation Agreement) shall vest in the Owner Lessor or become subject to this Facility Lease; PROVIDED, HOWEVER, that if the Facility Lessee shall, at its cost and expense, cause such Optional Improvements which are Severable Improvements to be made to the Facility, the Owner Lessor shall have the right, prior to the return of the Undivided Interest to the Owner Lessor hereunder, to purchase an undivided interest equal to the Owner Lessor's Percentage in any such Optional Improvements which are Severable Improvements. The purchase price for such undivided interest shall be the then Fair Market Sales Value of such undivided interest. If the Owner Lessor does not elect to purchase such Optional Improvements which are Severable Improvements, the Facility Lessee may, and at the request of the Owner Lessor shall, remove such Improvements at the end of the Facility Lease Term. The Facility Lessee shall repair any damage to the Facility and the Facility Site caused by such removal, all at the Facility Lessee's sole cost and expense; provided that such removal shall not (i) materially diminish the value, remaining economic useful life or utility of the Facility as a whole (assuming the Facility is, at such time, in the condition required by the terms of this Facility Lease) or (ii) cause the Facility to become "limited use property" within the meaning of Rev. Proc. 2001-28, 2001-19 IRB 1156 or Rev. Proc. 2001-29, 2001-19 IRB 1160. If the Facility Lessee shall have failed to remove any Optional Improvement which is a Severable Improvement as above provided prior to the return of the Undivided Interest pursuant to SECTION 5.1, title to an undivided interest equal to the Owner Lessor's Percentage in such Optional Improvement shall (at no cost to the Owner Lessor, the Owner Participant or the OP Guarantor) vest in the Owner Lessor.

Appears in 3 contracts

Samples: Facility Lease Agreement (Eme Homer City Generation Lp), Facility Lease Agreement (Eme Homer City Generation Lp), Facility Lease Agreement (Eme Homer City Generation Lp)

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Title to Improvements. Title to an undivided interest equal to the Owner Lessor's Percentage in (i) all Required Improvements, Improvements and (ii) all Non-Severable Improvements and (iii) all other Improvements which are financed by the Owner Lessor by an Additional Equity Investment or a Supplemental Financing pursuant to SECTION 12.1 of the Participation Agreement shall (at no cost to the Owner Lessor, the Owner Participant or the OP Guarantor and with no adjustment to the Purchase Price, or except as expressly provided herein, Basic Lease Rent, Renewal Rent, Proportional Rent, Allocated Rent, Lessor Section 467 Loan Balance, Lessee Section 467 Loan Balance, Lessor Section 467 Interest, Lessee Section 467 Interest or Termination Values) automatically vest in the Owner Lessor upon being affixed to or incorporated into the Facility, and such undivided interest shall immediately (a) become subject to this Facility Lease and (b) be deemed part of the Undivided Interest for all purposes of this Facility Lease. The Facility Lessee shall, at its own cost and expense, take such steps as the Owner Lessor may reasonably require from time to time to confirm that title to such Improvement has vested in the Owner Lessor and is subject to this Facility Lease. No interest in any Optional Improvement which is a Severable Improvement (other than Severable Improvements which are financed by the Owner Lessor by an Additional Equity Investment or a Supplemental Financing pursuant to SECTION 12.1 Section 14.1 of the Participation Agreement) shall vest in the Owner Lessor or become subject to this Facility Lease; PROVIDED, HOWEVER, that if the Facility Lessee shall, at its cost and expense, cause such Optional Improvements which are Severable Improvements to be made to the Facility, the Owner Lessor shall have the right, prior to the return of the Undivided Interest to the Owner Lessor hereunder, to purchase an undivided interest equal to the Owner Lessor's Percentage in any such Optional Improvements which are Severable Improvements. The purchase price for such undivided interest shall be the then Fair Market Sales Value of such undivided interest. If the Owner Lessor does not elect to purchase such Optional Improvements which are Severable Improvements, the Facility Lessee may, and at the request of the Owner Lessor shall, remove such Improvements at the end of the Facility Lease Term. The Facility Lessee shall repair any damage to the Facility and the Facility Site caused by such removal, all at the Facility Lessee's sole cost and expense; provided that such removal shall not (i) materially diminish the value, remaining economic useful life or utility of the Facility as a whole (assuming the Facility is, at such time, in the condition required by the terms of this Facility Lease) or (ii) cause the Facility to become "limited use property" within the meaning of Rev. Proc. 2001-28, 2001-19 IRB 1156 or Rev. Proc. 2001-29, 2001-19 IRB 1160. If the Facility Lessee shall have failed to remove any Optional Improvement which is a Severable Improvement as above provided prior to the return of the Undivided Interest pursuant to SECTION 5.1, title to an undivided interest equal to the Owner Lessor's Percentage in such Optional Improvement shall (at no cost to the Owner Lessor, the Owner Participant or the OP Guarantor) vest in the Owner Lessor.

Appears in 2 contracts

Samples: Facility Lease Agreement (Edison Mission Energy), Lease Agreement (Edison Mission Energy)

