PURCHASE OF TENANT’S PERSONAL PROPERTY Sample Clauses

The 'Purchase of Tenant’s Personal Property' clause outlines the terms under which a landlord may acquire personal property owned by the tenant at the end of a lease. Typically, this clause specifies the types of property involved, the method for determining purchase price (such as appraisal or mutual agreement), and the timing of the transaction. Its core function is to provide a clear process for transferring ownership of tenant-owned items that may be valuable or integral to the premises, thereby preventing disputes and ensuring a smooth transition at lease termination.
PURCHASE OF TENANT’S PERSONAL PROPERTY. Landlord shall have the option to purchase Tenant’s Personal Property and any other property of any of Tenant’s subtenants which are Affiliated Persons of Tenant and which is used in connection with the operation of any Travel Center, at the expiration or sooner termination of this Agreement, for an amount equal to the then fair market value thereof (current replacement cost as determined by agreement of the parties or, in the absence of such agreement, appraisal), subject to, and with appropriate price adjustments for, all liabilities assumed such as equipment leases, conditional sale contracts and other encumbrances securing such liabilities to which such Personal Property or property of such subtenant is subject. In addition, upon the expiration or sooner termination of this Agreement, Landlord shall have the right (i) to require Tenant or any Affiliated Person of Tenant to grant a perpetual license to Landlord or its nominee all software programs and similar intellectual property owned or licensed by Tenant or any such Affiliated Person used at the Travel Centers for an amount equal to the then fair market value thereof (current replacement cost as determined by agreement of the parties or, in the absence of such agreement, appraisal), subject to, and with appropriate price adjustments for, all liabilities assumed, and (ii) to offer employment to any and all employees of Tenant and any Affiliated Person of Tenant employed at the Travel Centers. Tenant shall cause each Affiliated Person of Tenant to enter into any license and sub-license necessary to effectuate the foregoing and shall not interfere with, and shall cause each such Affiliated Person to cooperate with Landlord and its nominees, and not to interfere with, the exercise of such right.
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PURCHASE OF TENANT’S PERSONAL PROPERTY. Landlord shall have the option to purchase Tenant’s Personal Property and any other tangible personal property of any of Tenant’s subtenants which are Affiliated Persons of and Controlled by Tenant which is used in connection with the operation of any Travel Center, at the expiration or sooner termination of this Agreement, for an amount equal to the then fair market value thereof (current replacement cost as determined by agreement of the parties or, in the absence of such agreement, appraisal), subject to, and with appropriate price adjustments for, all liabilities assumed such as equipment leases, conditional sale contracts and other encumbrances securing such liabilities to which such Tenant’s Personal Property or property of such subtenant is subject.
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PURCHASE OF TENANT’S PERSONAL PROPERTY. Upon the expiration or -------------------------------------- sooner termination of this Lease, Landlord shall have the right (but not the obligation) to purchase from Tenant or any Subtenant all or any portion of tangible Tenant's Personal Property (which shall not include software): (i) if owned by Tenant or any Subtenant and not subject to any secured financing, at the fair market value thereof (subject to Section 6.2); ----------- (ii) if owned by Tenant or any Subtenant, but subject to a secured financing, at the greater of the fair market value thereof or the amount of the debt owing under such financing (subject to Section ------- 6.2); and --- (iii) if leased by Tenant or any Subtenant and the applicable lease provides for termination of the lease as to such Property upon the payment of a given sum, at the greater of the fair market value thereof or the amount of the payment so provided; provided, however, ----------------- that at Landlord's option and if the lessor will permit Landlord to assume the obligations under the applicable lease with respect to such Property (separate from the obligations under a master lease if in effect), Tenant shall, upon the request of Landlord, assign (or cause the appropriate Subtenant to assign) the applicable lease (or portion thereof) to Landlord; provided, further, however, that if Landlord's purchase right