Ownership of Leased Property. (a) The Landlord, as between the Landlord and the Tenant, shall and hereby does retain all of its rights to the Leased Property notwithstanding the delivery thereof to and possession and use thereof by Tenant, the rights of Tenant being only those of a tenant as set forth in this Lease and any Lease Supplement.
Ownership of Leased Property. OIL hereby declares and warrants that it is the sole legal lessor and holder of the Leased Property and that it is legally entitled to lease the Leased Property pursuant to the terms and conditions of this Agreement.
Ownership of Leased Property. 7 5.1 Ownership of the Property .......................... 7 ------------------------- 5.2 Personal Property .................................. 7 ----------------- ARTICLE 6 CONDITION AND USE OF LEASED PROPERTY ........................ 7 6.1 Condition of the Leased Property ................... 7 -------------------------------- 6.2 Use of the Leased Property ......................... 8 -------------------------- 6.3 Management of Facility ............................. 9 ---------------------- 6.4 Lessor to Grant Easements .......................... 9 ------------------------- ARTICLE 7 LEGAL, INSURANCE AND FINANCIAL REQUIREMENTS ................. 9 7.1
Ownership of Leased Property. The ownership of the leased property during the term of lease belongs to the Lessor. After expiry of term of lease, the ownership of leased property will belong to the Lessee.
Ownership of Leased Property. . . . . . . 6 ---------------------------- 5.1 OWNERSHIP OF THE PROPERTY . . . . . . . . . . . 6 5.2
Ownership of Leased Property. 7 5.1 Ownership of the Property ......................... 7 5.2
Ownership of Leased Property. Lessee acknowledges and agrees that the Leased Property (including that property defined as the Lessee's Personal Property) is the property of Lessor and that Lessee has only the right to the exclusive possession and use of the Leased Property upon the terms and conditions and during the term of this Lease.
Ownership of Leased Property. (a) Lessor and Lessee intend that (i) for financial accounting purposes with respect to Lessee (A) the Lease will be treated as an “operating lease” pursuant to Statement of Financial Accounting Standards No. 13, as amended, (B) Lessor will be treated as the owner and lessor of the Leased Property and (C) Lessee will be treated as the lessee of the Leased Property, but (ii) for federal and all state and local income tax purposes, for bankruptcy purposes and all other purposes (A) this Lease will be treated as a financing arrangement, (B) Lessor will be treated as the owner of the Leased Property and will be entitled to all tax benefits ordinarily available to owners of property similar to the Leased Property for such tax purposes, and (C) all payments of Basic Rent shall be deemed to be interest payments. Consistent with the foregoing, Lessee intends to claim depreciation and cost recovery deductions associated with the Leased Property, and Lessor agrees not to take any inconsistent position on its income tax returns. Neither Lessor, the Agent, any Lender, nor any Holder makes any representation or warranty with respect to the foregoing matters described in this Section 6 and will assume no liability for the Lessee’s accounting treatment of this transaction.
Ownership of Leased Property. CONDITION AND USE
Ownership of Leased Property. 2 THIRD Enforcement and Delivery of Leased Property/optional enforcement...................... 3 FOURTH Use of the Leased Property........................... 3
