Common use of Surrender of Leased Property Clause in Contracts

Surrender of Leased Property. The rights and interests of Tenant in all or any portion of the Leased Property pursuant to this Lease, and the rights and interests of any Subtenant or any other party claiming any right or interest in all or any portion of the Leased Property by or through Tenant, shall terminate upon the expiration or earlier termination (including rejection in bankruptcy) of this Lease, and at such time, Tenant and all Subtenants must peaceably surrender all or any portion of the Leased Property then in their possession to MAC (unless a Renewal Lease or new lease is issued and executed pursuant to Section 2.2 [Renewal Term] or Section 2.3 [Right of First Refusal], respectively, of this Lease). Prior to surrendering possession of all or any portion of the Leased Property to MAC, Tenant and any Subtenants must, at their expense: (i) Comply with Section 17.2 [Tanks]; (ii) Comply with Section 17.3 [Personal Property]; (iii) Terminate utility services to the Leased Property unless MAC notifies Tenant, not less that twenty-one (21) days prior to the termination date, that MAC would like to have one or more of the utilities transferred into MAC’s name or the name of an entity that will subsequently lease the Leased Property from MAC; (iv) Unless this Lease is terminated pursuant to the terms of Section 14 [Damage, Destruction, or Discontinued Use of Airport], Section 15 [Condemnation], Section 16 [Airport Development or Redevelopment], or Section 18.2 [Assignment Rights] remove all Improvements on the Leased Property and comply with all requirements of Section 12 [Removal of Improvements]. If Tenant does not accomplish this by the termination or expiration of this Lease, MAC becomes the owner of the Improvements (other than tanks, including fuel tanks). This shall not in any way limit Tenant’s liability to MAC for amounts owing to MAC pursuant to the terms and conditions of this Lease.

Surrender of Leased Property. ‌ 17.1. Surrender of Leased Property‌ The rights and interests of Tenant in all or any portion of the Leased Property pursuant to this Lease, and the rights and interests of any Subtenant or any other party claiming any right or interest in all or any portion of the Leased Property by or through Tenant, shall terminate upon the expiration or earlier termination (including rejection in bankruptcy) of this Lease, and at such time, Tenant and all Subtenants must peaceably surrender all or any portion of the Leased Property then in their possession to MAC (unless a Renewal Lease or new lease is issued and executed pursuant to Section 2.2 [Renewal Term] or Section 2.3 [Right of First Refusal], respectively, of this Lease)MAC. Prior to surrendering possession of all or any portion of the Leased Property to MAC, Tenant and any Subtenants must, at their expense: (i) Comply Either: (a) remove or properly abandon any tanks, ▇▇▇▇▇ and septic systems in compliance with all applicable laws; or (b) repair, modify, or upgrade the same (if necessary) and transfer them to a new tenant having a lease on the Leased Property. Tanks, ▇▇▇▇▇, and septic systems are and remain the property of the Tenant or any Subtenant. Tenant’s obligations under this Section 17.2 [Tanks];17.1(i) survive the termination of this Lease; and (ii) Comply with Remove all personal property, trade fixtures, refuse, and debris located on the Leased Property (other than personal property and trade fixtures owned by MAC, if any). Any personal property and trade fixtures subject to this Section 17.3 [Personal Property];17.1(ii) that are not removed by Tenant by the expiration or earlier termination of this Lease become the property of MAC; and (iii) Terminate utility services to the Leased Property unless MAC notifies Tenant, not less that twenty-one (21) days prior to the termination date, that MAC would like to have one or more of the utilities transferred into MAC’s name or the name of an entity that will subsequently lease the Leased Property from MAC;; and (iv) Unless this Lease is terminated pursuant to the terms of Section 14 [Damage, Destruction, or Discontinued Use of Airport], Section 15 [Condemnation], Section 16 [Airport Development or Redevelopment], or Section 18.2 [Assignment Rights] remove all Improvements on the Leased Property and comply with all requirements of Section 12 [Removal of Improvements]. If Tenant does not accomplish this removal by the termination or expiration of this Lease, MAC becomes the owner of the Improvements (other than tanks, including fuel tanks, and any ▇▇▇▇▇ or septic systems). This shall transfer does not in any way limit Tenant’s liability to MAC for amounts owing to MAC pursuant to the terms and conditions of this Lease.

Surrender of Leased Property. ‌ 17.1 Surrender of Leased Property‌ The rights and interests of Tenant in all or any portion of the Leased Property pursuant to this Lease, and the rights and interests of any Subtenant or any other party claiming any right or interest in all or any portion of the Leased Property by or through Tenant, shall terminate upon the expiration or earlier termination (including rejection in bankruptcy) of this Lease, and at such time, Tenant and all Subtenants must peaceably surrender all or any portion of the Leased Property then in their possession to MAC (unless a Renewal Lease or new lease is issued and executed pursuant to Section 2.2 [Renewal Term] or Section 2.3 [Right of First Refusal], respectively, of this Lease)MAC. Prior to surrendering possession of all or any portion of the Leased Property to MAC, Tenant and any Subtenants must, at their expense: (i) Comply Either: (a) remove or properly abandon any tanks, ▇▇▇▇▇ and septic systems in compliance with all applicable laws; or (b) repair, modify, or upgrade the same (if necessary) and transfer them to a new tenant having a lease on the Leased Property. Tanks, ▇▇▇▇▇, and septic systems are and remain the property of the Tenant or any Subtenant. Tenant’s obligations under this Section 17.2 [Tanks];17.1(i) survive the termination of this Lease; and (ii) Comply with Remove all personal property, trade fixtures, refuse, and debris located on the Leased Property (other than personal property and trade fixtures owned by MAC, if any). Any personal property and trade fixtures subject to this Section 17.3 [Personal Property];17.1(ii) that are not removed by Tenant by the expiration or earlier termination of this Lease become the property of MAC; and (iii) Terminate utility services to the Leased Property unless MAC notifies Tenant, not less that twenty-one (21) days prior to the termination date, that MAC would like to have one or more of the utilities transferred into MAC’s name or the name of an entity that will subsequently lease the Leased Property from MAC;; and (iv) Unless this Lease is terminated pursuant to the terms of Section 14 [Damage, Destruction, or Discontinued Use of Airport], Section 15 [Condemnation], Section 16 [Airport Development or Redevelopment], or Section 18.2 [Assignment Rights] remove all Improvements on the Leased Property and comply with all requirements of Section 12 [Removal of Improvements]. If Tenant does not accomplish this removal by the termination or expiration of this Lease, MAC becomes the owner of the Improvements (other than tanks, including fuel tanks, and any ▇▇▇▇▇ or septic systems). This shall transfer does not in any way limit Tenant’s liability to MAC for amounts owing to MAC pursuant to the terms and conditions of this Lease.