Common use of Removal and Replacement Clause in Contracts

Removal and Replacement. Lessor's Option to Purchase. Lessee shall not remove from the Leased Property any one or more items of Tangible Personal Property (whether now owned or hereafter acquired), the fair market value of which exceeds TWENTY-FIVE THOUSAND and NO/100 DOLLARS ($25,000.00), individually or ONE HUNDRED THOUSAND and NO/100 DOLLARS ($100,000.00) collectively, except if such Tangible Personal Property is simultaneously suitably replaced or Lessee provides Lessor with an explanation (reasonably satisfactory to Lessor) as to why such Tangible Personal Property is no longer required in connection with the operation of the Leased Property. At its sole cost and expense, Lessee shall restore the Leased Property to the condition required by Article 8, including repair of all damage to the Leased Property caused by the removal of the Tangible Personal Property, whether effected by Lessee or Lessor. Upon the expiration or earlier termination of this Lease, Lessor shall have the option, which may be exercised prior to or within sixty (60) days following such expiration or termination, of (a) acquiring the Tangible Personal Property (pursuant to a bill ▇▇ sale and assignments of any equipment leases, all in such forms as are reasonably satisfactory to Lessor) upon payment of its book value (Lessee's cost, minus depreciation), but not in excess of its fair market value or (b) requiring Lessee to remove the Tangible Personal Property. If Lessor exercises its option to purchase the Tangible Personal Property, the price to be paid by Lessor shall be (i) reduced by the amount of all payments due on any equipment leases or any other Permitted Prior Security Interests and (ii) applied to the Lease Obligations before any payment to Lessee. If Lessor requires the removal of the Tangible Personal Property, then all of the Tangible Personal Property that is not removed by Lessee within ten (10) days following such request 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.

Removal and Replacement. Lessor's Option to PurchaseLESSOR'S OPTION TO PURCHASE. Lessee shall not remove from the Leased Property any one or more items of Tangible Personal Property or Lessor's Personal Property (whether now owned or hereafter acquired), the fair market value of which exceeds TWENTY-FIVE THOUSAND and NO/100 DOLLARS ($25,000.0025,000), individually or ONE HUNDRED THOUSAND and NO/100 DOLLARS ($100,000.00) collectively, except if such Tangible Personal Property is simultaneously suitably replaced or Lessee provides Lessor with an explanation (reasonably satisfactory to Lessor) as to why such Tangible 's Personal Property is no longer required in connection with necessary to enable the operation of the Leased PropertyFacility in accordance with the requirements of this Lease for the Primary Intended Use. At its sole cost and expense, Lessee shall restore the Leased Property to the condition required by Article 8, including repair of all damage to the Leased Property caused by the removal of the Tangible Personal Property or Lessor's Personal Property, whether effected by Lessee or Lessor. Upon the expiration or earlier termination of this Lease, Lessor shall have the option, which may be exercised by giving notice thereof within twenty (20) days prior to or within sixty (60) days following such expiration or termination, of (a) acquiring the Tangible Personal Property (pursuant to a bill ▇▇▇▇ of sale and assignments of any equipment leases, all in such forms as are reasonably satisfactory to Lessor) upon payment of its book value (Lessee's cost, minus depreciation), but not in excess of its fair market value or (b) requiring Lessee to remove the Tangible Personal Property. If Lessor exercises its option to purchase the Tangible Personal Property, the price to be paid by Lessor shall be (i) reduced by the amount of all payments due on any equipment leases or any other Permitted Prior Security Interests assumed by Lessor and (ii) applied to the Lease Obligations before any payment to Lessee. If Lessor requires the removal of the Tangible Personal Property, then all of the Tangible Personal Property that is not removed by Lessee within ten (10) days following such request 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.33

