Common use of Demise of the Premises Clause in Contracts

Demise of the Premises. A. Landlord hereby leases the Premises to Tenant, and Tenant hereby leases and takes the Premises from Landlord, only for the duration of the Term (defined in Section 2) and subject to the terms, conditions and covenants below, and subject to all matters of record or that are apparent by a survey or physical inspection of the Premises. B. Landlord hereby grants to Tenant, only for the duration of the Term and subject to the terms, conditions and covenants below, a revocable, non‑transferable, non‑sublicensable, non‑exclusive license to use all Intellectual Property owned or licensed by Landlord as of the date hereof. C. Upon the expiration or earlier termination of this Lease, (i) all the Ancillary Rights and Obligations, to the extent then still in force and effect, shall be assigned to and become the property and obligation of Landlord, and (ii) Landlord shall have the right, at its option, to purchase all Tenant Owned Tangible Personal Property, if any, for its then Fair Market Value. D. This Lease is made and accepted subject to all indebtedness, liens, easements, rights, rights-of-way, conditions, covenants, mineral interests, royalties, reservations, restrictions and encumbrances of record in the real estate records of the county and state in which the Real Property is located and to all rights of tenants, licensees and concessionaires, in possession under unrecorded Use Agreements as of the date hereof, to the extent valid and enforceable against the Premises. E. In consideration of the foregoing demise of the Premises, Tenant hereby grants Landlord an option to purchase all of any and all Tenant Owned Tangible Personal Property located at or used in connection with the Premises at the then Fair Market Value, to be exercised in connection with Landlord's exercise of remedies pursuant to Section 17, or upon the expiration or earlier termination of this Lease. Landlord and Tenant agree that said option shall be subordinate to all liens and rights of First Mortgagee (hereinafter defined) under the Loan Documents (hereinafter defined).