Capital Repairs Clause Samples
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Capital Repairs. OMS Costs which are customarily characterized as capital in nature under generally accepted accounting principals are referred to herein as "Capital Repairs". The cost of Capital Repairs (which shall include all of L▇▇▇▇▇▇'▇ out of pocket costs of performing the Capital Repairs, including soft costs and permit fees) shall be amortized (using an interest rate of the lesser of L▇▇▇▇▇▇'▇ actual cost or ten percent (10%)) over the useful life of such repair, and Multilayer shall be required to reimburse L▇▇▇▇▇▇ only for the amortization thereof that relates to the term of this Agreement, multiplied by the applicable Allocation Ratio. Capital Repairs shall be performed by L▇▇▇▇▇▇ only to the extent required by law, or otherwise if reasonably required to keep the Thermal Energy Plant in the same working order as it currently is in throughout the Term hereof. L▇▇▇▇▇▇ shall use reasonable efforts to perform Capital Repairs at a commercially reasonable cost. L▇▇▇▇▇▇ shall deliver to Multilayer a statement of the cost of any Capital Repair and the amortization thereof within thirty (30) days of the date the Capital Repair was completed. During each month during the term hereof that there is outstanding amortization for a Capital Repair, said amortization shall be multiplied by the applicable Allocation Ratio for such month and the product thereof shall be paid at the same time that payments for other OMS Costs are due hereunder, commencing on the date the Capital Repair is completed, and prorated for any partial months. By way of example, assuming a Capital Repair with a cost of $100,000, a useful life of ten years, an interest rate of ten percent (10%) and an Allocation Ratio for a particular month during the term hereof of .2, Multilayer would pay L▇▇▇▇▇▇ $264.30 for that month. If the Allocation Ratio in the following month were .1, then Multilayer would pay $132.15 for such month. Notwithstanding the foregoing, Multilayer shall have no obligation to pay for any amortization of Capital Repairs so long as the Lease is in effect and the owner of the fee interest in the Multilayer Property and the Thermal Energy Plant are the same. Further, so long as the Lease is in effect, L▇▇▇▇▇▇ shall not be permitted to perform or charge Multilayer for Capital Repairs (or Capital Repairs and Replacements, as defined in the Lease) except as permitted by the Lease.
Capital Repairs. Notwithstanding anything to the contrary contained herein, if Tenant (A) determines in its reasonable, good faith discretion that (1) a component of Tenant’s maintenance and repair obligations under Section 11.3, excluding repair, maintenance or replacement of any of Tenant Changes, (a “Tenant Work Component”), is in such a condition that a repair or replacement is required and (2) such repair or replacement of an individual Tenant Work Component constitutes a capital repair or capital improvement in accordance with standard accounting principles generally followed by the commercial real estate industry in Santa ▇▇▇▇▇ County, CA, consistently applied (a “Tenant Work Component Capital Repair”), and (B) desires to have Landlord perform such Tenant Work Component Capital Repair, then Tenant shall provide Landlord a reasonable prior written notice (a “Capital Repair Notice”), which Capital Repair Notice shall include or otherwise be accompanied by the following: (I) a written report from a reputable third-party physical inspection firm (which firm Landlord must have reasonably approved to prepare such report prior to commencing its work), detailing the reasons that such firm believes such Tenant Work Component Capital Repair is required, and (II) a request for Landlord to perform such Tenant Work Component Capital Repair. Notwithstanding the foregoing, Landlord shall have no obligation to perform any Tenant Work Component Capital Repair that is primarily caused by Tenant’s failure to maintain the applicable Tenant Work Component in accordance with Section 11.3. Upon receipt of a Capital Repair Notice, Landlord will perform the Tenant Work Component Capital Repair with reasonable promptness and the cost incurred by Landlord shall be amortized by Landlord over the useful life of such Tenant Work Component Capital Repair as reasonably estimated by Landlord in accordance with standard accounting principles generally followed by the commercial real estate industry in Santa ▇▇▇▇▇ County, CA, consistently applied, and the total amortized cost for the remaining term of the Lease shall be payable in a lump sum within thirty (30) days of Tenant’s receipt of invoice from Landlord by Tenant.