Title to Improvements. Title to an undivided interest equal On the commencement date of the term of this lease, all existing structures, buildings, installations, and improvements of any kind located on the leased premises are owned by and title thereto is vested in Lessee. All said existing structures, buildings, installations and improvements as well as structures, buildings, installations and improvements of any kind placed on the leased premises by Lessee subsequent to the Owner Lessor's Percentage in (i) all Required Improvements, (ii) all Non-Severable Improvements and (iii) all other Improvements which are financed by the Owner Lessor by an Additional Equity Investment or a Supplemental Financing pursuant to SECTION 12.1 commencement date of the Participation Agreement term of this lease shall at the option of Lessor be removed by Lessee at Lessee's expense. Lessor may exercise said option as to any or all of the structures, buildings, installations and improvements either before or after the expiration or sooner termination of this lease. If Lessor exercises such option, Lessee shall remove such structures, buildings, installations or improvements within sixty (at no cost 60) days after the expiration of the term of this lease or sooner termination thereof. If Lessee fails to the Owner Lessorremove such structures, the Owner Participant buildings, installations or the OP Guarantor and with no adjustment to the Purchase Price, or except as expressly provided herein, Basic Lease Rent, Renewal Rent, Proportional Rent, Allocated Rentimprovements within said sixty (60) days, Lessor Section 467 Loan Balanceshall have the right to have such structures, buildings, installations or improvements removed at the expense of Lessee. As to any or all structures, buildings, installations or improvements owned by Lessee Section 467 Loan Balancefor which Lessor does not exercise said option for removal, Lessor Section 467 Interest, Lessee Section 467 Interest or Termination Values) automatically vest in the Owner Lessor upon being affixed to or incorporated into the Facility, and such undivided interest shall immediately (a) become subject to this Facility Lease and (b) be deemed part of the Undivided Interest for all purposes of this Facility Lease. The Facility Lessee shall, at its own cost and expense, take such steps as the Owner Lessor may reasonably require from time to time to confirm that title to such Improvement has vested in the Owner Lessor and is subject to this Facility Lease. No interest in any Optional Improvement which is a Severable Improvement (other than Severable Improvements which are financed by the Owner Lessor by an Additional Equity Investment or a Supplemental Financing pursuant to SECTION 12.1 of the Participation Agreement) thereto shall vest in the Owner Lessor without cost to Lessor and without any payment to Lessee. Machines, appliances, equipment and trade fixtures of any kind now existing or hereafter placed on the leased premises by Lessee are owned by and title thereto is vested in Lessee and shall be removed by Lessee within sixty (60) days after the expiration of the term of this lease or sooner termination thereof; provided, however, Lessee agrees to repair any and all damage occasioned by the removal thereof. If any such machines, appliances, equipment and trade fixtures are not removed within sixty (60) days after the termination of this lease, the same may be considered abandoned and shall thereupon become subject to this Facility Lease; PROVIDED, HOWEVER, that if the Facility Lessee shall, at its property of Lessor without cost and expense, cause such Optional Improvements which are Severable Improvements to be made to the Facility, the Owner Lessor and without any payment to Lessee; except that Lessor shall have the rightright to have the same removed at the expense of Lessee. During any period of time employed by Lessee under this paragraph to remove structures, prior buildings, installations, improvements, machines, appliances, equipment and trade fixtures, Lessee shall continue to pay the return of the Undivided Interest full rental to the Owner Lessor hereunder, to purchase an undivided interest equal to the Owner Lessor's Percentage in any such Optional Improvements accordance with this lease which are Severable Improvements. The purchase price for such undivided interest said rental shall be the then Fair Market Sales Value of such undivided interest. If the Owner Lessor does not elect to purchase such Optional Improvements which are Severable Improvements, the Facility Lessee may, and at the request of the Owner Lessor shall, remove such Improvements at the end of the Facility Lease Term. The Facility Lessee shall repair any damage to the Facility and the Facility Site caused by such removal, all at the Facility Lessee's sole cost and expense; provided that such removal shall not (i) materially diminish the value, remaining economic useful life or utility of the Facility as a whole (assuming the Facility is, at such time, in the condition required by the terms of this Facility Lease) or (ii) cause the Facility to become "limited use property" within the meaning of Rev. Proc. 2001-28, 2001-19 IRB 1156 or Rev. Proc. 2001-29, 2001-19 IRB 1160. If the Facility Lessee shall have failed to remove any Optional Improvement which is a Severable Improvement as above provided prior to the return of the Undivided Interest pursuant to SECTION 5.1, title to an undivided interest equal to the Owner Lessor's Percentage in such Optional Improvement shall (at no cost to the Owner Lessor, the Owner Participant or the OP Guarantor) vest in the Owner Lessorprorated daily.

Appears in 1 contract

Samples: Agreement (United States Marine Repair Inc)

Title to Improvements. Title to an undivided interest equal to the Owner Lessor's Percentage in (i) all Required Improvements, (ii) all Non-Non- Severable Improvements and (iii) all other Improvements which are financed by the Owner Lessor by an Additional Equity Investment or a Supplemental Financing pursuant to SECTION Section 12.1 of the Participation Agreement ------------ shall (at no cost to the Owner Lessor, the Owner Participant Participant, the Equity Investor or the OP Guarantor and with no adjustment to the Purchase Price, or or, except as expressly provided herein, Basic Periodic Lease Rent, Renewal Rent, Proportional Rent, Allocated Rent, Lessor Section 467 Loan Balance, Lessee Section 467 Loan Balance, Lessor Section 467 Interest, Lessee Section 467 Interest or Termination Values) automatically vest in the Owner Lessor upon being affixed to or incorporated into the Facility, and such undivided interest shall immediately (a) become subject to this Facility Lease and (b) be deemed part of the Undivided Interest for all purposes of this Facility Lease. The Facility Lessee shall, at its own cost and expense, take such steps as the Owner Lessor may reasonably require from time to time to confirm that title to in such Improvement undivided interest has vested in the Owner Lessor and that such undivided interest is subject to this Facility Lease. No interest in any Optional Improvement which is a Severable Improvement (other than Severable Improvements which are financed by the Owner Lessor by an Additional Equity Investment or a Supplemental Financing pursuant to SECTION Section 12.1 of the Participation Agreement) ------------ shall vest in the Owner Lessor or become subject to this Facility Lease; PROVIDEDprovided, HOWEVERhowever, that if the Facility Lessee shall, at its cost and expense, cause such Optional Improvements which are Severable Improvements to be made to the Facility, the Owner Lessor shall have the right, prior to the return of the Undivided Interest to the Owner Lessor hereunder, to purchase an undivided interest equal to the Owner Lessor's Percentage in any such Optional Improvements which are Severable Improvements. The purchase price for such undivided interest shall be the then Fair Market Sales Value of such undivided interest. If the Owner Lessor does not elect to purchase such Optional Improvements which are Severable Improvements, the Facility Lessee may, and at the request of the Owner Lessor shall, remove such Improvements at the end of the Facility Lease Term. The Facility Lessee shall repair any damage to the Facility and the Facility Site caused by such removal, all at the Facility Lessee's sole cost and expense; provided provided, that such removal shall not (i) materially diminish the value, remaining economic useful life or utility of the Facility as by more than a whole de minimus amount (assuming the Facility is, at such time, in the condition required by the terms of this Facility LeaseImprovement so removed had not been made) or (ii) cause the Facility to become "limited use use" property" , within the meaning of Rev. Proc. 200175-28, 20011975-19 IRB 1156 1 C.B. 752 or Rev. Proc. 200176-2930, 20011976-19 IRB 11602 C.B. 647. If the Facility Lessee shall have failed to remove any Optional Improvement which is a Severable Improvement as above provided prior to the return of the Undivided Interest pursuant to SECTION Section 5.1, title to an undivided interest equal ----------- to the Owner Lessor's Percentage in such Optional Improvement shall (at no cost to the Owner Lessor, the Owner Participant Participant, the Equity Investor or the OP Guarantor) vest in the Owner Lessor.

