Common use of New Improvements Clause in Contracts

New Improvements. As is required to meet the requirements of any financing for the New Improvements obtained by either Lessor or Lessee, ownership of the New Improvements during the Term of this Lease may vest in either Lessor or Lessee, or in a combination of Lessor or Lessee, or be transferred from Lessee to Lessor, either for, or without, payment of consideration. Notwithstanding any provision of the Prior Lease to the contrary, title to all of the New Improvements constructed and funded by Lessee prior to the Lease Commencement Date of this Lease shall remain with Lessee and shall not vest in Lessor as of the expiration or termination of the Prior Lease. During the Term of this Lease, the parties shall cooperate in good faith to structure and/or transfer the ownership of any of the New Improvements in order to meet the requirements of any financing for the New Improvements. Notwithstanding the forgoing, any portion of the New Improvements, the ownership of which vests in Lessor during the Term of this Lease, shall immediately upon such vesting become part of the Premises leased to Lessee hereunder, and any portion of the New Improvements, the ownership of which is vested in Lessee as of the date of termination or expiration of this Lease, shall become the property of Lessor as of such date, without any obligation on the part of Lessor to reimburse or compensate Lessee for such New Improvements or the costs thereof. Notwithstanding any other provision of this Section 10.8, Lessor agrees that if Xxxxxx constructs the new parking structure on the Premises that is part of the New Improvements and Lessee finances such construction and development with Xxxxxx’s own funds or funds borrowed by Lessee, then Lessor, upon Xxxxxx’s written request therefor, which Lessee may give to Lessor at any time after completion of the parking structure, shall acquire title to the new parking structure from Lessee by paying Lessee from Lessor’s GO Bond proceeds the full construction/ development costs therefor, and the parties shall cooperate in good faith to accomplish same in accordance with the legal requirements regarding the use and application of Lessor’s GO Bond funds. Xxxxxx understands and acknowledges that (a) Lessor, as the owner of the Property, is obligated to comply with all Seismic Requirements with respect to the Hospital and the Premises and that the New Improvements are intended to satisfy Lessor’s obligations with respect to such requirements, and (b) the deadline for Lessor’s compliance therewith falls within the Lease Term. Xxxxxx acknowledges and agrees that Xxxxxx has requested and Xxxxxx has agreed that Xxxxxx will perform, at its own cost and expense (other than any General Obligation Bond funding provided by Lessor), all tasks/work required for the New Improvements, including without limitation, designing the New Improvements, planning, applying for, processing and obtaining all necessary and appropriate approvals, entitlements and permits for the New Improvements, seeking and obtaining financing/funding for the New Improvements (except that Lessor will seek to issue General Obligation Bonds to help finance the New Improvements), and implementing, and constructing the New Improvements. The parties agree that they shall tailor Lessee’s obligations and the scope of Xxxxxx’s tasks/work hereunder to meet the requirements of any financing obtained by either party for the New Improvements. Lessor, throughout the term of the Lease, shall take all reasonably necessary and appropriate action to cooperate with and assist Lessee to plan, apply for, process and obtain all necessary and appropriate approvals, entitlements and permits for, seek and obtain financing/funding for, implement, and construct, the New Improvements. Xxxxxx’s duties hereunder shall include, to the extent necessary and appropriate, the execution and delivery of all applications, plans, drawings, submittals, financial statements and information, and other documents or information, and Lessor’s reasonable consent to the granting or establishment of any temporary or permanent easements, licenses or other rights over the Premises, all as is necessary to further and/or support the installation of the New Improvements. Lessee shall reimburse Lessor, as Rent due under this Lease, upon Xxxxxx’s invoicing of same to Lessee, all costs, expenses, fees, and charges Lessor incurs with respect to the New Improvements, and with respect to Lessor’s efforts to seek and obtain financing/funding therefore, including the funding of efforts to educate the public about, and pay the election costs of, any ballot measures related to public funding of such project, the extension or renewal of this Lease, or similar matters.

