Ownership Upon Termination. If Concessionaire's occupancy of any Unit is terminated, City shall have rights to the ownership of the improvements and, if and only if the termination is pursuant to Section 9.1.1 herein, City shall reimburse Concessionaire for the undepreciated net Book Value of the improvements (which improvements cannot be removed without doing structural damage) based upon the straight-line depreciation of the total term of the Agreement, with no residual value, provided (a) Concessionaire has obtained all necessary approvals for their construction,
Appears in 2 contracts
Sources: Concession Agreement, Food & Beverage Concessions Agreement