Appears in 1 contract

Samples: Facility Lease Agreement (Mirant Mid Atlantic LLC)

Title to Improvements. Title to an undivided interest equal to the Owner Lessor's Percentage in (i) all Required Improvementsstructures, (ii) all Non-Severable Improvements buildings and (iii) any and all other Improvements which are financed permanent improvements constructed, erected or placed upon the demised premises by either the Owner Lessor by an Additional Equity Investment Port or a Supplemental Financing pursuant to SECTION 12.1 the Lessee, and additions or improvements made thereto, shall vest in and become the property of the Participation Agreement Port upon completion thereof and shall (at no cost to be surrendered with the Owner Lessor, the Owner Participant or the OP Guarantor and with no adjustment to the Purchase Price, or except Premises as expressly provided herein, Basic Lease Rent, Renewal Rent, Proportional Rent, Allocated Rent, Lessor Section 467 Loan Balance, Lessee Section 467 Loan Balance, Lessor Section 467 Interest, Lessee Section 467 Interest or Termination Values) automatically vest in the Owner Lessor part thereof upon being affixed to or incorporated into the Facility, and such undivided interest shall immediately (a) become subject to this Facility Lease and (b) be deemed part of the Undivided Interest for all purposes termination of this Facility Lease. The Facility Lessee shall; provided, that the Port, at its own cost and option, may upon prior written notice require Lessee to remove at Lessee's expense, improvements or portions of improvements constructed, erected or placed upon the Premises by Lessee during the term of this Lease or any improvements or portions of improvements built by Lessee prior to the commencement of this Lease, including but not limited to Building Nos. L-900 and L-914, and the new Test Cell Facility and if the Port so notifies Lessee of its exercise of its right to require such removal Lessee shall complete said removal with all reasonable dispatch but in no event shall said removal completion exceed thirty (30)days after termination of this Lease. Lessee may, at the termination of this Lease, if Lessee is not then in default under any provision of this Lease, remove its machinery, boilers, equipment, movable partitions and other trade fixtures placed upon the demised premises by it; provided, that in such event Lessee shall repair any damage caused by such removal and, provided further, that usual and customary lighting, plumbing, wall-to-wall carpeting, window coverings, air conditioning and heating fixtures shall remain upon the Premises and be surrendered therewith upon termination of this Lease. Upon termination of this Lease, Lessee shall remove all equipment, furniture, furnishings and trade fixtures from the Premises unless otherwise agreed by the Port. Lessee agrees and hereby makes the irrevocable and binding election not to take such steps as for federal income tax purposes investment tax credits or depreciation on assets financed with the Owner Lessor may reasonably require proceeds of tax exempt Port bonds or notes, unless the Port otherwise expressly agrees in advance in writing signed by the Port's Chief Executive Officer. Lessee also agrees at the Port's request from time to time to confirm that title to execute such Improvement has vested in the Owner Lessor and is subject to this Facility Lease. No interest in any Optional Improvement which is a Severable Improvement (other than Severable Improvements which are financed additional documents reasonably requested by the Owner Lessor by an Additional Equity Investment Port or a Supplemental Financing pursuant its bond counsel to SECTION 12.1 of the Participation Agreement) shall vest in the Owner Lessor or become subject to this Facility Lease; PROVIDED, HOWEVER, that if the Facility Lessee shall, at its cost effectuate and/or evidence said agreement and expense, cause such Optional Improvements which are Severable Improvements to be made to the Facility, the Owner Lessor shall have the right, prior to the return of the Undivided Interest to the Owner Lessor hereunder, to purchase an undivided interest equal to the Owner Lessor's Percentage in any such Optional Improvements which are Severable Improvementselection. The purchase price for such undivided interest shall be the then Fair Market Sales Value of such undivided interest. If the Owner Lessor does not elect to purchase such Optional Improvements which are Severable Improvements, the Facility Lessee mayThis agreement and election, and at the request obligation to execute said documents relative thereto is binding on each successor or assignee of the Owner Lessor shall, remove such Improvements at the end of the Facility Lease Term. The Facility Lessee shall repair any damage to the Facility and the Facility Site caused by such removal, all at the Facility Lessee's sole cost and expense; provided that such removal shall not (i) materially diminish the value, remaining economic useful life or utility of the Facility as a whole (assuming the Facility is, at such time, in the condition required by the terms of this Facility Lease) or (ii) cause the Facility to become "limited use property" within the meaning of Rev. Proc. 2001-28, 2001-19 IRB 1156 or Rev. Proc. 2001-29, 2001-19 IRB 1160. If the Facility Lessee shall have failed to remove any Optional Improvement which is a Severable Improvement as above provided prior to the return of the Undivided Interest pursuant to SECTION 5.1, title to an undivided interest equal to the Owner Lessor's Percentage in such Optional Improvement shall (at no cost to the Owner Lessor, the Owner Participant or the OP Guarantor) vest in the Owner Lessor.

Appears in 1 contract

Samples: First Aviation Services Inc

Title to Improvements. Title to an undivided interest equal to the Owner Lessor's Percentage in (i) all Required Improvements, Improvements and (ii) all Non-Severable Improvements and (iii) all other Improvements which are financed by the Owner Lessor by an Additional Equity Investment or a Supplemental Financing pursuant to SECTION 12.1 of the Participation Agreement shall (at no cost to the Owner Lessor, the Owner Participant or the OP Guarantor and with no adjustment to the Purchase Price, or except as expressly provided herein, Basic Lease Rent, Renewal Rent, Proportional Rent, Allocated Rent, Lessor Section 467 Loan Balance, Lessee Section 467 Loan Balance, Lessor Section 467 Interest, Lessee Section 467 Interest or Termination Values) automatically vest in the Owner Lessor upon being affixed to or incorporated into the Facility, and such undivided interest shall immediately (a) become subject to this Facility Lease Lease, and (b) be deemed part of the Undivided Interest for all purposes of this Facility Lease. The Facility Lessee shall, at its own cost and expense, take such steps as the Owner Lessor may reasonably require from time to time to confirm that title to such Improvement has vested in the Owner Lessor and is subject to this Facility Lease. No interest in any Optional Improvement which is a Severable Improvement (other than Severable Improvements which are financed by the Owner Lessor by an Additional Equity Investment or a Supplemental Financing pursuant to SECTION 12.1 Section 16.1 of the Participation Agreement) shall vest in the Owner Lessor or become subject to this Facility Lease; PROVIDED, HOWEVER, that if the Facility Lessee shall, at its cost and expense, cause such Optional Improvements which are Severable Improvements to be made to the Facility, the Owner Lessor shall have the right, prior to the return of the Undivided Interest to the Owner Lessor hereunder, to purchase an undivided interest equal to the Owner Lessor's Percentage in any such Optional Improvements which are Severable Improvements. The purchase price for such undivided interest shall be the then Fair Market Sales Value of such undivided interest. If the Owner Lessor does not elect to purchase such Optional Improvements which are Severable Improvements, the Facility Lessee may, and at the request of the Owner Lessor shall, remove such Improvements at the end of the Facility Lease Term. The Facility Lessee shall repair any damage to the Facility and the Facility Site caused by such removal, all at the Facility Lessee's sole cost and expense; provided that such removal shall not (i) materially diminish the value, remaining economic useful life or utility of the Facility as a whole (assuming the Facility is, at such time, in the condition required by the terms of this Facility Lease) or (ii) cause the Facility to become "limited use property" within the meaning of Rev. Proc. 2001-28, 2001-19 IRB 1156 or Rev. Proc. 2001-29, 2001-19 IRB 1160. If the Facility Lessee shall have failed to remove any Optional Improvement which is a Severable Improvement as above provided prior to the return of the Undivided Interest pursuant to SECTION 5.1, title to an undivided interest equal to the Owner Lessor's Percentage in such Optional Improvement shall (at no cost to the Owner Lessor, the Owner Participant or the OP Guarantor) vest in the Owner Lessor.