arises -------------------------- because of a termination of this Lease as a result of an Event of Default, the fair market value under clauses (i) through (iii) above shall be deemed to be the depreciated net book value of Tenant's Personal Property. Landlord may elect to purchase Tenant's Personal Property by giving notice to Tenant not later than, as the case may be, 60 days prior to the expiration of this Lease or 60 days after the termination of this Lease upon any Event of Default. Tenant shall transfer (or cause the appropriate Subtenant to assign) title to such Property by a ▇▇▇▇ of sale without warranty (except as to ownership upon concurrent payment in cash by Landlord; provided, however, if Landlord has any ----------------- unpaid damages resulting from any Event of Default, Landlord may make payment by delivery of a receipt for an offset against such damages. 8
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PURCHASE OF TENANT’S PERSONAL PROPERTY. Upon the expiration or sooner termination of this Lease, Landlord shall have the right (but not the obligation) to purchase from Tenant all or any portion of tangible Tenant's Personal Property (which shall not include software): (i) if owned by Tenant and not subject to any secured financing, at the fair market value thereof; (ii) if owned by Tenant, but subject to a secured financing, at the greater of the amount of the debt owing under such financing and the fair market value thereof; and (iii) if leased by Tenant and the applicable lease provides for termination of the lease as to such property upon the payment of a given sum, at the greater of the amount of the payment so provided, and the fair market value thereof; provided, that at Landlord's option and if the lessor of such Tenant's Personal Property will permit Landlord to assume the obligations under the applicable lease with respect to such property (separate from the obligations under a master lease if in effect), Tenant shall, upon the request of Landlord, assign the applicable lease (or portion thereof) to Landlord. Landlord may elect to purchase Tenant's Personal Property by giving notice to Tenant not later than, as the case may be, ninety (90) days prior to the expiration of this Lease or upon the termination of this Lease following any Event of Default. Tenant shall transfer title to such property by a ▇▇▇▇ of sale without warranty (except as to ownership) upon concurrent payment in cash by Landlord.
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PURCHASE OF TENANT’S PERSONAL PROPERTY. Landlord shall have the option to purchase Tenant’s Personal Property, at the expiration or sooner termination of this Agreement, for an amount equal to the then fair market value thereof (current replacement cost as determined by agreement of the parties or, in the absence of such agreement, appraisal), subject to, and with appropriate price adjustments for, all liabilities assumed such as equipment leases, conditional sale contracts and other encumbrances securing such liabilities to which such Personal Property is subject.
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PURCHASE OF TENANT’S PERSONAL PROPERTY. Upon the expiration or sooner --------------------------------------- termination of this Lease, Landlord shall have the right (but not the obligation) to purchase from Tenant all, but not less than all, of tangible Tenant's Personal Property (which shall not include software): (i) if owned by Tenant and not subject to any secured financing entered into in good faith by Tenant with an unaffiliated Person, at the fair market value thereof (subject to Section 6.2); ----------- (ii) if owned by Tenant, but subject to such secured financing, at the greater of the fair market value thereof or the amount of the debt owing under such financing (subject to Section 6.2); and -----------
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PURCHASE OF TENANT’S PERSONAL PROPERTY. Subject to Section 6.2, -------------------------------------- ----------- upon the expiration or sooner termination of this Lease, Landlord shall have the right (but not the obligation) to purchase from Tenant all, but not less than all, of tangible Tenant's Personal Property (which shall not include software): (ii) if owned by Tenant, but subject to such secured financing, at the greater of the fair market value thereof or the amount of the debt owing under such financing (subject to Section 6.2); and ----------- (iii) Event of Default, Landlord may make payment by delivery of a receipt for an offset against such damages to the extent of any cash payment otherwise owed by Tenant to Landlord.
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Related to PURCHASE OF TENANT’S PERSONAL PROPERTY

