Initial Improvements. Certain improvements shall be constructed in the Premises by Landlord as described in Exhibit B hereto (the “Space Improvements”) for the purpose of initially preparing the Premises for occupancy by Tenant. Prior to the Commencement Date, any work performed by Tenant or any fixtures or personal property moved into the Premises shall be at Tenant’s own risk. Landlord shall use commercially reasonable efforts to complete such improvements on or before the Commencement Date set forth in the Fundamental Lease Provisions, but Landlord shall have no liability to the Tenant hereunder if prevented from doing so for any reason whatsoever, including but not limited to strike or other labor troubles, governmental restrictions, failure or shortage of utility service, national or local emergency, accident, flood, fire or other casualty, adverse weather condition, other act of God, inability to obtain a building permit or a certificate of occupancy, or any other cause beyond the Landlord’s reasonable control. In such event, the Commencement Date and expiration date of the Term shall be postponed for a period equaling the length of such delay. If any delay in completion of the Space Improvements or in delivering possession of the Premises is deemed to be caused by Landlord’s gross negligence and as a result, the Initial Improvements are not completed by July 31, 2011, Tenant shall have the right to cancel this Lease and have no other obligations hereto. However, if any delay in completion of the Space Improvements or in delivering possession of the Premises to Tenant are caused by Tenant, including Tenant’s requesting changes in the Space Improvements which delay completion thereof, then Tenant shall commence all of its obligations hereunder (including the payments of Rent), and all terms herein shall be effective and binding, on that date reasonably calculated by Landlord or its contractor as the date on which Landlord would have substantially completed the Space Improvements if not for such delay.
Initial Improvements a. The design and construction of the improvements shown in the Final Plans defined below (the “Initial Improvements”) shall be at the expense of Tenant except to the extent of the Improvement Allowance defined below.
Initial Improvements. (a) As soon as practicable following the Effective Date, Owner is to undertake certain Construction to upgrade and renovate the Hotel. Manager shall facilitate such Construction on behalf of Owner but Owner shall be responsible for such Construction and the completion thereof. Such Construction is described on Schedule 3.5 (the “Initial Improvements”) and will be effected pursuant to a scope of work and terms, plans, specifications and standards developed by Manager in consultation with Owner and approved by Owner (such approval not to be unreasonably withheld or delayed). The costs of the Initial Improvements shall be paid from the Reserve Fund Account, taking into account the need for Reserve Fund Work at the Hotel. Owner shall diligently prosecute the Initial Improvements, to the extent funds are available therefor in the Reserve Fund Account, and provision therefor shall be included in the Annual Plan. Manager shall have the rights set forth in Section 3.5(b) if the Initial Improvements are not completed by the first anniversary of the Effective Date. In connection with the Initial Improvements, Owner and Manager (or an Affiliate of Manager) may, upon approval by Owner, enter into a purchasing agreement in a form proposed by Manager and approved by Owner, and Manager or such Affiliate will be entitled to receive certain fees thereunder, which fees also shall be in addition to the Management Fees and other amounts payable to Manager under this Agreement. In addition, it is anticipated that an employee of Manager may be utilized to perform certain limited construction supervision services for the Initial Improvements on behalf of Owner. Owner will (i) be entitled to approve such individual and (ii) reimburse Manager for (A) all reasonable travel, lodging, telephone and other expenses incurred by such employee that are directly related to his or her performance of such services and (B) the pro rata portion of such employee’s total monthly compensation (including benefits) based upon the number of days (or partial days and including travel time) in any given month in which such employee performs such services on behalf of Owner.
Initial Improvements. Not applicable.
Initial Improvements. Upon the fulfillment of the Preconditions set forth in Section 5.1.2, below, and payment for and issuance of all permits required under the Laws (whether from County or City in their governmental capacity, or otherwise), Tenant shall construct the Initial Improvements.
Initial Improvements. 4 Land..........................................................................................................................1 Landlord......................................................................................................................1
Initial Improvements. The construction of any Initial Improvements to the Premises shall be undertaken in accordance with the terms and conditions of this Lease and the terms set forth in the Work Letter attached hereto as Exhibit D and incorporated herein by this reference. Unless otherwise stated herein, the parties’ respective obligations for payment of the Initial Improvements shall be governed by the terms of the Work Letter. Except as expressly stated in this Lease and in the Work Letter, Landlord shall have no obligation to improve or otherwise modify the Premises for Tenant’s occupancy.
Initial Improvements. The construction of the initial improvements to the Premises shall be governed by the terms of the Leasehold Improvement Agreement, attached to this Lease as Exhibit B, and not the terms of this Article 11.
Initial Improvements. (a) Preliminary drawings of the floor plans of the Premises are attached as Appendix 1.
Initial Improvements. On the Commencement Date, except as otherwise provided by this Lease, Tenant shall accept possession of the Premises in their “as-is” condition, and Landlord shall not be required to perform any improvements whatsoever to the Premises. Except as provided for in Exhibit “B,” all other work necessary to improve, furnish, fixture, equip, stock, and decorate the Premises for Tenant’s Permitted Use shall be performed by Tenant, at its sole cost and expense, in accordance with Section 4.04 below.