Appears in 1 contract

Samples: Facility Lease Agreement (Edison Mission Energy)

Title to Improvements. Title to an undivided interest equal to the Owner Lessor's Percentage in (i) all Required Improvementsstructures, (ii) all Non-Severable Improvements buildings and (iii) any and all other Improvements which are financed permanent improvements constructed, erected or placed upon the demised premises by the Owner Lessor Lessee, and additions or improvements made thereto by an Additional Equity Investment or a Supplemental Financing pursuant to SECTION 12.1 Lessee shall vest in and become the property of the Participation Agreement shall (at no cost to the Owner Lessor, the Owner Participant or the OP Guarantor and with no adjustment to the Purchase Price, or except as expressly provided herein, Basic Lease Rent, Renewal Rent, Proportional Rent, Allocated Rent, Lessor Section 467 Loan Balance, Lessee Section 467 Loan Balance, Lessor Section 467 Interest, Lessee Section 467 Interest or Termination Values) automatically vest in the Owner Lessor upon being affixed to or incorporated into the Facility, and such undivided interest shall immediately (a) become subject to this Facility Lease and (b) be deemed part completion thereof. Title of the Undivided Interest for all purposes above structures, buildings and improvements shall be vested in and become the property of the Port and shall be surrendered with the Premises as part thereof upon termination of this Facility Lease. The Facility Lessee shall; provided, that the Port, at its own cost and option, may upon prior written notice require Lessee to remove at Lessee's expense, improvements or portions of improvements constructed, erected or placed upon the Premises by Lessee during the term of this Lease and if the Port so notifies Lessee of its exercise of its right to require such removal Lessee shall complete said removal with all reasonable dispatch but in no event shall said removal completion exceed thirty (30)days after termination of this Lease. Lessee may, at the termination of this Lease, if Lessee is not then in default NATIONAL AIRMOTIVE CORPORATION MAIN BUILDING LEASE - 19 - 24 under any provision of this Lease, remove its machinery, boilers, equipment, movable partitions and other trade fixtures placed upon the demised premises by it; provided, that in such event Lessee shall repair any damage caused by such removal and, provided further, that usual and customary lighting, plumbing, wall-to-wall carpeting, window coverings, air conditioning and heating fixtures shall remain upon the Premises and be surrendered therewith upon termination of this Lease. Upon termination of this Lease, Lessee shall remove all equipment, furniture, furnishings and trade fixtures from the Premises unless otherwise agreed by the Port. Lessee agrees and hereby makes the irrevocable and binding election not to take such steps as for federal income tax purposes investment tax credits or depreciation on assets financed with the Owner Lessor may reasonably require proceeds of tax exempt Port bonds or notes, unless the Port otherwise expressly agrees in advance in writing signed by the Port's Executive Director. Lessee also agrees at the Port's request from time to time to confirm that title to execute such Improvement has vested in the Owner Lessor and is subject to this Facility Lease. No interest in any Optional Improvement which is a Severable Improvement (other than Severable Improvements which are financed additional documents reasonably requested by the Owner Lessor by an Additional Equity Investment Port or a Supplemental Financing pursuant its bond counsel to SECTION 12.1 of the Participation Agreement) shall vest in the Owner Lessor or become subject to this Facility Lease; PROVIDED, HOWEVER, that if the Facility Lessee shall, at its cost effectuate and/or evidence said agreement and expense, cause such Optional Improvements which are Severable Improvements to be made to the Facility, the Owner Lessor shall have the right, prior to the return of the Undivided Interest to the Owner Lessor hereunder, to purchase an undivided interest equal to the Owner Lessor's Percentage in any such Optional Improvements which are Severable Improvementselection. The purchase price for such undivided interest shall be the then Fair Market Sales Value of such undivided interest. If the Owner Lessor does not elect to purchase such Optional Improvements which are Severable Improvements, the Facility Lessee mayThis agreement and election, and at the request obligation to execute said documents relative thereto is binding on each successor or assignee of the Owner Lessor shall, remove such Improvements at the end of the Facility Lease Term. The Facility Lessee shall repair any damage to the Facility and the Facility Site caused by such removal, all at the Facility Lessee's sole cost and expense; provided that such removal shall not (i) materially diminish the value, remaining economic useful life or utility of the Facility as a whole (assuming the Facility is, at such time, in the condition required by the terms of this Facility Lease) or (ii) cause the Facility to become "limited use property" within the meaning of Rev. Proc. 2001-28, 2001-19 IRB 1156 or Rev. Proc. 2001-29, 2001-19 IRB 1160. If the Facility Lessee shall have failed to remove any Optional Improvement which is a Severable Improvement as above provided prior to the return of the Undivided Interest pursuant to SECTION 5.1, title to an undivided interest equal to the Owner Lessor's Percentage in such Optional Improvement shall (at no cost to the Owner Lessor, the Owner Participant or the OP Guarantor) vest in the Owner Lessor.

Appears in 1 contract

Samples: Lease (First Aviation Services Inc)

