Common use of Ownership of Improvements and Fixtures Clause in Contracts

Ownership of Improvements and Fixtures. All Improvements made to and built on the Lands shall belong to the Lessee at all times and may be removed from the Lands by the Lessee at any time during, or at the expiration or termination of, the Term, provided that the Lessee shall, at its own cost and expense, return the Lands to their previous condition if any Improvement is removed. Any Improvements that are not removed by the Lessee from the Lands shall become the absolute property of the Lessor upon the expiration or termination of this Lease, but shall be deemed, as between the Lessor and the Lessee during the Term, to be the separate property of the Lessee and not of the Lessor, but subject to and governed by all the provisions of this Lease applicable thereto. The Lessor’s absolute right of property in the Improvements which arises upon the termination of the Lease takes priority over any other interest in the Improvements which may now or hereafter be created by the Lessee (subject to the Lessee’s right of removal as outline above), provided that all dealings by the Lessee with the Improvements which in any way affect title thereto shall be made expressly subject to the right of the Lessor, and the Lessee shall not assign, encumber or otherwise deal with the Improvements separately from any permitted dealing with the leasehold interest under this Lease, with the intent that only a person who holds an interest in the Improvements shall hold or enjoy an interest in this Lease, subject to the provisions contained herein respecting subleases of parts of the Lands or Improvements by the Lessee.

Ownership of Improvements and Fixtures. All Improvements made to and built on the Lands shall belong (1) Subject to the Lessee at all times and may be removed from the Lands by the Lessee at any time during, or at the expiration or termination ofprovisions of this Article, the Term, provided that Improvements are intended to be the Lessee shall, at its own cost and expense, return the Lands to their previous condition if any Improvement is removed. Any Improvements that are not removed by the Lessee from the Lands shall become the absolute property of the Lessor Tenant. upon the expiration or termination of this the Lease, but and shall be deemed, as between the Lessor Landlord and the Lessee Tenant during the Construction Period and the Term, to be the separate property of the Lessee Tenant and not of the LessorLandlord, but subject to and governed by all the provisions of this Lease applicable thereto. Upon the termination of the lease, the Landlord shall have the option to purchase the Improvements for the fair market value (“FMV”) thereof as determined by a qualified real property appraiser jointly retained by the Tenant and the Landlord to determine the FMV of the Improvements, the FMV of the Lands only and the FMV of the Lands and the Improvements. Should the Landlord not elect to purchase the Improvements, then the Lands shall be listed for sale at the FMV as determined by the appraisal. Upon the completion of the sale, the net proceeds of the sale shall be divided as follows: (a) The LessorLandlord would receive the percentage of the net sale proceeds equal to the FMV of the Lands only over the FMV of the Lands including the Improvements; (b) The balance of the net sale proceeds would be paid to the Tenant. The Landlord’s absolute right of property in to purchase the Improvements which arises will arise upon the termination of the this Lease takes priority over any other interest in the Improvements which may now or hereafter be created by the Lessee (subject to the Lessee’s right of removal as outline above)Tenant, provided that all dealings by the Lessee Tenant with the Improvements which in any way affect title thereto shall be made expressly subject to the this right of the LessorLandlord, and the Lessee Tenant shall not assign, encumber or otherwise deal with the Improvements separately from any permitted dealing with the leasehold interest under this Lease, with to the intent that only a no person who holds an does not at the same time hold a like interest in the Improvements shall hold or enjoy an any interest in this LeaseLease acquired from the Tenant. (3) The Tenant shall, subject to at or immediately before the provisions contained herein respecting subleases of parts expiration of the Lands Term, remove its furniture, chattels and other usual tenants’ fixtures not forming any part of the structure of the Improvements or Improvements by the Lesseeany building services.