  • Tenant’s Personal Property Tenant's trade fixtures, furniture, equipment and other personal property in the Premises.

  • Lessee’s Personal Property Lessee will acquire and maintain throughout the Term such Inventory as is required to operate the Leased Property in the manner contemplated by this Lease. Lessee may (and shall as provided hereinbelow), at its expense, install, affix or assemble or place on any parcels of the Land or in any of the Leased Improvements, any items of personal property (including Inventory) owned by Lessee. Lessee, at the commencement of the Term, and from time to time thereafter, shall provide Lessor with an accurate list of all such items of Lessee’s personal property (collectively, the “Lessee’s Personal Property”). Lessee may, subject to the first sentence of this Section 6.2 and the conditions set forth below, remove any of Lessee’s Personal Property set forth on such list at any time during the Term or upon the expiration or any prior termination of the Term. All of Lessee’s Personal Property, other than Inventory, not removed by Lessee within ten (10) days following the expiration or earlier termination of the Term shall be considered abandoned by Lessee and may be appropriated, sold, destroyed or otherwise disposed of by Lessor without first giving Notice thereof to Lessee, without any payment to Lessee and without any obligation to account therefor. Lessee will, at its expense, restore the Leased Property to the condition required by Subsection 2.3(g), including repair of all damage to the Leased Property caused by the removal of Lessee’s Personal Property, whether effected by Lessee or Lessor. Upon the expiration or earlier termination of the Term, Lessor or its designee shall have the option to purchase all Inventory on hand at the Leased Property at the time of such expiration or termination for a sale price equal to the fair market value of such Inventory. Lessee may make such financing arrangements, title retention agreements, leases or other agreements with respect to Lessee’s Personal Property as it sees fit provided that Lessee first advises Lessor of any such arrangement and such arrangement expressly provides that in the event of Lessee’s default thereunder, Lessor (or its designee) may assume Lessee’s obligations and rights under such arrangement.

  • Removal of Tenant’s Property Upon the expiration or earlier termination of this Lease or the termination of Tenant's right of possession of the Premises only, Tenant shall have the right, at its sole cost and expense, for a period of fifteen (15) days thereafter to remove Tenant's Property, Distinctive Property and the Financed Personalty, respectively, from the Premises, provided that Tenant shall pay to Landlord Rent due under Article 3 hereof for the actual number of days which elapse during such fifteen (15) day period until the Tenant's Property, Distinctive Property and the Financed Personalty, as applicable, are removed from the Premises. If and to the extent that Tenant fails to remove any of such property by the expiration of said fifteen (15) day period, Landlord agrees that Tenant Lender, TE Lender and Franchisor each shall have the right for a period of forty (45) days thereafter to remove the same from the Premises, provided, that Tenant shall pay to Landlord Rent due hereunder for the actual number of days which elapse until Tenant Lender, TE Lender or Franchisor remove the same from the Premises during such forty five (45) day period. If and to the extent that any such property remains on the Premises on the sixtieth (60th) day after such termination, the same shall be deemed abandoned, and at Landlord's option shall become the property of Landlord and may be sold or disposed of as Landlord may determine; provided, however, that Landlord shall not use, suffer or permit the use of any Distinctive Property unless the attributes or features thereof associated with Tenant or Franchisor are removed or obliterated. Any and all damage to the Building caused by or resulting from the removal of Tenant's Property, Distinctive Property or Financed Personalty shall promptly be repaired at no cost or expense to Landlord and Tenant shall be liable for such cost and expense unless such repairs are made by Tenant, Franchisor or TE Lender, as the case may be.

  • Removal of Tenant Property by Tenant Upon the expiration of the Lease Term, or upon any earlier termination of this Lease, Tenant shall, subject to the provisions of this Article 15, quit and surrender possession of the Premises to Landlord in as good order and condition as when Tenant took possession and as thereafter improved by Landlord and/or Tenant, reasonable wear and tear and repairs which are specifically made the responsibility of Landlord hereunder excepted. Upon such expiration or termination, Tenant shall, without expense to Landlord, remove or cause to be removed from the Premises all debris and rubbish, and such items of furniture, equipment, business and trade fixtures, free-standing cabinet work, movable partitions and other articles of personal property owned by Tenant or installed or placed by Tenant at its expense in the Premises, and such similar articles of any other persons claiming under Tenant, as Landlord may, in its sole discretion, require to be removed, and Tenant shall repair at its own expense all damage to the Premises and Building resulting from such removal.

  • Personal Property In addition to the real property described in Section II, the Seller shall include the following personal property: