Condition of Leased Facility Upon Return Sample Clauses

The "Condition of Leased Facility Upon Return" clause defines the required state in which a tenant must return a leased property at the end of the lease term. Typically, this clause obligates the tenant to restore the facility to its original or agreed-upon condition, accounting for normal wear and tear but excluding damage or unauthorized alterations. For example, tenants may need to repair any damage, remove personal property, and ensure the premises are clean. This clause ensures the landlord receives the property in a satisfactory state, minimizing disputes and clarifying responsibilities for repairs or restoration.
Condition of Leased Facility Upon Return. At the time of returning the Leased Facility to Lessor or its designee pursuant to Section 15.1(a), Lessee agrees that: (a) the Leased Facility shall be in a condition at least as good as the condition in which the Leased Facility would have been if Lessee had maintained the Leased Facility in accordance with Article 9 (Ordinary Wear and Tear excepted); (b) there shall exist no Lien with respect to the Leased Facility except Lessor's Liens attributable to Lessor or the Member and Permitted Encumbrances, unless Lessee shall have insured or bonded for any such Liens in a manner reasonably satisfactory to Lessor; and (c) Lessee shall make the Leased Facility available to be inspected and appraised, by the Inspection Independent Engineer, at Lessee's sole cost, at any time during the ninety (90) day period immediately prior to the expiration of the Lease Term (or such earlier date as may be required by the provisions of this Facility Lease). Lessor shall submit to Lessee, with a copy to the PSCW, a written list of approved Inspection Engineers. Lessee shall select one (1) of the Inspection Engineers from Lessor's list and give written notice thereof to Lessor and the PSCW. The PSCW shall either approve of the Inspection Engineer selected by Lessee or choose a different Inspection Engineer from Lessor's list. The Inspection Engineer selected in accordance with this Section 15.3(c) (the "Inspection Independent Engineer") shall inspect and appraise the Leased Facility and, separately, any Lessee-financed Investments, no later than sixty (60) days after PSCW approval and deliver a written report (the "End of Term Inspection Report") to Lessor and Lessee in which the Inspection Independent Engineer shall opine as to: (i) the need for any modifications or maintenance required at that point in time other than modifications or maintenance needed as a result of Ordinary Wear and Tear on the Leased Facility ("Exceptional Maintenance"); (ii) the amount that the Leased Facility's Fair Market Value is diminished as of the date of the End of Term Inspection Report due to the need to undertake Exceptional Maintenance (the "Exceptional Maintenance Amount"); and (iii) the Fair Market Value of any Lessee-financed Investments, taking into account the Fair Market Value of the Leased Facility, as a whole, and the useful life of such Lessee-financed Investments. If the Independent Inspection Engineer reports that Exceptional Maintenance is needed, then the PSCW shall review the End...
View SourceView Similar (7)

Related to Condition of Leased Facility Upon Return

  • Condition of Leased Property Tenant acknowledges receipt and delivery of possession of the Leased Property and Tenant accepts the Leased Property in its “as is” condition, subject to the rights of parties in possession, the existing state of title, including all covenants, conditions, restrictions, reservations, mineral leases, easements and other matters of record or that are visible or apparent on the Leased Property, all applicable Legal Requirements, the lien of any financing instruments, mortgages and deeds of trust existing prior to the Commencement Date or permitted by the terms of this Agreement, and such other matters which would be disclosed by an inspection of the Leased Property and the record title thereto or by an accurate survey thereof. TENANT REPRESENTS THAT IT HAS INSPECTED THE LEASED PROPERTY AND ALL OF THE FOREGOING AND HAS FOUND THE CONDITION THEREOF SATISFACTORY AND IS NOT RELYING ON ANY REPRESENTATION OR WARRANTY OF LANDLORD OR LANDLORD’S AGENTS OR EMPLOYEES WITH RESPECT THERETO AND TENANT WAIVES ANY CLAIM OR ACTION AGAINST LANDLORD IN RESPECT OF THE CONDITION OF THE LEASED PROPERTY. LANDLORD MAKES NO WARRANTY OR REPRESENTATION, EXPRESS OR IMPLIED, IN RESPECT OF THE LEASED PROPERTY OR ANY PART THEREOF, EITHER AS TO ITS FITNESS FOR USE, DESIGN OR CONDITION FOR ANY PARTICULAR USE OR PURPOSE OR OTHERWISE, AS TO THE QUALITY OF THE MATERIAL OR WORKMANSHIP THEREIN, LATENT OR PATENT, IT BEING AGREED THAT ALL SUCH RISKS ARE TO BE BORNE BY TENANT. To the maximum extent permitted by law, however, Landlord hereby assigns to Tenant all of Landlord’s rights to proceed against any predecessor in interest or insurer for breaches of warranties or representations or for latent defects in the Leased Property. Landlord shall fully cooperate with Tenant in the prosecution of any such claims, in Landlord’s or Tenant’s name, all at Tenant’s sole cost and expense. Tenant shall indemnify, defend, and hold harmless Landlord from and against any loss, cost, damage or liability (including reasonable attorneys’ fees) incurred by Landlord in connection with such cooperation.

  • Condition of Leased Premises Tenant hereby acknowledges that ▇▇▇▇▇▇ has examined the leased premises prior to the signing of this Lease, or knowingly waived said examination. Tenant acknowledges that Tenant has not relied on any representations made by Landlord or Landlord’s agents regarding the condition of the leased premises and that Tenant takes premises in its AS-IS condition with no express or implied warranties or representations beyond those contained herein or required by applicable Georgia law. ▇▇▇▇▇▇ agrees not to damage the premises through any act or omission, and to be responsible for any damages sustained through the acts or omissions of Tenant, ▇▇▇▇▇▇’s family or ▇▇▇▇▇▇’s invitees, licensees, and/or guests. If such damages are incurred, Tenant is required to pay for any resulting repairs at the same time and in addition to the next month’s rent payment, with consequences for non-payment identical to those for non- payment of rent described herein. At the expiration or termination of the Lease, Tenant shall return the leased premises in as good condition as when taken by Tenant at the commencement of the lease, with only normal wear-and-tear excepted. Any modification of this lease shall not be binding upon Landlord unless in writing and signed by Landlord or Landlord’s authorized agent. No oral representation shall be effective to modify this Lease. If, as per the terms of this paragraph, any provision of this lease is newly added, modified, or stricken out, the remainder of this Lease shall remain in full force and effect.

  • Extension of Lease Term The Term of the Lease shall be extended (the “Extension Term”) commencing December 11, 2021 (the “Extension Term Commencement Date”) and expiring June 30, 2024.

  • Construction of Lease This Lease has been prepared by Landlord and its professional advisors and reviewed by Tenant and its professional advisors. Landlord, Tenant, and their advisors believe that this Lease is the product of all their efforts, that it expresses their agreement, and agree that it shall not be interpreted in favor of either Landlord or Tenant or against either Landlord or Tenant merely because of their efforts in preparing it.

  • Termination of Lease Should Landlord elect to terminate this Lease pursuant to the provisions of Sections 24.1 (a) or (c) above, Landlord may recover from Tenant, as damages, the following: (a) The worth at the time of award of any unpaid rental which had been earned at the time of the termination, plus (b) the worth at the time of award of the amount by which the unpaid rental which would have been earned after termination until the time of award exceeds the amount of rental loss Tenant proves could have been reasonably avoided, plus (c) the worth at the time of award of the amount by which the unpaid rental for the balance of the Term after the time of award exceeds the amount of rental loss that Tenant proves could be reasonably avoided, plus (d) any other amounts necessary to compensate Landlord for all the detriment proximately caused by Tenant's failure to perform its obligations under this Lease or which, in the ordinary course of things, would be likely to result therefrom including, but not limited to, any costs or expenses incurred by Landlord in (i) retaking possession of the Premises, including reasonable attorneys' fees therefor, (ii) maintaining or preserving the Premises after any default, (iii) preparing the Premises for reletting to a new tenant, including repairs or alterations to the Premises, (iv) leasing commissions, or (v) any other costs necessary or appropriate to relet the Premises, plus (e) at Landlord's election, any other amounts in addition to or in lieu of the foregoing as may be permitted from time to time by the laws of the State of Nevada. As used in subparagraphs (a) and (b) above, the "worth at the time of award" is computed by allowing interest at the maximum lawful rate. As used in subparagraph (c) above, the "worth at the time of award" is computed by discounting such amount at the discount rate of the Federal Reserve Bank situated nearest to the location of the Shopping Center at the time of award plus one percent (1%).