Common use of Required Removables Clause in Contracts

Required Removables. All improvements in and to the Premises, including any Alterations (defined in Section 10.03), but not including Tenant’s Property shall remain upon the Premises at the end of the Term without compensation to Tenant, provided that Tenant, at its expense, shall remove any Cable (defined in Section 10.01 below). In addition, Landlord, by written notice to Tenant at the time Landlord consents to such Alteration, may require Tenant, at Tenant’s expense, to remove any such Alterations that, in Landlord’s reasonable judgment, are of a nature that would require removal and repair costs that are materially in excess of the removal and repair costs associated with standard office improvements (the Cable and such other items collectively are referred to as “Required Removables”). Notwithstanding anything to the contrary herein, in no event shall Tenant be required to remove Landlord Work. Required Removables may include, without limitation, internal stairways, raised floors, personal baths and showers, vaults, rolling file systems and structural alterations and modifications. The Required Removables shall be removed by Tenant before the Termination Date. Tenant shall repair damage caused by the installation or removal of Required Removables. If Tenant fails to perform its obligations in a timely manner, Landlord may perform such work at Tenant’s expense. Tenant, at the time it requests approval for a proposed Alteration, including any Initial Alterations, may request in writing that Landlord advise Tenant whether the Alteration, including any Initial Alterations, or any portion thereof, is a Required Removable. Within ten (10) days after receipt of Tenant’s request, Landlord shall advise Tenant in writing as to which portions of the alteration or other improvements are Required Removables, and such determination shall be binding on Landlord.

Appears in 1 contract

Sources: Office Lease Agreement (Investment Technology Group Inc)

Required Removables. All improvements in and to the Premises, including any Alterations (defined in Section 10.03), but not including Tenant’s Property shall remain upon the Premises at the end of the Term without compensation to Tenant, provided that Tenant, at its expense, shall remove any Cable (defined in Section 10.01 below). In addition, Landlord, by written notice to Tenant at the time Landlord consents to such Alteration, may require Tenant, at Tenant’s expense, to remove any such Alterations that, in Landlord’s reasonable judgment, are of a nature that would require removal and repair costs that are materially in excess of the removal and repair costs associated with standard office improvements (the Cable and such other items collectively are referred to as “Required Removables”). Notwithstanding anything to the contrary herein, in no event shall Tenant be required to remove Landlord Work. Required Removables may include, without limitation, internal stairways, raised floors, personal baths and showers, vaults, rolling file systems and structural alterations and modifications. The Required Removables shall be removed by Tenant before the Termination Date. Tenant shall repair damage caused by the installation or removal of Required Removables. If Tenant fails to perform its obligations in a timely manner, Landlord may perform such work at Tenant’s 's expense. Tenant, at the time it requests approval for a proposed Alteration, including any Initial Alterations, may request in writing that Landlord advise Tenant whether the Alteration, including any Initial Alterations, Alteration or any portion thereof, of the Alteration is a Required Removable. Within ten (10) 10 days after receipt of Tenant’s 's request, Landlord shall advise Tenant in writing as to which portions of the alteration or other improvements Alteration are Required Removables. If any of the Tenant Additions which were installed by Tenant involved the lowering of ceilings, raising of floors or the installation of specialized wall or floor coverings or lights, then Tenant shall also be obligated to return such surfaces to their condition prior to the commencement of this Lease. Tenant shall also be required to close any staircases or other openings between floors. In the event possession of the Premises is not delivered to Landlord when required hereunder, or if Tenant shall fail to remove those items described above, Landlord may (but shall not be obligated to), at Tenant's expense, remove any of such property and store, sell or otherwise deal with such property, and undertake, at Tenant's expense, such determination shall be binding on Landlordrestoration work as Landlord deems necessary or advisable.

Appears in 1 contract

Sources: Office Lease (Bionovo, Inc.)