Common use of Property Report Clause in Contracts

Property Report. Each set of financial statements of the Lessee delivered pursuant to Section 18(a)(ii) will be accompanied by a report of an officer of the Lessee familiar with the status and condition of the Leased Property which describes the status, condition and location of the Leased Property, describing any repair to the Facility having a cost exceeding $500,000, any warranty claim in an amount exceeding $250,000 against any supplier of goods or services in connection with the Leased Property, any period of 45 or more consecutive days during which the Facility was not in operation and any material violation of governmental rules or regulations involving the Facility or the operation thereof, in each case during the period since the previous report (or, in the case of the first such report, since the date of this Lease), and describing the circumstances thereof, and stating whether any Leased Property is then in the condition required by this Lease and, if not, what the Lessee is doing or intends to do in connection therewith.