New Improvements. As is required to meet the requirements of any financing for the New Improvements obtained by either Lessor or Lessee, ownership of the New Improvements during the Term of this Lease may vest in either Lessor or Lessee, or in a combination of Lessor or Lessee, or be transferred from Lessee to Lessor, either for, or without, payment of consideration. Notwithstanding any provision of the Prior Lease to the contrary, title to all of the New Improvements constructed and funded by Lessee prior to the Lease Commencement Date of this Lease shall remain with Lessee and shall not vest in Lessor as of the expiration or termination of the Prior Lease. During the Term of this Lease, the parties shall cooperate in good faith to structure and/or transfer the ownership of any of the New Improvements in order to meet the requirements of any financing for the New Improvements. Notwithstanding the forgoing, any portion of the New Improvements, the ownership of which vests in Lessor during the Term of this Lease, shall immediately upon such vesting become part of the Premises leased to Lessee hereunder, and any portion of the New Improvements, the ownership of which is vested in Lessee as of the date of termination or expiration of this Lease, shall become the property of Lessor as of such date, without any obligation on the part of Lessor to reimburse or compensate Lessee for such New Improvements or the costs thereof. Notwithstanding any other provision of this Section 10.8, Lessor agrees that if Xxxxxx constructs the new parking structure on the Premises that is part of the New Improvements and Lessee finances such construction and development with Xxxxxx’s own funds or funds borrowed by Lessee, then Lessor, upon Xxxxxx’s written request therefor, which Lessee may give to Lessor at any time after completion of the parking structure, shall acquire title to the new parking structure from Lessee by paying Lessee from Lessor’s GO Bond proceeds the full construction/ development costs therefor, and the parties shall cooperate in good faith to accomplish same in accordance with the legal requirements regarding the use and application of Lessor’s GO Bond funds. Xxxxxx understands and acknowledges that (a) Lessor, as the owner of the Property, is obligated to comply with all Seismic Requirements with respect to the Hospital and the Premises and that the New Improvements are intended to satisfy Lessor’s obligations with respect to such requirements, and (b) the deadline for Lessor’s compliance therewith falls within the Lease Term. Xxxxxx Lessee acknowledges and agrees that Xxxxxx has requested and Xxxxxx has agreed that Xxxxxx Lessee will perform, at its own cost and expense (other than any General Obligation Bond funding provided by Lessor), all tasks/work required for the New Improvements, including without limitation, designing the New Improvements, planning, applying for, processing and obtaining all necessary and appropriate approvals, entitlements and permits for the New Improvements, seeking and obtaining financing/funding for the New Improvements (except that Lessor will seek to issue General Obligation Bonds to help finance the New Improvements), and implementing, and constructing the New Improvements. The parties agree that they shall tailor Lessee’s obligations and the scope of Xxxxxx’s tasks/work hereunder to meet the requirements of any financing obtained by either party for the New Improvements. Lessor, throughout the term of the Lease, shall take all reasonably necessary and appropriate action to cooperate with and assist Lessee to plan, apply for, process and obtain all necessary and appropriate approvals, entitlements and permits for, seek and obtain financing/funding for, implement, and construct, the New Improvements. Xxxxxx’s duties hereunder shall include, to the extent necessary and appropriate, the execution and delivery of all applications, plans, drawings, submittals, financial statements and information, and other documents or information, and Lessor’s reasonable consent to the granting or establishment of any temporary or permanent easements, licenses or other rights over the Premises, all as is necessary to further and/or support the installation of the New Improvements. Lessee shall reimburse Lessor, as Rent due under this Lease, upon Xxxxxx’s invoicing of same to Lessee, all costs, expenses, fees, and charges Lessor incurs with respect to the New Improvements, and with respect to Lessor’s efforts to seek and obtain financing/funding therefore, including the funding of efforts to educate the public about, and pay the election costs of, any ballot measures related to public funding of such project, the extension or renewal of this Lease, or similar matters.

