Mid-Term Refurbishment. Tenant must budget and expend such funds as necessary to undertake a mid-Term refurbishment of each Retail Space during or about the middle of the Term in order to ensure that each Retail Space presents a first-class appearance to the public. The minimum expenditure does not include financing costs, interest, and inventory or intracompany charges of the Tenant. The scope and extent of the renovation, remodeling, and upgrade and\or redecorating for such mid-Term refurbishment shall be jointly determined by the Commissioner and Tenant.
Appears in 2 contracts
Sources: Concession Lease and License Agreement, Lease and License Agreement