Common use of Refurbishment Clause in Contracts

Refurbishment. If the Term is longer than five (5) years, Landlord may, upon written notice (“Refurbishment Notice”) to Tenant given at any time following the fourth (4th) anniversary of the Rent Commencement Date, require Tenant, at Tenant’s sole cost and expense, to refurbish the Premises as necessary to maintain the Premises in a like-new, first-class condition (“Refurbishment”) (provided, however, in no event shall Tenant be required to perform more than one Refurbishment in any five (5) consecutive year period). The extent of such Refurbishment shall be specified by Landlord in the Refurbishment Notice and may include, without limitation, new floor coverings, new wall coverings, repainting the Premises and installing new trade fixtures. The Refurbishment shall be performed by Tenant in accordance with the provisions of this Section 12.2 and shall be completed within six (6) months following the date Landlord delivers the Refurbishment Notice to Tenant. Tenant acknowledges that its failure to comply with this Section 12.2 will cause Landlord to suffer damages which will be difficult to ascertain and that the following sum payable by Tenant under this Section 12.2 represents a fair estimate of such damages. Therefore, if Tenant fails to complete the Refurbishment within such six (6)-month period, then in addition to Landlord’s other remedies under this Lease, Landlord shall have the right to collect from Tenant, in addition to the other Rent, a sum equal to one-fourth (1/4th) Fixed Minimum Rent (prorated on a daily basis) for each full or partial day from the expiration of such six (6)-month period until the Refurbishment is complete.