New Improvements. As is required to meet the requirements of any financing for the New Improvements obtained by either Lessor or Lessee, ownership of the New Improvements during the Term of this Lease may vest in either Lessor or Lessee, or in a combination of Lessor or Lessee, or be transferred from Lessee to Lessor, either for, or without, payment of consideration. Notwithstanding any provision of the Prior Lease to the contrary, title to all of the New Improvements constructed and funded by Lessee prior to the Lease Commencement Date of this Lease shall remain with Lessee and shall not vest in Lessor as of the expiration or termination of the Prior Lease. During the Term of this Lease, the parties shall cooperate in good faith to structure and/or transfer the ownership of any of the New Improvements in order to meet the requirements of any financing for the New Improvements. Notwithstanding the forgoing, any portion of the New Improvements, the ownership of which vests in Lessor during the Term of this Lease, shall immediately upon such vesting become part of the Premises leased to Lessee hereunder, and any portion of the New Improvements, the ownership of which is vested in Lessee as of the date of termination or expiration of this Lease, shall become the property of Lessor as of such date, without any obligation on the part of Lessor to reimburse or compensate Lessee for such New Improvements or the costs thereof. Notwithstanding any other provision of this Section 10.8, Lessor agrees that if Xxxxxx Lessee constructs the new parking structure on the Premises that is part of the New Improvements and Lessee finances such construction and development with XxxxxxLessee’s own funds or funds borrowed by Lessee, then Lessor, upon XxxxxxLessee’s written request therefor, which Lessee may give to Lessor at any time after completion of the parking structure, shall acquire title to the new parking structure from Lessee by paying Lessee from Lessor’s GO Bond proceeds the full construction/ development costs therefor, and the parties shall cooperate in good faith to accomplish same in accordance with the legal requirements regarding the use and application of Lessor’s GO Bond funds. Xxxxxx Lessee understands and acknowledges that (a) Lessor, as the owner of the Property, is obligated to comply with all Seismic Requirements with respect to the Hospital and the Premises and that the New Improvements are intended to satisfy Lessor’s obligations with respect to such requirements, and (b) the deadline for Lessor’s compliance therewith falls within the Lease Term. Xxxxxx Lessee acknowledges and agrees that Xxxxxx Lessor has requested and Xxxxxx Lessee has agreed that Xxxxxx Lessee will perform, at its own cost and expense (other than any General Obligation Bond funding provided by Lessor), all tasks/work required for the New Improvements, including without limitation, designing the New Improvements, planning, applying for, processing and obtaining all necessary and appropriate approvals, entitlements and permits for the New Improvements, seeking and obtaining financing/funding for the New Improvements (except that Lessor will seek to issue General Obligation Bonds to help finance the New Improvements), and implementing, and constructing the New Improvements. The parties agree that they shall tailor Lessee’s obligations and the scope of XxxxxxLessee’s tasks/work hereunder to meet the requirements of any financing obtained by either party for the New Improvements. Lessor, throughout the term of the Lease, shall take all reasonably necessary and appropriate action to cooperate with and assist Lessee to plan, apply for, process and obtain all necessary and appropriate approvals, entitlements and permits for, seek and obtain financing/funding for, implement, and construct, the New Improvements. XxxxxxLessor’s duties hereunder shall include, to the extent necessary and appropriate, the execution and delivery of all applications, plans, drawings, submittals, financial statements and information, and other documents or information, and Lessor’s reasonable consent to the granting or establishment of any temporary or permanent easements, licenses or other rights over the Premises, all as is necessary to further and/or support the installation of the New Improvements. Lessee shall reimburse Lessor, as Rent due under this Lease, upon XxxxxxLessor’s invoicing of same to Lessee, all costs, expenses, fees, and charges Lessor incurs with respect to the New Improvements, and with respect to Lessor’s efforts to seek and obtain financing/funding therefore, including the funding of efforts to educate the public about, and pay the election costs of, any ballot measures related to public funding of such project, the extension or renewal of this Lease, or similar matters.

