Operating Property Clause Samples

The 'Operating Property' clause defines which property or properties are actively used in the operations covered by the agreement. Typically, this clause specifies the location, boundaries, and relevant characteristics of the property, such as a manufacturing facility, office building, or other asset central to the contract's purpose. By clearly identifying the operating property, the clause ensures all parties understand which assets are subject to the agreement's terms, reducing ambiguity and potential disputes over property use or responsibility.
Operating Property. (i) Operating property will be considered by the parties to have been released from the leasehold or other interest of NSR or A&EC to NCRR and to be subject to this Agreement and the Trackage Rights Agreement as of the Effective Date. (ii) From and after the Effective Date, NSR and A&EC will have no ownership or leasehold interest in the properties of NCRR or the right-of-way of NCRR, and will look solely to this Agreement and to its rights and obligations under federal and/or state law for its authority to operate upon or to enter or remain upon the properties of NCRR. (iii) On or before October 1, 2000, NCRR and NSR, through the ad hoc property committee described in Section 19 hereof, shall determine the properties (except the property discussed in Section 7(b) hereof) which are necessary for NSR, by itself or through an affiliate of NSR, to fulfill NSR's obligations as operator of exclusive freight trackage rights under this Agreement (the "Designated NSR Facility Property"). Upon such determination, NSR shall provide to NCRR drawings of Designated NSR Facility Property that depict the shape and dimensions in feet of each such parcel of Designated NSR Facility Property, and shall note, in feet, the distance of the parcel to the nearest railroad milepost and also to the center line of the main track. NCRR and NSR shall then enter into a non-assignable (except as provided in Section 31) license or other written agreement for the continued NSR possession of such property for so long as (a) NSR has exclusive freight trackage rights under this Agreement or any renewal thereof, and (b) such property continues to be needed by NSR for its identified purpose. Such license or other written agreement shall be entered into consistent with and subject to the terms and conditions of this Agreement and the Trackage Rights Agreement as consideration for this Agreement and without additional consideration to be paid to NCRR by NSR. NSR shall be responsible for the management and condition of such property and any ad valorem taxes, assessments, and any other costs related directly or indirectly to such property. (iv) The parties acknowledge that there may be parcels which are subject to leases to third parties which are located within the limits of the right of way ( "3PL Parcels"). The parties intend that 3PL Parcels be treated in a manner similar to the Designated Returned Properties with respect to the allocation of rentals, both those received between January 1, 199...
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Operating Property. Tenant shall, during the entire Term, own (or lease) and maintain (or cause its Subsidiaries and/or subtenants to own (or lease) and maintain) on the Leased Property adequate and sufficient Operating Property, and shall maintain (or cause its Subsidiaries and/or subtenants to maintain) all of such Operating Property in good order, condition and repair, in all cases as shall be necessary and appropriate in order to operate the Leased Property for the Primary Intended Use in compliance with all applicable licensure and certification requirements and in compliance with all applicable Legal Requirements, Insurance Requirements and Gaming Regulations. If any Operating Property requires replacement in order to comply with the foregoing, Tenant shall replace (or cause a Subsidiary and/or subtenant to replace) it with similar property of the same or better quality at Tenant’s (or such Subsidiary’s or subtenant’s) sole cost and expense. Subject to the foregoing, Tenant and its Subsidiaries and subtenants may sell, transfer, convey or otherwise dispose of Operating Property (other than Gaming Licenses and subject to Section 6.3) in their discretion in the ordinary course of their respective business and Landlord shall have no rights to such Operating Property. Tenant shall, upon L▇▇▇▇▇▇▇’s request, from time to time but not more frequently than one time per Lease Year, provide Landlord with a list of the material Operating Property located at the Leased Property. In the case of any such Operating Property that is leased (rather than owned) by Tenant, Tenant shall use commercially reasonable efforts to ensure (or cause its Subsidiaries to ensure) that the lease agreements pursuant to which Tenant (or its Subsidiaries) leases such Operating Property are assignable to third parties in connection with any transfer by Tenant (or its Subsidiaries) to a replacement lessee or operator at the end of the Term. Tenant shall, at its sole cost and expense, remove all Operating Property from the Leased Property at the end of the Term, except to the extent Tenant (or its Subsidiaries) has transferred ownership of such Operating Property to a Successor Tenant or Landlord. Any Operating Property left on the Leased Property at the end of the Term whose ownership was not transferred to a Successor Tenant shall be deemed abandoned by Tenant and shall become the property of Landlord, and Landlord shall have the right to remove and/or dispose of same at Tenant’s sole cost and expense.
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Operating Property. During the pendency of this Agreement and at ------------------ Seller's expense, Seller (a) shall, until the Closing, in good faith, continue to manage and operate the Property as managed and operated on the Effective Date; and (b) will perform its obligations under all agreements that may affect the Property or any part thereof.
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Related to Operating Property

  • B8 Property Where the Client issues Property free of charge to the Contractor such Property shall be and remain the property of the Client and the Contractor irrevocably licences the Client and its agents to enter upon any premises of the Contractor during normal business hours on reasonable notice to recover any such Property. The Contractor shall not in any circumstances have a lien or any other interest on the Property and the Contractor shall at all times possess the Property as fiduciary agent and bailee of the Client. The Contractor shall take all reasonable steps to ensure that the title of the Client to the Property and the exclusion of any such lien or other interest are brought to the notice of all sub-contractors and other appropriate persons and shall, at the Client’s request, store the Property separately and ensure that it is clearly identifiable as belonging to the Client.

  • The Properties Attached hereto as Schedule I is the description of certain Land (the "Subject Property"). Effective upon the execution and delivery of this Lease Supplement by Lessor and Lessee, such Land, together with any Building and other improvements thereon or which thereafter may be constructed thereon shall be subject to the terms and provisions of the Lease and Lessor hereby grants, conveys, transfers and assigns to the Related Lessee those interests, rights, titles, estates, powers and privileges provided for in the Lease with respect to the Subject Property.

  • The Property The Landlord agrees to lease the described property below to the Tenant: (enter the property information) Mailing Address: [PROPERTY MAILING ADDRESS] Residence Type: ☐ Apartment ☐ House ☐ Condo ☐ Other: [OTHER] Bedroom(s): [# OF BEDROOMS] Bathroom(s): [# OF BATHROOMS] The aforementioned property shall be leased wholly by the Tenant (“Premises”).

  • Access to Property, Property’s Management, Property Lender, and Property Tenants Potential Investor agrees to not seek to gain access to any non-public areas of the Property or communicate with Property’s management employees, the holder of any financing encumbering the Property, the Property’s tenants, and the Owner’s partners in the ownership of the Property, without the prior consent of Owner or JLL, which consent may be withheld in the Owner’s sole discretion.

  • Partnership Property All property, real, personal, tangible, intangible, or mixed, acquired by or contributed to the Partnership shall be owned by the Partnership and titled in its name and such property shall not be owned individually by any Partner. Each Partner acknowledges and agrees that the System and all elements thereof, are the exclusive property of the Company and are not Partnership property. Each Partner acknowledges and agrees that the Proprietary Marks are the exclusive property of the Company and are not Partnership property. Each Partner acknowledges and agrees that the Partnership shall not acquire or own any land or buildings. Any land or buildings used in the Partnership business shall be acquired and owned by the Company or an Affiliate of the Company and leased to the Partnership at reasonable rates and terms, and such land and buildings shall not be Partnership property.