Title to Improvements. Title to an undivided interest equal to the Owner Lessor's Percentage in (i) all Required Improvements, (ii) all Non-Severable Improvements and (iii) all other Improvements which are financed by the Owner Lessor by an Additional Equity Investment or a Supplemental Financing pursuant to SECTION Section 12.1 of the Participation Agreement shall (at no cost to the Owner Lessor, the Owner Participant or the OP Guarantor and with no adjustment to the Purchase Price, or except as expressly provided herein, Basic Lease Rent, Renewal Rent, Proportional Rent, Allocated Rent, Lessor Section 467 Loan Balance, Lessee Section 467 Loan Balance, Lessor Section 467 Interest, Lessee Section 467 Interest or Termination Values) automatically vest in the Owner Lessor upon being affixed to or incorporated into the Facility, and such undivided interest shall immediately (a) become subject to this Facility Lease and (b) be deemed part of the Undivided Interest for all purposes of this Facility Lease. The Facility Lessee shall, at its own cost and expense, take such steps as the Owner Lessor may reasonably require from time to time to confirm that title to such Improvement has vested in the Owner Lessor and is subject to this Facility Lease. No interest in any Optional Improvement which is a Severable Improvement (other than Severable Improvements which are financed by the Owner Lessor by an Additional Equity Investment or a Supplemental Financing pursuant to SECTION Section 12.1 of the Participation Agreement) shall vest in the Owner Lessor or become subject to this Facility Lease; PROVIDEDprovided, HOWEVERhowever, that if the Facility Lessee shall, at its cost and expense, cause such Optional Improvements which are Severable Improvements to be made to the Facility, the Owner Lessor shall have the right, prior to the return of the Undivided Interest to the Owner Lessor hereunder, to purchase an undivided interest equal to the Owner Lessor's Percentage in any such Optional Improvements which are Severable Improvements. The purchase price for such undivided interest shall be the then Fair Market Sales Value of such undivided interest. If the Owner Lessor does not elect to purchase such Optional Improvements which are Severable Improvements, the Facility Lessee may, and at the request of the Owner Lessor shall, remove such Improvements at the end of the Facility Lease Term. The Facility Lessee shall repair any damage to the Facility and the Facility Site caused by such removal, all at the Facility Lessee's sole cost and expense; provided that such removal shall not (i) materially diminish the value, remaining economic useful life or utility of the Facility as a whole (assuming the Facility is, at such time, in the condition required by the terms of this Facility Lease) or (ii) cause the Facility to become "limited use property" within the meaning of Rev. Proc. 2001-28, 2001-19 IRB 1156 or Rev. Proc. 2001-29, 2001-19 IRB 1160. If the Facility Lessee shall have failed to remove any Optional Improvement which is a Severable Improvement as above provided prior to the return of the Undivided Interest pursuant to SECTION Section 5.1, title to an undivided interest equal to the Owner Lessor's Percentage in such Optional Improvement shall (at no cost to the Owner Lessor, the Owner Participant or the OP Guarantor) vest in the Owner Lessor.

Appears in 1 contract

Samples: Facility Lease Agreement (Eme Homer City Generation Lp)

Title to Improvements. Title All foundations, buildings, developments, landscaping, and improvements of every kind and nature now or hereafter located upon the leased premises are the property of Lessee. At all times during the term hereof, the improvements shall not be conveyed, transferred, or assigned unless such conveyance, transfer, or assignment shall be to an undivided interest equal a person, corporation, or other entity to whom this Lease is being transferred or assigned simultaneously therewith, and at all such times the Owner Lessor's Percentage in (i) all Required Improvements, (ii) all Non-Severable Improvements and (iii) all other Improvements which are financed by the Owner Lessor by an Additional Equity Investment or a Supplemental Financing pursuant to SECTION 12.1 holder of the Participation Agreement shall (at no cost to the Owner Lessor, the Owner Participant or the OP Guarantor and with no adjustment to the Purchase Price, or except as expressly provided herein, Basic leasehold interest of Lessee under this Lease Rent, Renewal Rent, Proportional Rent, Allocated Rent, Lessor Section 467 Loan Balance, Lessee Section 467 Loan Balance, Lessor Section 467 Interest, Lessee Section 467 Interest or Termination Values) automatically vest in the Owner Lessor upon being affixed to or incorporated into the Facility, and such undivided interest shall immediately (a) become subject to this Facility Lease and (b) be deemed part of the Undivided Interest for all purposes of this Facility Lease. The Facility Lessee shall, at its own cost and expense, take such steps as the Owner Lessor may reasonably require from time to time to confirm that title to such Improvement has vested in the Owner Lessor and is subject to this Facility Lease. No interest in any Optional Improvement which is a Severable Improvement (other than Severable Improvements which are financed by the Owner Lessor by an Additional Equity Investment or a Supplemental Financing pursuant to SECTION 12.1 of the Participation Agreement) shall vest in the Owner Lessor or become subject to this Facility Lease; PROVIDED, HOWEVER, that if the Facility Lessee shall, at its cost and expense, cause such Optional Improvements which are Severable Improvements to be made to the Facility, the Owner Lessor shall have the right, prior to the return of the Undivided Interest to the Owner Lessor hereunder, to purchase an undivided interest equal to the Owner Lessor's Percentage in any such Optional Improvements which are Severable Improvements. The purchase price for such undivided interest shall be the owner of said improvements. Any attempted conveyance, transfer, or assignment of the improvements, whether voluntarily or by operation of law or otherwise, to any person, corporation, or other entity, shall be void and of no effect whatever unless such conveyance, transfer, or assignment shall be to a person, corporation, or other entity to whom this Lease is being transferred or assigned simultaneously therewith in compliance with the provisions hereof or by reason of any other cause whatsoever. Similarly, so long as said improvements or any part thereof shall remain on the leased premises, any attempted transfer or assignment of the leasehold interest of Lessee under this Lease shall be void and of no effect whatever unless such transfer or assignment shall be to a person, corporation, or other entity to whom said improvements are being conveyed, transferred, or assigned simultaneously therewith. Upon any termination of this Lease, whether by reason of the normal expiration of the term hereof, by reason of the provisions hereof, or by reason of any other cause whatsoever, if said improvements or any part thereof shall then Fair Market Sales Value be on the leased premises, Lessee shall maintain ownership of such undivided interestimprovements and may remove such improvements at its discretion upon notice to Lessor within sixty (60) days of the termination of this Lease. If the Owner Lessor Lessee does not elect to purchase give such Optional Improvements which are Severable Improvements, the Facility Lessee may, notice and at the request remove any improvements within sixty (60) days of the Owner Lessor shalltermination of this Lease, remove such Improvements at the end of the Facility Lease Term. The Facility it shall be presumed that Lessee shall repair any damage has forfeited its ownership rights to the Facility improvements unless Lessor and the Facility Site caused by such Lessee agree to different terms for removal, all at the Facility Lessee's sole cost and expense; provided that such removal shall not (i) materially diminish the value, remaining economic useful life or utility of the Facility as a whole (assuming the Facility is, at such time, in the condition required by the terms of this Facility Lease) or (ii) cause the Facility to become "limited use property" within the meaning of Rev. Proc. 2001-28, 2001-19 IRB 1156 or Rev. Proc. 2001-29, 2001-19 IRB 1160. If the Facility Lessee shall have failed to remove any Optional Improvement which is a Severable Improvement as above provided prior to the return of the Undivided Interest pursuant to SECTION 5.1, title to an undivided interest equal to the Owner Lessor's Percentage in such Optional Improvement shall (at no cost to the Owner Lessor, the Owner Participant or the OP Guarantor) vest in the Owner Lessor.

Appears in 1 contract

Samples: Ground Lease (Natural Grocers by Vitamin Cottage, Inc.)

