Common use of Title to Project Clause in Contracts

Title to Project. (a) NOTWITHSTANDING ANY PROVISION IN THIS AGREEMENT TO THE CONTRARY, THE PROJECT AND ALL ALTERATIONS, ADDITIONS, EQUIPMENT AND FIXTURES BUILT, MADE OR INSTALLED BY THE LESSEE IN, ON, UNDER OR TO THE PREMISES AND TO THE PROJECT SHALL BE THE SOLE PROPERTY OF THE LESSEE AND THE LESSEE SHALL HOLD TITLE TO THE PROJECT AND ALL SUCH IMPROVEMENTS UNTIL THE EXPIRATION OR EARLIER TERMINATION OF THIS AGREEMENT. (b) The County agrees that Lessee, at any time prior to the forty- fifth (45th) day after the expiration or other termination of this Agreement, may remove from the Premises any and all office, maintenance, construction or similar equipment (but not appliances and fixtures installed in the respective residential units) which Lessee has furnished or installed together with all personal and other property in which the Lessee has an interest, provided that Lessee shall repair any physical damage to the Premises caused by the removal of such equipment and property. Thereafter, and provided the Lessee has not exercised its option to purchase the County’s interest in the Project set forth in Section 20(d) above, the Project and all alterations, additions, equipment and fixtures thereto shall be deemed to be and shall automatically become the property of the County, without cost or charge to the County. (c) The County expressly acknowledges and agrees that any and all depreciation, amortization, profits, losses, income, and tax credits for Federal or state tax purposes relating to the Project located on the Premises and any and all additions thereto, substitutions therefor, fixtures therein and other property relating thereto shall be deducted by or credited exclusively to Lessee during the Lease Term.