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, 1995 and the date such parcels are returned to NCRR and those received after such parcels are returned to NCRR, and with respect to the duties of the parties regarding the return of such parcels to the management of NCRR and the obligations to pay property taxes and assume environmental responsibility, except that the parties agree that the indemnity provisions of Section 24(c) will not apply to such parcels.
Appears in 1 contract
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 EXHIBIT 10(i), Page 20 of 44 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, 1995 and the date such parcels are returned to NCRR and those received after such parcels are returned to NCRR, and with respect to the duties of the parties regarding the return of such parcels to the management of NCRR and the obligations to pay property taxes and assume environmental responsibility, except that the parties agree that the indemnity provisions of Section 24(c) will not apply to such parcels.
Appears in 1 contract