Common use of Surrender of the Leased Property Clause in Contracts

Surrender of the Leased Property. Tenant shall, on the Expiration Date, or on the earlier termination hereof, peaceably and quietly leave (subject to any continuing rights of Tenant to enter onto the Leased Property for the purposes specifically contemplated in this Lease), surrender and yield up unto Landlord the Leased Property in good order and repair, excepting reasonable wear and tear. Upon the termination of this Lease for any reason, (i) Landlord, or a purchaser of Landlord’s interest in the Leased Property, shall purchase all of the Hotel Personalty (including FF&E) owned by Tenant and all of the Operating Supplies owned by Tenant and used in connection with the Leased Property (if any) for an amount equal to the fair market value of such Hotel Personalty and Operating Supplies as of the date of termination, (ii) Tenant shall leave at the Hotel the Hotel Personalty and Operating Supplies not owned by Tenant (which shall be in a condition consistent with the Operational Standards), and (iii) Tenant shall assign the Assigned Items to Landlord. Tenant shall also reasonably cooperate for thirty (30) days with any successor tenant or owner of the Hotel upon the expiration or termination of this Lease to effect a smooth and efficient transition in the operation of the Hotel. Upon termination of this Lease and surrender of the Hotel by Tenant, Landlord shall either assume or cause to be assumed all of the Assigned Items and perform or otherwise cause to be performed all of Tenant’s obligations thereunder relating to any period after the Expiration Date.