Common use of Ownership and Removal Clause in Contracts

Ownership and Removal. All additions, fixtures and improvements attached to or installed in or upon the Premises by Tenant or by Landlord shall be Landlord’s property and shall remain upon the Premises at the termination of this Lease without compensation, allowance or credit to Tenant. Landlord may require Tenant, at Tenant’s expense, to remove any of Tenant’s Property or Alterations which have been attached to or installed in the Premises unless Landlord consents to a written request from Tenant at the time of its approval of the Tenant’s plans that a building standard, non-specialty installation need not be so removed. If Tenant fails to remove any Tenant’s Property or Alterations that Tenant is required to remove pursuant to this Section 8.5 by the Expiration Date, or the sooner date of termination of this Lease then Landlord may remove the same and, Tenant shall pay to Landlord the cost of repairs of any damage to the Premises or Building in connection therewith. In lieu of requiring Tenant to remove such Tenant’s Property Table of Contents and Alterations and repair the Premises as aforesaid, Landlord may, by written notice to Tenant delivered at least thirty (30) days before the Expiration Date, require Tenant to pay to Landlord, as Additional Rent hereunder, the cost of such removal and repair in an amount reasonably estimated by Landlord.

Appears in 3 contracts

Sources: Lease Agreement (Alzheon, Inc.), Lease Agreement (Alzheon, Inc.), Lease Agreement (Alzheon, Inc.)