LANDLORD SHALL ADVISE TENANT, WHETHER LANDLORD WISHES THE NEWLY INSTALLED ITEMS
TO BE REMOVED AT THE EXPIRATION OR EARLIER TERMINATION OF THE LEASE TERM, OR
LEFT IN PLACE AND SURRENDERED TO LANDLORD WITH THE PREMISES.
IF TENANT REPLACES
ANY ITEM OF THE KITCHEN EQUIPMENT DURING THE LAST FIVE (5) YEARS OF THE INITIAL
LEASE TERM AND LANDLORD ELECTS TO REQUIRE TENANT TO LEAVE SUCH REPLACEMENT ITEM
IN PLACE AT THE EXPIRATION OR EARLIER TERMINATION OF THE INITIAL LEASE TERM,
LANDLORD SHALL REIMBURSE TENANT, UPON THE EXPIRATION OR TERMINATION OF THE LEASE
TERM, FOR THE UNAMORTIZED PORTION OF TENANT'S ACTUAL, REASONABLY DOCUMENTED COST
FOR SUCH ITEM, BASED ON A FIVE (5) YEAR AMORTIZATION SCHEDULE (FOR EXAMPLE, IF
TENANT PURCHASES A DISHWASHER FOR $500 IN THE SIXTH (6) YEAR OF THE INITIAL
LEASE TERM AND LANDLORD REQUIRES THAT TENANT LEAVE THE DISHWASHER IN PLACE
RATHER THAN REMOVING IT, LANDLORD SHALL PAY TO TENANT, UPON THE EXPIRATION OF
THE INITIAL LEASE TERM, $100 FOR THE UNAMORTIZED COST OF SUCH DISHWASHER).
IF
TENANT PURCHASES A BUILT-IN APPLIANCE FOR THE KITCHEN THAT IS NOT A REPLACEMENT
FOR AN ITEM OF THE EXISTING KITCHEN EQUIPMENT BUT IS AN ADDITIONAL APPLIANCE:
(I) TENANT SHALL RETAIN OWNERSHIP OF SUCH APPLIANCE DURING THE LEASE TERM; (II)
TENANT SHALL MAINTAIN, OPERATE, INSURE AND ASSUME ALL RESPONSIBILITY FOR SUCH
APPLIANCE DURING THE LEASE TERM; AND (III) AT THE EXPIRATION OF THE LEASE TERM
LANDLORD MAY ELECT TO EITHER CAUSE TENANT TO REMOVE SUCH APPLIANCE (AND REPAIR
ANY DAMAGE CAUSED BY SUCH REMOVAL) OR TO LEAVE SUCH APPLIANCE IN PLACE, WITH
LANDLORD TO PURCHASE SUCH APPLIANCE FROM TENANT FOR ITS THEN-MARKET VALUE AS
MUTUALLY AGREED BY LANDLORD AND TENANT.
IF THE KITCHEN EQUIPMENT IS NOT IN GOOD
WORKING ORDER FOR THE FIRST FIVE (5) YEARS OF THE INITIAL LEASE TERM, LANDLORD
SHALL REIMBURSE TENANT (THE "EQUIPMENT COVENANT") FOR TENANT'S ACTUAL,
REASONABLY DOCUMENTED COST OF PLACING THE KITCHEN EQUIPMENT IN GOOD WORKING
ORDER (INCLUDING, IF NECESSARY, REPLACING ITEMS WHICH CANNOT REASONABLY BE
REPAIRED), UP TO A MAXIMUM AMOUNT OF TEN THOUSAND DOLLARS ($10,000.00).
ARTICLE 16
HOLDING OVER
16.1
HOLDING OVER
IF TENANT HOLDS OVER AFTER THE
EXPIRATION OF THE LEASE TERM OR EARLIER TERMINATION THEREOF, WITH OR WITHOUT THE
EXPRESS OR IMPLIED CONSENT OF LANDLORD, SUCH TENANCY SHALL BE FROM
MONTH-TO-MONTH ONLY, AND SHALL NOT CONSTITUTE A RENEWAL HEREOF OR AN EXTENSION
FOR ANY FURTHER TERM, AND IN SUCH CASE RENT SHALL BE PAYABLE AT A MONTHLY RATE
EQUAL TO ONE HUNDRED TWENTY-FIVE (125%) OF THE RENT APPLICABLE DURING THE LAST
RENTAL PERIOD OF THE LEASE TERM UNDER THIS LEASE FOR THE FIRST ONE HUNDRED
TWENTY (120) DAYS OF ANY SUCH HOLDOVER, AND ONE HUNDRED FIFTY PERCENT (150%)
THEREAFTER.
SUCH MONTH-TO-MONTH TENANCY SHALL BE SUBJECT TO EVERY OTHER
APPLICABLE TERM, COVENANT AND AGREEMENT CONTAINED HEREIN.
NOTHING CONTAINED IN
THIS ARTICLE 16 SHALL BE CONSTRUED AS CONSENT BY LANDLORD TO ANY HOLDING OVER BY
TENANT, AND LANDLORD EXPRESSLY RESERVES THE RIGHT TO REQUIRE TENANT TO SURRENDER
POSSESSION OF THE PREMISES TO LANDLORD AS PROVIDED