Common use of Ownership Upon Termination Clause in Contracts

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 Initial Improvements and the improvements constructed as part of the Mid-Term Refurbishment (which improvements cannot be removed without doing structural damage) based upon a 10-year straight-line depreciation, with no residual value, provided (a) Concessionaire has obtained all necessary approvals for their construction, (b) Concessionaire has reported each 09-11-14 Retail Is1 Amended Concession Agr K:RT/CDG/Concessions/T4578 Rev/FB/ Concessionaire, LAA-8551 improvement, its costs, and the date upon which its depreciation began, (c) that architectural and design costs do not exceed fifteen percent (15%) of the cost of the improvements, (d) all said costs are properly supported and made available for audit, and

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 Initial Improvements and the improvements constructed as part of the Mid-Term Refurbishment (which improvements cannot be removed without doing structural damage) based upon a 10-year straight-line depreciation, with no residual value, provided (a) Concessionaire has obtained all necessary approvals for their construction, (b) Concessionaire has reported each 09-11-14 Retail Is1 Amended Concession Agr K:RT/CDGCPG/Concessions/T4578 T457S Rev/FB/ Concessionaire, LAA-8551 LAA-8552 improvement, its costs, and the date upon which its depreciation began, (c) that architectural and design costs do not exceed fifteen percent (15%) of the cost of the improvements, (d) all said costs are properly supported and made available for audit, and