Initial Required Alterations Clause Samples

Initial Required Alterations. Concurrently with the execution of this Lease, Lessor has approved the Alterations described in Exhibit F attached hereto (which, together with any Hazardous Materials remediation, removal or restoration work or Property Enhancements referred to in Section 11.3(b) below, are herein referred to as the “Required Alterations”). The projected costs approved by Lessor for completion of the Required Alterations described in Exhibit F, and the projected costs approved by Lessor for completion of any additional Required Alterations described in Section 11.3(b) below, shall be “Eligible Costs” in respect of such Required Alterations. For the purposes of this Lease, in addition to any Required Alterations that constitute Major Alterations pursuant to the provisions of Section 11.1, all Required Alterations for which Lessor has an obligation to pay or deposit any Reinstatement Amount shall be deemed to be Major Alterations and shall be subject to all provisions of this Section 11 relating to Major Alterations. Except as otherwise expressly provided in the following provisions of this Section 11.3(a), Lessee shall not commence the construction or installation of any Required Alteration, whether described in Exhibit F or in Section 11.3(b) hereof, unless and until there are sufficient funds available on deposit in the Required Alterations Escrow Account for completion of such Required Alteration as well as any then uncompleted Required Alteration for which work is either then currently in progress or for which Lessee has previously deposited funds within the Required Alterations Escrow Account but has not yet commenced performance of the work required to complete such Required Alteration; provided that the amount required to be on deposit in the Required Alterations Escrow Account with respect to the completion of certain Property Enhancements shall be subject to the provisions of Section 4.1(c) of the Purchase Agreement. Lessee hereby agrees to commence construction and installation of each Required Alteration described in Exhibit F (in such priority of construction and installation as shall be reasonably approved by Lessor) as soon as the funds on deposit in the Required Alterations Escrow Account are sufficient to pay the Eligible Costs therefor, provided that in the event that upon the second anniversary of the Term Commencement Date there are not sufficient funds on deposit in the Required Alterations Escrow Account to pay the Eligible Costs of all such Required A...