Capital Repairs. 40 10.5 Lessee's Self-Help............................................ 40
Capital Repairs its proportionate share of the costs of maintenance, repairs or replacements to items of a capital or structural nature which by their nature require periodic maintenance, repair, or replacement or the purpose of which is to reduce the operating costs of the Development. The Lessor may in the alternative, at its discretion exercised reasonably, amortize the costs of these items over the estimated life of the item repaired or replaced and the Lessee shall in addition pay interest on the unamortized cost at the rate of two (2%) percentage points over the prime lending rate of the Lessor’s Bank; and,
Capital Repairs. Landlord will make necessary Capital Repairs. Capital Repairs shall not include costs attributable to repairs or replacement to the extent covered by insurance or warranties or which are otherwise paid for by a third party, or costs of management or administration of space. Examples of Capital Repairs include, but are not limited to, roof and flashing repairs, sidewalk repairs, door replacement, and electrical, mechanical, or plumbing upgrades and repairs, and HVAC repairs. Capital Repairs will not include those caused through the misuse or neglect, including failure to report, of Operator or Operator’s invitees. If required repairs are occasioned through the misuse or neglect of Operator, its employees or invitees, Operator will be billed for the cost of such repairs.
Capital Repairs. The Parties agree that the Landlord shall be responsible for any capital repairs to the primary structure of the Demised Premises, including repairs to the roof, windows, exterior walls, heating systems, fire suppression systems, below ground water systems and sewer system, provided that said capital repairs are not the result of any actions or inactions by the Tenant which resulted in the need for said capital repairs to the Demised Premises. Regarding the heating system, preventative maintenance of the system shall be the responsibility of the Landlord. Tenant shall only use a contractor expressly approved by the Landlord for the required repairs of the heating system at its expense. Extensive repairs over Two Thousand Dollars ($2,000.00) or replacement of the boiler shall be considered a Landlord capital repair as stated below
Capital Repairs. Routine Maintenance shall include, but shall not be limited to, the following:
Capital Repairs. The City will keep the Baseball Facility in good working order and repair and will complete all necessary Capital Repairs and improvements to the Baseball Facility as are necessary to keep the Baseball Facility a baseball facility comparable to the spring training facilities used by other major league baseball teams in the State of Florida.
Capital Repairs. Notwithstanding anything to the contrary contained in this Lease except for repairs and other work contemplated by sections 7.1(c) and (e) and Article 9, to the extent that the cost of any repair or replacement to the Premises constitute a capital cost in accordance with generally accepted accounting principles, the Landlord shall make such repairs or replacements, provided that all such repairs or replacements shall be consistent with the existing building standard and with the general standards of industrial buildings of similar age, character and location in the city in which the Building is located. The cost of such repair or replacement shall be amortized over the useful life expectancy of the asset repaired or replaced on a straight line basis and the Tenant shall pay to the Landlord in each year of the Term the amortized amount of such cost within thirty (30) days after receipt of an invoice therefor from the Landlord. Any replacement or repair to the Structure of the Building, replacement of any of the base building systems servicing the Building and replacement of asphalt or other paving shall constitute a capital cost.
Capital Repairs. During the Term, the Lessee shall not, subject to ordinary wear and tear, do or suffer any waste or damage, disfigurement or injury to the Baseball Facility. Except as otherwise provided herein, Gateway shall perform or cause to be performed all Capital Repairs required during the Term, at Gateway's expense. All work related to any Capital Repair shall be done in a good workmanlike manner. Gateway hereby agrees to indemnify, defend and hold the Lessee harmless from and against all costs and expenses (including attorneys' fees) arising out of Gateway's failure to perform such Capital Repairs.