New Improvements. As is required to meet the requirements of any financing for the New Improvements obtained by either Lessor the District or LesseeMGHC, ownership of the New Improvements during the Term of this the New Lease may vest in either Lessor the District or LesseeMGHC, or in a combination of Lessor the District or LesseeMGHC, or be transferred from Lessee MGHC to Lessorthe District, either for, or without, payment of consideration. Notwithstanding any provision of the Prior Lease to the contrary, title to all of the New Improvements constructed and funded by Lessee MGHC prior to the Lease Commencement Date of this the New Lease shall remain with Lessee MGHC and shall not vest in Lessor the District as of the expiration or termination of the Prior Lease. During the Term of this the New Lease, the parties shall cooperate in good faith to structure and/or transfer the ownership of any of the New Improvements in order to meet the requirements of any financing for the New Improvements. Notwithstanding the forgoing, any portion of the New Improvements, the ownership of which vests in Lessor the District during the Term of this the New Lease, shall immediately upon such vesting become part of the Premises leased to Lessee hereunderMGHC, and any portion of the New Improvements, the ownership of which is vested in Lessee MGHC as of the date of termination or expiration of this the New Lease, shall become the property of Lessor the District as of such date, without any obligation on the part of Lessor the District to reimburse or compensate Lessee MGHC for such New Improvements or the costs thereof. Notwithstanding any other provision of this Section 10.8, Lessor The District agrees that if Xxxxxx MGHC constructs the new parking structure on the Premises that is part of the New Improvements and Lessee MGHC finances such construction and development with XxxxxxMGHC’s own funds or funds borrowed by LesseeMGHC, then Lessorthe District, upon XxxxxxMGHC’s written request therefor, which Lessee MGHC may give to Lessor the District at any time after completion of the parking structure, shall acquire title to the new parking structure from Lessee MGHC by paying Lessee MGHC from Lessorthe District’s GO Bond proceeds the full construction/ development costs therefor, and the parties shall cooperate in good faith to accomplish same in accordance with the legal requirements regarding the use and application of Lessorthe District’s GO Bond funds. Xxxxxx MGHC understands and acknowledges that (a) Lessorthe District, as the owner of the Property, is obligated to comply with all Seismic Requirements seismic retrofit/replacement requirements with respect to the Hospital and the Lease Premises under California State law and that the New Improvements are intended to satisfy Lessorthe District’s obligations with respect to such requirements, and (b) the deadline for Lessorthe District’s compliance therewith falls within the New Lease Term. Xxxxxx MGHC acknowledges and agrees that Xxxxxx the District has requested and Xxxxxx MGHC has agreed that Xxxxxx MGHC will perform, at its own cost and expense (other than any General Obligation Bond funding provided by Lessorthe District), all tasks/work required for the New Improvements, including without limitation, designing the New Improvements, planning, applying for, processing and obtaining all necessary and appropriate approvals, entitlements and permits for the New Improvements, seeking and obtaining financing/funding for the New Improvements (except that Lessor the District will seek to issue General Obligation Bonds to help finance the New Improvements), and implementing, and constructing the New Improvements. The parties MGHC and the District agree that they shall tailor LesseeMGHC’s obligations and the scope of XxxxxxMGHC’s tasks/work hereunder to meet the requirements of any financing obtained by either party for the New Improvements. LessorThe District, throughout the term of the New Lease, shall take all reasonably necessary and appropriate action to cooperate with and assist Lessee MGHC to plan, apply for, process and obtain all necessary and appropriate approvals, entitlements and permits for, seek and obtain financing/funding for, implement, and construct, the New Improvements. XxxxxxThe District’s duties hereunder shall include, to the extent necessary and appropriate, the execution and delivery of all applications, plans, drawings, submittals, financial statements and information, and other documents or information, and Lessorthe District’s reasonable consent to the granting or establishment of any temporary or permanent easements, licenses or other rights over the PremisesHospital property, all as is necessary to further and/or support the installation of the New Improvements. Lessee MGHC shall reimburse Lessorthe District, as Additional Rent due under this the New Lease, upon Xxxxxxthe District’s invoicing of same to LesseeMGHC, all costs, expenses, fees, and charges Lessor the District incurs with respect to the New Improvements, and with respect to Lessorthe District’s efforts to seek and obtain financing/funding thereforetherefor, including the funding of efforts to educate the public about, and pay the election costs of, any ballot measures related to public funding of such project, the extension or renewal of this the Lease, or similar matters.