Common use of Refurbishment Clause in Contracts

Refurbishment. Tenant shall refurbish the Tenant Improvements before or during the fifteenth (15th) year after the Commencement Date by investing in such refurbishment not less than fifteen percent (15%) of the then fair market value of the existing Tenant Improvements. Tenant shall submit a refurbishment plan and schedule to City for City’s prior written authorization, and City shall have the right to require reasonable modifications to the same to address the condition of the Tenant Improvements and the public interest. Construction work shall be subject to the requirements set forth at Exhibit B. Refurbishment performed without prior City approval as required by this subsection may not satisfy the refurbishment requirement. City may impose other commercially reasonable conditions on Tenant in connection with such refurbishment.

Refurbishment. Tenant shall refurbish the Tenant Improvements before or during the fifteenth tenth (15th10th) year after the Commencement Date by investing in such refurbishment not less than fifteen percent (15%) of the then fair market value of the existing Tenant Improvements. Tenant shall submit a refurbishment plan and schedule to City for City’s prior written authorization, and City shall have the right to require reasonable modifications to the same to address the condition of the Tenant Improvements and the public interest. Construction work shall be subject to the requirements set forth at Exhibit B. Refurbishment performed without prior City approval as required by this subsection may not satisfy the refurbishment requirement. City may impose other commercially reasonable conditions on Tenant in connection with such refurbishment.