Common use of VESTING OF REPAIRS, ALTERATIONS, IMPROVEMENTS OR REPLACEMENTS Clause in Contracts

VESTING OF REPAIRS, ALTERATIONS, IMPROVEMENTS OR REPLACEMENTS. Any repairs, alterations, improvements or replacements made by the Tenant to or upon the Premises or any building or structure on the Premises which by their nature are determined to be fixtures shall upon termination of this lease, except and subject as in this lease otherwise specifically provided, be vested in title to the City without any payment of compensation to the Tenant in respect of the repairs, alterations, improvements or replacements; nevertheless, the City shall have the option of requiring or compelling the Tenant upon written notice, to remove such repairs, alterations, improvements or replacements, and the Tenant shall be so bound to remove and shall restore the Premises to its original condition at its sole cost and without any right on the part of the Tenant to seek compensation for any reason whatsoever. Notwithstanding the above, and provided the Tenant is not in default under this Lease, the Tenant may opt, by providing notice no later than six (6) months prior to the expiry of the term, of its intent to remove one or more buildings on the Premises. Such work to be done at the Tenant’s sole cost and in accordance with the Lease.