Common use of Facility Assessment Clause in Contracts

Facility Assessment. Commencing on the fifth (5th) anniversary of the Agreement Commencement Date, and by no later than the anniversary date of each fifth year thereafter during the Term of this Agreement, the LESSEE shall provide the LESSOR with a “Condition Assessment Report” of the leased Premises and site improvements thereon, prepared by either a licensed contractor, engineer or architect (“A/E”), and licensed to do business in the State of Kansas. This Condition Assessment Report shall address the current condition, the contractor’s or A/E’s professional opinion of the useful life remaining of the structures and systems, and the contractor’s or A/E’s professional opinion of repairs, replacements, or refurbishments recommended to maintain the operationally useful state and condition of the Premises. Condition Assessment Reports shall primarily focus on major structural systems and components, including but not limited to: pavements, utilities, building structures, roofs, and heating/ventilation/air conditioning (HVAC), plumbing, and electrical systems.