REMOVAL OF SUCH ITEMS.
SUBJECT TO THE FOREGOING SENTENCE, THE
PERSONAL PROPERTY SHALL REMAIN IN THE SUBLEASE PREMISES AT ALL TIMES, PROVIDED
THAT SUBTENANT MAY STORE THE SAME OFF-SITE WITH SUBLANDLORD'S PRIOR WRITTEN
CONSENT.
SUBTENANT HAS NOT RELIED UPON OR BEEN INDUCED BY ANY STATEMENTS OR
REPRESENTATIONS OF ANY PERSON WITH RESPECT TO THE PHYSICAL CONDITION OF THE
PERSONAL PROPERTY OR WITH RESPECT TO ANY MATTER AFFECTING THE PERSONAL PROPERTY
THAT MIGHT BE PERTINENT IN CONSIDERING THE USE OF THE PERSONAL PROPERTY.
SUBTENANT HAS RELIED SOLELY ON SUCH EXAMINATIONS AND INSPECTIONS AS SUBTENANT
HAS CHOSEN TO MAKE OR HAVE MADE ON ITS BEHALF.
SUBTENANT ACKNOWLEDGED THAT IT
HAS BEEN AFFORDED THE OPPORTUNITY FOR FULL AND COMPLETE EXAMINATIONS AND
INSPECTIONS AND UPON TAKING POSSESSION OF THE PERSONAL PROPERTY, SUBTENANT SHALL
BE DEEMED TO HAVE ACCEPTED THE PERSONAL PROPERTY IN ITS "AS-IS" CONDITION.
UPON
TERMINATION OF THE SUBLEASE, ALL OF THE PERSONAL PROPERTY SHALL REMAIN ON OR BE
RETURNED TO THE SUBLEASE PREMISES IN THE SAME CONDITION THAT SUCH PERSONAL
PROPERTY WAS IN AS OF THE SUBLEASE COMMENCEMENT DATE, NORMAL WEAR AND TEAR
EXCEPTED.
16
(B)
PRIOR TO THE END OF THE SUBLEASE TERM,
SUBTENANT SHALL REPAIR ANY DAMAGE TO THE PERSONAL PROPERTY RESULTING FROM CAUSES
OTHER THAN ORDINARY WEAR AND TEAR.
SUBTENANT ASSUMES AND SHALL BEAR ALL RISK OF
LOSS OF AND DAMAGE TO THE PERSONAL PROPERTY FROM ANY AND EVERY CAUSE WHATSOEVER
(WHETHER INSURED OR UNINSURED, EXCEPT ORDINARY WEAR AND TEAR), AND, EXCEPT AS
OTHERWISE PROVIDED HEREIN, SHALL BE OBLIGATED TO REPAIR OR REPLACE ANY PERSONAL
PROPERTY SO DAMAGED.
IN THE EVENT ANY PERSONAL PROPERTY IS DAMAGED BY EITHER AN
INSURED OR UNINSURED CAUSE TO THE EXTENT THAT IT IS NOT COMMERCIALLY REASONABLE
TO REPAIR THE SAME (TAKING INTO CONSIDERATION BOTH THE USEFUL LIFE OF THE
RESPECTIVE ITEM OF PERSONAL PROPERTY AND THE THEN REMAINING TERM OF THIS
SUBLEASE), SUBLANDLORD AND SUBTENANT SHALL DISCUSS THE SAME AND REASONABLY AGREE
UPON THE REMOVAL AND DISPOSAL OF SUCH ITEMS OF PERSONAL PROPERTY, BUT NO SUCH
REMOVAL OR DISPOSAL SHALL RESULT IN ANY REDUCTION OF THE SUBTENANT'S RENT
PAYABLE UNDER THIS SUBLEASE, AND SUBTENANT SHALL BE RESPONSIBLE FOR PAYING TO
SUBLANDLORD THE REASONABLE VALUE OF ANY SUCH ITEM TO BE SO DISPOSED (DETERMINED
AS OF THE DATE IMMEDIATELY PRECEDING THE OCCURRENCE OF SUCH DAMAGE), REDUCED BY
ANY SALVAGE VALUE REALIZED BY SUBLANDLORD FROM THE DISPOSAL OF THE SAME.
14.
ALTERATIONS.
NOTWITHSTANDING ANYTHING TO
THE CONTRARY CONTAINED IN THE MASTER LEASE, SUBTENANT SHALL NOT MAKE ANY
ALTERATIONS, IMPROVEMENTS OR INSTALLATIONS (COLLECTIVELY, "SUBTENANT
ALTERATIONS") IN OR TO THE SUBLEASE PREMISES WITHOUT THE PRIOR WRITTEN CONSENT
OF SUBLANDLORD AND MASTER LANDLORD. SUBLANDLORD, AT ITS SOLE OPTION, MAY,
HOWEVER, REQUIRE AS A CONDITION TO THE GRANTING OF ANY SUCH CONSENT, THAT
SUBTENANT PROVIDE TO SUBLANDLORD, AT SUBTENANT'S SOLE COST AND EXPENSE, A LIEN
AND COMPLETION BOND IN AN AMOUNT EQUAL TO ONE AND ONE-HALF (11⁄2) TIMES ANY AND
ALL ESTIMATED COSTS OF ANY SUBTENANT ALTERATIONS, TO INSURE SUBLANDLORD AGAINST
ANY LIABILITY FOR MECHANICS' AND MATERIALMEN'S LIENS