Improvements and Personal Property Clause Samples

Improvements and Personal Property. Landlord may dispose of any Personal Property remaining on the Premises after the Expiry Date or date of earlier termination of this Lease in accordance with applicable statutes relating to the disposition of abandoned property. If no such statutes exist, Landlord may retain or dispose of such Personal Property and title to any such Personal Property which Landlord elects to retain shall vest in Landlord. Tenant waives all claims against Landlord for any damage or loss to Tenant arising out of Landlord’s retention or disposition of any such Personal Property as provided for in this Article 13 and shall be liable to Landlord for Landlord’s costs of removing, storing, and disposing of any such Personal Property which Tenant fails to remove from the Premises prior to the Expiry Date or date of earlier termination of this Lease, as well as all costs of restoring the Premises required as a result of removing such Personal Property. All Improvements (including any Attached Fixtures) shall become the property of Landlord upon the Expiry Date or date of earlier termination of this Lease.

Improvements and Personal Property. It is the intention of the parties that Owner will provide the Improvements and Personal Property necessary to operate the Property to the high quality standards recited herein. Therefore, Owner hereby agrees, at its expense, to (i) construct any additional improvements, renovations or reconfigurations deemed necessary by Owner and Operator for the development and operation of the Property, (ii) to furnish and equip same with the Personal Property, and provide any additional furniture, fixtures and equipment required for the operation of the Property, and (iii) to obtain and/or maintain all certificates of occupancy or other permits required for Operator to operate the Property. Both parties acknowledge that the funds allocated to the Capital Reserve shall be utilized first for additional repair and replacement expenditures to the Improvements and the Personal Property, and then for additional improvements. However, Owner acknowledges that it is responsible for all reasonable and necessary capital expenditures required for or on behalf of the Property if such expenditures have not been contemplated in an approved budget prepared by Operator in accordance with the provisions hereof and/or if there are insufficient funds in the Capital Reserve or insufficient Gross Receipts, Owner shall fund the costs required for said repairs, maintenance and capital expenditures as part of Owner's Advances.

Improvements and Personal Property. 12 5.2 Owner's Advances............................................................................... 12

Improvements and Personal Property. Simultaneously herewith, Landlord is selling to Tenant all improvements and fixtures owned by Landlord located on the Real Property (the "IMPROVEMENTS"), all personal property and additional property interests located on and related to the Real Property and assigning all leases, service contracts and other agreements related to the Real Property pursuant to a Bill of Sale and Assignment of Related Property Rights (the "BILL OF ▇▇▇E AND ASSIGNMENT AGREEMENT"). To the extent that Landlord ▇▇▇nsfers any rights, such as zoning, site plan and subdivision approvals and related rights, Tenant shall cooperate in good faith with Landlord to transfer (pursuant to a document in similar form to the Bill of Sale and Assignment Agreement reasonably acceptable to the P▇▇▇▇es) such rights and approvals back to Landlord to the extent necessary to achieve the Map Events upon Landlord's request, together with reasonable evidence of the necessity therefor.

Improvements and Personal Property. (a) Tenant shall have the right upon Landlord's prior consent (which consent shall pertain only to the methods and quality of the demolition, construction, or other work to be conducted on the Leased Premises and which consent shall not be unreasonably withheld, conditioned or delayed), subject to full compliance with applicable law, at any time and from time to time during the Term, to construct, alter, repair, remodel, or replace any Improvements and to demolish, raze, or otherwise remove the same; provided, however, that --------- ------- Landlord's consent shall not be necessary if, following any such construction, alteration, repair, remodelling or replacement, the Improvements will continue to be operated as a Hotel. Title to all Improvements shall be vested in Tenant throughout the Term, and Tenant shall retain all rights to depreciation deductions and tax credits and all other rights and interests of whatever kind arising from or incidental to the ownership thereof. Nevertheless, subject to Sections 3.02, 3.03, 3.04 and 3.05(b) and Section 5.05(b) below, any Improvements remaining as of the expiration or termination of this Lease shall become part of the realty and the sole and absolute property of Landlord and shall be surrendered to Landlord at that time, free and clear of the liens of mortgages, deeds of trust, mechanics, laborers, or materialmen, and all other liens and encumbrances other than the Permitted Title Exceptions or any other liens or encumbrances incurred by or agreed to by Landlord or created under Section 5.04. (b) If a new lease is given to a Leasehold Mortgagee as provided in Section 6.03, title to the Improvements shall vest in the Leasehold Mortgagee, its successors, and assigns. Upon expiration or termination of such new lease, title to any remaining Improvements shall vest in Landlord, except as set forth in any provision in such new lease similar to Sections 3.03, 3.04 or 3.05(b) hereof or this Section 5.05(b). (c) All items of FF&E and other items of personal property purchased by Tenant for use on the Leased Premises shall be Tenant's property. Provided an Event of Default by Tenant shall not have occurred and be continuing, Tenant may remove from the Leased Premises all such FF&E and other items of personal property during the Term and shall repair at Tenant's cost any damage to the Leased Premises caused by such removal.

Improvements and Personal Property. Tenant shall also have the non-exclusive use of (i) any and all improvements located in or serving Phase 1 and Phase 2 as applicable, including but not limited to all heating, air conditioning and ventilation systems, plumbing and electrical systems, lighting fixtures, permanent cabinetry, bathroom fixtures, boiler room, and any other fixtures and systems of a permanent nature (the "Improvements"); (ii) all furniture and other personal property as described in Exhibit “B” attached hereto (the “Personal Property”(the portions of the Building leased by Tenant in Phase 1 and Phase 2 together with the Improvements and Personal Property being herein referred to as the “Leased Premises”).

Improvements and Personal Property. Seller has good and marketable title to the Personal Property and the Improvements, and such Improvements and Personal Property are free of Liens. Except as set forth in this Agreement, the Improvements and Personal Property are being transferred "AS IS" AND WITH ALL FAULTS AND SELLER MAKES NO WARRANTY WITH RESPECT TO THE PHYSICAL CONDITION OF THE IMPROVEMENTS AND PERSONAL PROPERTY, OR TO THE MERCHANTABILITY OF SUCH IMPROVEMENTS AND PERSONAL PROPERTY OR FITNESS OF SUCH IMPROVEMENTS AND PERSONAL PROPERTY FOR ANY PARTICULAR PURPOSE.

Improvements and Personal Property. Seller will convey the improvements and tangible personal property then in place on the Purchased Property, including without limitation any fixtures and furnishings, by a Quit Claim Deed and/or Bill ▇▇ Sale stating that such improvements and tangible personal property are conveyed "as-is, where-is, with all faults" and with no warranties or representation as to the physical condition of the improvements or tangible personal property, or title of the tangible personal property, except for any encumbrance created by Seller on or after February 18, 2000, unless such encumbrance has been previously approved by Buyer in writing, and Seller is not required to remove such encumbrance hereunder.

Improvements and Personal Property. Lessee will be solely responsible for any risk of loss, damage to, or destruction of any of the improvements located upon the Premises and to ▇▇▇▇▇▇’s personal property located upon the Premises. Lessor shall not be responsible for any damage to or destruction of any improvements located upon the Premises or to any personal property of Lessee, its employees or invitees, or for any compensation or claim for inconvenience, loss of business, or annoyance arising from the Lessee’s loss of use of the Premises or any such personal property.