Removal and Replacement. LessorAll of Tenant's Option trade fixtures, furnishings, furniture, signs and other personal property not permanently affixed to Purchasethe Premises (Collectively referred to as "Personal Property") shall be in good condition when installed in or attached to the Premises by Tenant and shall remain the property of Tenant. Lessee If Tenant is not then in default under the terms of this Lease, Tenant shall have the right to remove its Personal Property from the Premises, including without limitation, counters, shelving, showcases, mirrors and other movable Personal Property, but prior to the expiration of the Term Tenant may not remove from the Leased Property any one or more items so much of Tangible its Personal Property (whether now owned without immediately replacing it with comparable or hereafter acquired)better quality Personal Property, the fair market value of which exceeds TWENTY-FIVE THOUSAND and NO/100 DOLLARS ($25,000.00), individually or ONE HUNDRED THOUSAND and NO/100 DOLLARS ($100,000.00) collectively, except if such Tangible Personal Property is simultaneously suitably replaced or Lessee provides Lessor with an explanation (reasonably satisfactory to Lessor) as to why such Tangible Personal Property is no longer required render the Premises unsuitable for conducting the business specified in connection with the operation of the Leased PropertyTenant's Use Clause. At Tenant shall, at its sole cost and expense, Lessee shall restore the Leased Property to the condition required by Article 8, including immediately repair of all any damage to the Leased Property caused by the Premises resulting from removal of the Tangible its Personal Property, whether effected by Lessee or Lessor. Upon and on the expiration or earlier termination of this Leasethe Term shall leave the Premises in a neat and clean condition, Lessor shall have the optionfree of debris, which may be exercised prior reasonable wear and tear and damage from casualty or condemnation (so long as Tenant assigns any and all proceeds and awards payable with respect thereto to or within sixty (60Landlord) days following such expiration or termination, of (a) acquiring the Tangible Personal Property (pursuant to a bill ▇▇ sale and assignments of any equipment leases, all in such forms as are reasonably satisfactory to Lessor) upon payment of its book value (Lessee's cost, minus depreciation), but not in excess of its fair market value or (b) requiring Lessee to remove the Tangible Personal Property. If Lessor exercises its option to purchase the Tangible Personal Property, the price to be paid by Lessor shall be (i) reduced by the amount of all payments due on any equipment leases or any other Permitted Prior Security Interests and (ii) applied to the Lease Obligations before any payment to Lessee. If Lessor requires the removal of the Tangible Personal Property, then all of the Tangible Personal Property that is not removed by Lessee within ten (10) days following such request 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 thereforexcepted.

Removal and Replacement. LessorAll of Tenant's Option trade fixtures, furnishings, furniture, signs and other personal property not permanently affixed to Purchasethe Premises (collectively referred to together with Tenant's vault; as "Personal Property") shall be in good condition when installed in or attached to the Premises by Tenant and shall remain the property of Tenant. Lessee If Tenant is not then in material default under the terms of this Lease, Tenant shall have the right to remove its Personal Property from the Premises, including without limitation, counters, shelving, showcases, mirrors and other movable Personal Property, but prior to the expiration of the Term, if Tenant is in material or monetary default of the lease, Tenant may not remove from the Leased Property any one or more items so much of Tangible its Personal Property (whether now owned without immediately replacing it with comparable or hereafter acquired)better quality Personal Property, the fair market value of which exceeds TWENTY-FIVE THOUSAND and NO/100 DOLLARS ($25,000.00), individually or ONE HUNDRED THOUSAND and NO/100 DOLLARS ($100,000.00) collectively, except if such Tangible Personal Property is simultaneously suitably replaced or Lessee provides Lessor with an explanation (reasonably satisfactory to Lessor) as to why such Tangible Personal Property is no longer required render the Premises unsuitable for conducting the business specified in connection with the operation of the Leased PropertyTenant's Use Clause. At Tenant shall, at its sole cost and expense, Lessee shall restore the Leased Property to the condition required by Article 8, including immediately repair of all any damage to the Leased Property caused by the Premises resulting from removal of the Tangible its Personal Property, whether effected by Lessee or Lessor. Upon and on the expiration or earlier termination of the Term shall leave the Premises in a neat and clean condition, free of debris. Notwithstanding any of the foregoing or any other provisions of this Lease, Lessor shall have the Tenant may, at its option, which may be exercised prior to or within sixty (60) days following such expiration or termination, of (a) acquiring the Tangible Personal Property (pursuant to a bill ▇▇ sale and assignments of any equipment leases, all in such forms as are reasonably satisfactory to Lessor) upon payment of its book value (Lessee's cost, minus depreciation), but not in excess of its fair market value or (b) requiring Lessee to remove the Tangible Personal Property. If Lessor exercises its option to purchase the Tangible Personal Property, the price to be paid by Lessor shall be (i) reduced by the amount of all payments due on any equipment leases or any other Permitted Prior Security Interests and (ii) applied to the Lease Obligations before any payment to Lessee. If Lessor requires the removal of the Tangible Personal Property, then all of the Tangible Personal Property that is not removed affixed to the Premises, provided that Tenant shall repair any damage to the Premises caused by Lessee within ten (10) days following such request removal and provided further, that the Premises shall be considered abandoned in the same condition as the Premises were in when delivered by Lessee and may be appropriatedLandlord to Tenant, sold, destroyed or otherwise disposed of by Lessor without first giving notice thereof to Lesseeexcept for normal wear-and-tear. Landlord acknowledges that, without any payment to Lessee limitation on the foregoing, Tenant will remove its vault in the Premises following termination of the Lease or remove and without any obligation to account therefortake such vault from the Premises, at the sole option of the Landlord.