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Title to Improvements. Title All structures, installations and improvements of any kind placed on the sub-leased premise by SUBLESSEE shall be deemed owned by SUBLESSEE and, at the option of SUBLESSOR, with written permission of the Port Director, are to an undivided interest equal be removed at SUBLESSEE's expense upon termination of this Sublease. If SUBLESSOR exercises such option SUBLESSEE shall remove such structures, buildings, installations or improvements within sixty (60) days after the expiration of the term of this Sublease or sooner termination thereof. If SUBLESSEE fails to remove such structures, buildings or improvements with the 60 day period, SUBLESSOR shall have the right to have such structures, buildings, installations or improvements removed at the expense of SUBLESSEE. If any structures, buildings, installations or improvements owned by SUBLESSEE are not removed by SUBLESSEE or SUBLESSOR pursuant to this paragraph upon termination of this Sublease, then title thereto shall vest in SUBLESSOR without any cost to SUBLESSOR and SUBLESSEE shall not be entitled to any payment thereon. In such case, SUBLESSOR shall immediately pay any debts or obligation relating to such improvements if such debts or obligations are secured by a perfected lien describing such improvements. Machines, appliances, equipment and trade fixtures of any kind placed on the subleased premises by SUBLESSEE shall be owned by, and title thereto, shall be vested in SUBLESSEE and shall be removed by SUBLESSEE within sixty (60) days after the expiration of the term of this Sublease or sooner termination thereof; provided, however, SUBLESSEE agrees to repair any and all damage to the Owner Lessor's Percentage in (i) all Required Improvements, (ii) all Non-Severable Improvements and (iii) all other Improvements which are financed premises occasioned by the Owner Lessor by an Additional Equity Investment or a Supplemental Financing pursuant to SECTION 12.1 removal thereof. If any such machines, appliances, equipment and trade fixtures are not removed within sixty (60) days after the termination of this Sublease, the Participation Agreement same may be considered abandoned and shall (at no thereupon become the property of SUBLESSOR without cost to the Owner LessorSUBLESSOR and without any payment to SUBLESSEE, the Owner Participant or the OP Guarantor and with no adjustment to the Purchase Price, or except as expressly provided herein, Basic Lease Rent, Renewal Rent, Proportional Rent, Allocated Rent, Lessor Section 467 Loan Balance, Lessee Section 467 Loan Balance, Lessor Section 467 Interest, Lessee Section 467 Interest or Termination Values) automatically vest in the Owner Lessor upon being affixed to or incorporated into the Facility, and such undivided interest shall immediately (a) become subject to this Facility Lease and (b) be deemed part of the Undivided Interest for all purposes of this Facility Lease. The Facility Lessee shall, at its own cost and expense, take such steps as the Owner Lessor may reasonably require from time to time to confirm that title to such Improvement has vested in the Owner Lessor and is subject to this Facility Lease. No interest in any Optional Improvement which is a Severable Improvement (other than Severable Improvements which are financed by the Owner Lessor by an Additional Equity Investment or a Supplemental Financing pursuant to SECTION 12.1 of the Participation Agreement) shall vest in the Owner Lessor or become subject to this Facility Lease; PROVIDED, HOWEVER, that if the Facility Lessee shall, at its cost and expense, cause such Optional Improvements which are Severable Improvements to be made to the Facility, the Owner Lessor SUBLESSOR shall have the right, prior right to have the return same removed at the expense of the Undivided Interest to the Owner Lessor hereunder, to purchase an undivided interest equal to the Owner Lessor's Percentage in any such Optional Improvements which are Severable Improvements. The purchase price for such undivided interest shall be the then Fair Market Sales Value of such undivided interest. If the Owner Lessor does not elect to purchase such Optional Improvements which are Severable Improvements, the Facility Lessee may, and at the request of the Owner Lessor shall, remove such Improvements at the end of the Facility Lease Term. The Facility Lessee shall repair any damage to the Facility and the Facility Site caused by such removal, all at the Facility Lessee's sole cost and expense; provided that such removal shall not (i) materially diminish the value, remaining economic useful life or utility of the Facility as a whole (assuming the Facility is, at such time, in the condition required by the terms of this Facility Lease) or (ii) cause the Facility to become "limited use property" within the meaning of Rev. Proc. 2001-28, 2001-19 IRB 1156 or Rev. Proc. 2001-29, 2001-19 IRB 1160. If the Facility Lessee shall have failed to remove any Optional Improvement which is a Severable Improvement as above provided prior to the return of the Undivided Interest pursuant to SECTION 5.1, title to an undivided interest equal to the Owner Lessor's Percentage in such Optional Improvement shall (at no cost to the Owner Lessor, the Owner Participant or the OP Guarantor) vest in the Owner LessorSUBLESSEE.

Appears in 1 contract

Samples: Mobile Pet Systems Inc

Title to Improvements. Title to an undivided interest equal to the Owner Lessor's Percentage in (i) all Required Improvements, (ii) all Non-Non- Severable Improvements and (iii) all other Improvements which are financed by the Owner Lessor by an Additional Equity Investment or a Supplemental Financing pursuant to SECTION Section 12.1 of the Participation Agreement shall (at no cost to the ------------ Owner Lessor, the Owner Participant Participant, the Equity Investor or the OP Guarantor and with no adjustment to the Purchase Price, or or, except as expressly provided herein, Basic Periodic Lease Rent, Renewal Rent, Proportional Rent, Allocated Rent, Lessor Section 467 Loan Balance, Lessee Section 467 Loan Balance, Lessor Section 467 Interest, Lessee Section 467 Interest or Termination Values) automatically vest in the Owner Lessor upon being affixed to or incorporated into the Facility, and such undivided interest shall immediately (a) become subject to this Facility Lease and (b) be deemed part of the Undivided Interest for all purposes of this Facility Lease. The Facility Lessee shall, at its own cost and expense, take such steps as the Owner Lessor may reasonably require from time to time to confirm that title to in such Improvement undivided interest has vested in the Owner Lessor and that such undivided interest is subject to this Facility Lease. No interest in any Optional Improvement which is a Severable Improvement (other than Severable Improvements which are financed by the Owner Lessor by an Additional Equity Investment or a Supplemental Financing pursuant to SECTION Section ------- 12.1 of the Participation Agreement) shall vest in the Owner Lessor or become ---- subject to this Facility Lease; PROVIDEDprovided, HOWEVERhowever, that if the Facility Lessee shall, at its cost and expense, cause such Optional Improvements which are Severable Improvements to be made to the Facility, the Owner Lessor shall have the right, prior to the return of the Undivided Interest to the Owner Lessor hereunder, to purchase an undivided interest equal to the Owner Lessor's Percentage in any such Optional XXXXXXXXX FACILITY LEASE (L1) ----------------------------- Improvements which are Severable Improvements. The purchase price for such undivided interest shall be the then Fair Market Sales Value of such undivided interest. If the Owner Lessor does not elect to purchase such Optional Improvements which are Severable Improvements, the Facility Lessee may, and at the request of the Owner Lessor shall, remove such Improvements at the end of the Facility Lease Term. The Facility Lessee shall repair any damage to the Facility and the Facility Site caused by such removal, all at the Facility Lessee's sole cost and expense; provided provided, that such removal shall not (i) materially diminish the value, remaining economic useful life or utility of the Facility as by more than a whole de minimus amount (assuming the Facility is, at such time, in the condition required by the terms of this Facility LeaseImprovement so removed had not been made) or (ii) cause the Facility to become "limited use use" property" , within the meaning of Rev. Proc. 200175-28, 20011975-19 IRB 1156 1 C.B. 752 or Rev. Proc. 200176-2930, 20011976-19 IRB 11602 C.B. 647. If the Facility Lessee shall have failed to remove any Optional Improvement which is a Severable Improvement as above provided prior to the return of the Undivided Interest pursuant to SECTION Section 5.1, title to an undivided interest equal ----------- to the Owner Lessor's Percentage in such Optional Improvement shall (at no cost to the Owner Lessor, the Owner Participant Participant, the Equity Investor or the OP Guarantor) vest in the Owner Lessor.

Appears in 1 contract

Samples: Facility Lease Agreement (Mirant Mid Atlantic LLC)

Title to Improvements. Title to an undivided interest equal to the Owner Lessor's Percentage in (i) all Required Improvements, (ii) all Non-Severable Improvements and (iii) all other Improvements which are financed by the Owner Lessor by an Additional Equity Investment or a Supplemental Financing pursuant to SECTION 12.1 of the Participation Agreement shall (at no cost to the Owner Lessor, the Owner Participant or the OP Guarantor and with no adjustment to the Purchase Price, or except as expressly provided herein, Basic Lease Rent, Renewal Rent, Proportional Rent, Allocated Rent, Lessor Section 467 Loan Balance, Lessee Section 467 Loan Balance, Lessor Section 467 Interest, Lessee Section 467 Interest or Termination Values) automatically vest in the Owner Lessor upon being affixed to or incorporated into the Facility, and such undivided interest shall immediately (a) become subject to this Facility Lease and (b) be deemed part of the Undivided Interest for all purposes of this Facility Lease. The Facility Lessee shall, at its own cost and expense, take such steps as the Owner Lessor may reasonably require from time to time to confirm that title to such Improvement has vested in the Owner Lessor and is subject to this Facility Lease. No interest in any Optional Improvement which is a Severable Improvement (other than Severable Improvements which are financed by the Owner Lessor by an Additional Equity Investment or a Supplemental Financing pursuant to SECTION 12.1 of the Participation Agreement) shall vest in the Owner Lessor or become subject to this Facility Lease; PROVIDEDprovided, HOWEVERhowever, that if the Facility Lessee shall, at its cost and expense, cause such Optional Improvements which are Severable Improvements to be made to the Facility, the Owner Lessor shall have the right, prior to the return of the Undivided Interest to the Owner Lessor hereunder, to purchase an undivided interest equal to the Owner Lessor's Percentage in any such Optional Improvements which are Severable Improvements. The purchase price for such undivided interest shall be the then Fair Market Sales Value of such undivided interest. If the Owner Lessor does not elect to purchase such Optional Improvements which are Severable Improvements, the Facility Lessee may, and at the request of the Owner Lessor shall, remove such Improvements at the end of the Facility Lease Term. The Facility Lessee shall repair any damage to the Facility and the Facility Site caused by such removal, all at the Facility Lessee's sole cost and expense; provided that such removal shall not (i) materially diminish the value, remaining economic useful life or utility of the Facility as a whole (assuming the Facility is, at such time, in the condition required by the terms of this Facility Lease) or (ii) cause the Facility to become "limited use property" within the meaning of Rev. Proc. 2001-28, 2001-19 IRB 1156 or Rev. Proc. 2001-29, 2001-19 IRB 1160. If the Facility Lessee shall have failed to remove any Optional Improvement which is a Severable Improvement as above provided prior to the return of the Undivided Interest pursuant to SECTION Section 5.1, title to an undivided interest equal to the Owner Lessor's Percentage in such Optional Improvement shall (at no cost to the Owner Lessor, the Owner Participant or the OP Guarantor) vest in the Owner Lessor.

Appears in 1 contract

Samples: Facility Lease Agreement (Eme Homer City Generation Lp)

Title to Improvements. Title to an undivided interest equal On the commencement date of the term of this Lease, all, existing structures, buildings, installations, and improvements of any kind located on the leased premises are owned by and title thereto is vested in Lessee, except for a building of approximately 2,879 square feet located at the foot of the southerly extension of 28th Xxxxxx xx Parcel No. 1, formerly known as "Lyon's Cafe" and now commonly known as "NASSCO Building 42," which building is owned by Lessor. All said existing structures, buildings, installations and improvements as well as structures, buildings, installations and improvements of any kind placed on the leased premises by Lessee subsequent to the Owner Lessor's Percentage in (i) all Required Improvements, (ii) all Non-Severable Improvements and (iii) all other Improvements which are financed by the Owner Lessor by an Additional Equity Investment or a Supplemental Financing pursuant to SECTION 12.1 commencement date of the Participation Agreement term of this Lease shall at the option of Lessor be removed by Lessee at Lessee's expense. Lessor may exercise said option as to any or all of the structures, buildings, installations and improvements either before or after the expiration or sooner termination of this Lease. If Lessor exercises such option, Lessee shall remove such structures, buildings, installations or improvements within sixty (at no cost 60) days after the expiration of the term of this Lease or sooner termination thereof. If Lessee fails to the Owner Lessorremove such structures, the Owner Participant buildings, installations or the OP Guarantor and with no adjustment to the Purchase Price, or except as expressly provided herein, Basic Lease Rent, Renewal Rent, Proportional Rent, Allocated Rentimprovements within said sixty (60) days, Lessor Section 467 Loan Balanceshall have the right to have such structures, buildings, installations or improvements removed at the expense of Lessee. As to any or all structures, buildings, installations or improvements owned by Lessee Section 467 Loan Balancefor which Lessor does not exercise said option for removal, Lessor Section 467 Interest, Lessee Section 467 Interest or Termination Values) automatically vest in the Owner Lessor upon being affixed to or incorporated into the Facility, and such undivided interest shall immediately (a) become subject to this Facility Lease and (b) be deemed part of the Undivided Interest for all purposes of this Facility Lease. The Facility Lessee shall, at its own cost and expense, take such steps as the Owner Lessor may reasonably require from time to time to confirm that title to such Improvement has vested in the Owner Lessor and is subject to this Facility Lease. No interest in any Optional Improvement which is a Severable Improvement (other than Severable Improvements which are financed by the Owner Lessor by an Additional Equity Investment or a Supplemental Financing pursuant to SECTION 12.1 of the Participation Agreement) thereto shall vest in the Owner Lessor without cost to Lessor and without any payment to Lessee. Machines, appliances, equipment and trade fixtures of any kind now existing or hereafter placed on the leased premises by Lessee are owned by and title thereto is vested in Lessee and shall be removed by Lessee within sixty (60) days after the expiration of the term of this Lease or sooner termination thereof; provided, however, Lessee agrees to repair any and all damage occasioned by the removal thereof. If any such machines, appliances, equipment and trade fixtures are not removed within sixty (60) days after the termination of this Lease, the same may be considered abandoned and shall thereupon become subject to this Facility Lease; PROVIDED, HOWEVER, that if the Facility Lessee shall, at its property of Lessor without cost and expense, cause such Optional Improvements which are Severable Improvements to be made to the Facility, the Owner Lessor and without any payment to Lessee; except that Lessor shall have the rightright to have the same removed at the expense of Lessee. During any period of time employed by Lessee under this Paragraph to remove structures, prior buildings, installations, improvements, machines, appliances, equipment and trade fixtures, Lessee shall continue to pay the return of the Undivided Interest full rental to the Owner Lessor hereunder, to purchase an undivided interest equal to the Owner Lessor's Percentage in any such Optional Improvements accordance with this Lease which are Severable Improvements. The purchase price for such undivided interest said rental shall be the then Fair Market Sales Value of such undivided interest. If the Owner Lessor does not elect to purchase such Optional Improvements which are Severable Improvements, the Facility Lessee may, and at the request of the Owner Lessor shall, remove such Improvements at the end of the Facility Lease Term. The Facility Lessee shall repair any damage to the Facility and the Facility Site caused by such removal, all at the Facility Lessee's sole cost and expense; provided that such removal shall not (i) materially diminish the value, remaining economic useful life or utility of the Facility as a whole (assuming the Facility is, at such time, in the condition required by the terms of this Facility Lease) or (ii) cause the Facility to become "limited use property" within the meaning of Rev. Proc. 2001-28, 2001-19 IRB 1156 or Rev. Proc. 2001-29, 2001-19 IRB 1160. If the Facility Lessee shall have failed to remove any Optional Improvement which is a Severable Improvement as above provided prior to the return of the Undivided Interest pursuant to SECTION 5.1, title to an undivided interest equal to the Owner Lessor's Percentage in such Optional Improvement shall (at no cost to the Owner Lessor, the Owner Participant or the OP Guarantor) vest in the Owner Lessorprorated daily.

Appears in 1 contract

Samples: General Dynamics Corp

Title to Improvements. Title Notwithstanding anything that is or appears to an undivided interest equal be to the Owner Lessor's Percentage in contrary herein, any and all Improvements erected on the Leased Premises (iwhich after amendment of this Lease and recordation of Tenant’s quitclaim deed pursuant to Section 2.3 hereof shall not include the Agency Garage Parcel) as permitted by this Lease, as well as any and all Required Improvementsalterations or additions thereto or any other Improvements or fixtures on the Leased Premises, (ii) shall be owned by Tenant until the expiration of the Term or sooner termination of this Lease. Following the amendment of this Lease and recordation of Tenant’s quitclaim deed pursuant to Section 2.3 hereof, that portion of the Improvements constructed within the Agency Garage Parcel, as well as any and all Non-Severable alterations or additions thereto or any other Improvements or fixtures within the Agency Garage Parcel, shall be owned by Landlord. Upon the expiration or sooner termination of this Lease, all Improvements and (iii) all other Improvements which alterations, additions or improvements thereto that are financed by the Owner Lessor by an Additional Equity Investment or a Supplemental Financing pursuant to SECTION 12.1 of the Participation Agreement shall (at no cost to the Owner Lessor, the Owner Participant or the OP Guarantor and with no adjustment to the Purchase Price, or except as expressly provided herein, Basic Lease Rent, Renewal Rent, Proportional Rent, Allocated Rent, Lessor Section 467 Loan Balance, Lessee Section 467 Loan Balance, Lessor Section 467 Interest, Lessee Section 467 Interest or Termination Values) automatically vest in the Owner Lessor upon being affixed made to or incorporated into placed on the Facility, and such undivided interest Leased Premises by Tenant or any other person shall immediately (a) become subject to this Facility Lease and (b) be deemed considered part of the Undivided Interest for all purposes of this Facility Lease. The Facility Lessee shall, at its own cost and expense, take such steps as the Owner Lessor may reasonably require from time to time to confirm that title to such Improvement has vested in the Owner Lessor and is subject to this Facility Lease. No interest in any Optional Improvement which is a Severable Improvement (other than Severable Improvements which are financed by the Owner Lessor by an Additional Equity Investment or a Supplemental Financing pursuant to SECTION 12.1 real property of the Participation Agreement) Leased Premises and shall vest in remain on the Owner Lessor or Leased Premises and become subject to this Facility Lease; PROVIDED, HOWEVER, that if the Facility Lessee shall, at its cost and expense, cause such Optional Improvements which are Severable Improvements to be made to the Facility, the Owner Lessor shall have the right, prior to the return property of the Undivided Interest to the Owner Lessor hereunder, to purchase an undivided interest equal to the Owner Lessor's Percentage in any such Optional Improvements which are Severable Improvements. The purchase price for such undivided interest shall be the then Fair Market Sales Value of such undivided interest. If the Owner Lessor does not elect to purchase such Optional Improvements which are Severable Improvements, the Facility Lessee may, and at the request of the Owner Lessor shall, remove such Improvements at the end of the Facility Lease Term. The Facility Lessee shall repair any damage to the Facility and the Facility Site caused by such removal, all at the Facility Lessee's sole cost and expenseLandlord; provided that Tenant (or its Subtenants, as the case may be) shall retain ownership of and shall be required to remove furniture, equipment, machinery, trade fixtures and removable personal property except as may be left on the Leased Premises with Landlord’s prior written approval. Except as otherwise expressly provided in this Lease, any non-disturbance agreement approved by Landlord, any easement approved by Landlord, or any written instrument executed by Landlord which expressly states that Landlord is waiving its rights under this Section 6.8 to receive such removal Improvements free and clear of all other claims, said Improvements shall not (i) materially diminish the value, remaining economic useful life become Landlord's property free and clear of any and all rights to possession and all claims to or utility of the Facility as against them by Tenant or any third person or entity. Tenant hereby covenants and agrees to promptly execute and acknowledge a whole (assuming the Facility is, at such time, in the condition quitclaim deed or any other documentation reasonably required by Landlord to effectuate the terms provisions of this Facility Section, which covenant shall survive termination of this Lease) or (ii) cause the Facility to become "limited use property" within the meaning of Rev. Proc. 2001-28, 2001-19 IRB 1156 or Rev. Proc. 2001-29, 2001-19 IRB 1160. If the Facility Lessee shall have failed to remove any Optional Improvement which is a Severable Improvement as above provided prior to the return of the Undivided Interest pursuant to SECTION 5.1, title to an undivided interest equal to the Owner Lessor's Percentage in such Optional Improvement shall (at no cost to the Owner Lessor, the Owner Participant or the OP Guarantor) vest in the Owner Lessor.

Appears in 1 contract

Samples: Assignment and Assumption Agreement

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