Abandonment of PV System. If the PV System or any portion thereof remains on the Premises after the passage of one hundred twenty (120) days following the end of the Term (or such other shorter time period for removal as may be provided in this Agreement), the PV System may, at the option of CVEC, be deemed to have been abandoned, and title to the PV System shall automatically vest in CVEC and or its assignee, without the necessity of any deed, conveyance, bill of sale or other written instrument transferring title. In the event CVEC deems the PV System abandoned pursuant to this Section 3.15, Developer shall be obligated to provide CVEC with necessary funds to fully cover the cost of decommissioning the PV System and restoring the Premises to its original condition, normal wear and tear excluded.
Appears in 2 contracts
Sources: Solar Power Purchase and Development Agreement, Solar Power Purchase and Development Agreement