Required Capital Improvements. Each of the capital improvement items listed on Exhibit E hereto (“Required Capital Improvements”) shall be completed by the applicable Required Completion Date.
Required Capital Improvements. Borrower shall cause Mortgage Borrower and Operating Lessee to complete all Required Capital Improvements as required under each Property Improvement Plan in all material respects and in a good and workmanlike manner subject to and in compliance with the terms of each Property Improvement Plan and the terms of this Agreement, subject to Force Majeure delays and any extension of time for the completion of such Property Improvement Plan, if any granted by the applicable Franchisor.
Required Capital Improvements. Notwithstanding anything to the contrary set forth in this Lease, in the event that a Governmental Authority requires that a capital improvement or alteration to the Property is necessary in order for the Property to comply with Applicable Laws (a “Required Improvement”) and Tenant is otherwise obligated to perform such Required Improvement under this Lease, Tenant shall perform such Required Improvement at its sole cost and expense unless (i) the order issued by the Governmental Authority relating to the Required Improvement occurs in the last sixth (6) months of the Base Term or, if the Renewal Option has been properly exercised, the Renewal Term, and (ii) the cost of the Required Improvement exceeds Three Hundred Thousand Dollars ($300,000), in which case Tenant shall be entitled to terminate this Lease within thirty (30) days of Tenant’s receipt of knowledge of such order upon not less than sixty (60) days’ prior written notice to Landlord of such termination; provided, however, if Landlord elects to make such improvements at Landlord’s cost or if the Required Improvement is a result of or caused by Tenant’s (or Tenant’s subtenant’s) act, omission, activity, requirement or use of the Property, then Tenant shall have no right to terminate this Lease and shall otherwise be required to either (i) perform or construct such Required Improvement at its sole cost and expense (unless Tenant has no right to terminate this Lease due to Landlord’s election to pay for such Required Improvement) or (ii) discontinue the use which resulted in the Required Improvement provided such discontinuance of use shall result in the Governmental Authority no longer requiring the construction of the Required Improvement or (iii) contract for construction of such Required Improvement in cooperation with Landlord if Landlord elects to pay for such Required Improvement.
Required Capital Improvements. Prior to the Closing Date, the Property has been inspected by an engineering consultant acceptable to Xxxxxx and for the benefit of Xxxxxx. Lender makes no representation or warranty as to the accuracy or completeness of the inspection. Attached hereto as Exhibit 5.19 is a list of items (the “Required Capital Improvements”) identified in the Property Condition Report prepared by the engineering consultant as requiring replacement or improvement as part of an ongoing capital replacement and improvement program. Borrower shall commence all Required Capital Improvements prior to the applicable “Outside Commencement Date” set forth on Exhibit 5.19 attached hereto and, without limiting the obligations of Borrower pursuant to Section 5.10, shall perform the work for the Required Capital Improvements diligently and continuously, and shall complete all Required Capital Improvements in a good and workmanlike manner, in accordance with Applicable Laws and in a manner reasonably acceptable to Lender as soon as commercially reasonable after commencing to make each such Required Capital Improvements.
Required Capital Improvements. As a further inducement to Tenant to enter into this Lease, Landlord has agreed to cause the following Base Building improvements to be installed at Landlord’s sole cost, which cost shall not be included in High-Rise Operating Expenses, Low-Rise Operating Expenses or Revised Operating Expenses except to the extent specifically set forth below.
Required Capital Improvements. Borrower shall complete the capital improvements set forth on Exhibit 5.19 (the “Required Capital Improvements”), in accordance with all Applicable Laws and to the reasonable satisfaction of Administrative Agent, on or prior to the date set forth for each Required Capital Improvement on Exhibit 5.19. The failure to complete each Required Capital Improvements by the specified date shall constitute an Event of Default under this Agreement, provided that no Event of Default shall exist if (i) the failure to complete a Required Capital Improvement is due to Force Majeure or (ii) the cost of completing the Required Capital Improvements is less than [$250,000.00] for each Required Capital Improvement and less than [$500,000.00] in the aggregate, and such Required Capital Improvements are completed within [thirty (30)] days of the agreed upon date of completion set forth on Exhibit 5.19].] OR
Required Capital Improvements. 26 8.1.b. Tenant's Use of Premises and/or Facilities....................26 8.1.c. Verification of Capital Improvements..........................27 8.2 Covenant to Keep Premises Free of Liens..........................27 ARTICLE 9 - CHANGES, ALTERATIONS AND ADDITIONS................................27
Required Capital Improvements. Tenant has agreed prior to the commencement and/or during the first season and provided Tenant is able to obtain all necessary building permits on or before January 1, 1993 or such later date to which Tenant consents to provide capital improvements (the "Project") to the Premises and/or Facility that cost at least Two Million Dollars ($2,000,000.00). Up to $500,000.00 of the required capital improvements may consist of the cost of furniture, fixtures and equipment for the Premises and/or Facilities. No provision contained in this section shall in any manner restrict Tenant from undertaking expenditures for capital improvements to the Premises and/or Facility in excess of the cost of the required improvements. The actual improvements to be made are subject to finalization of all architectural and engineering plans with respect to the Facility.
Required Capital Improvements. To such Seller's knowledge, such Seller has received no written notice from any governmental body requiring such Seller to make any material repairs or changes to the Constituent Properties or the Improvements to comply with legal requirements, except for written notices with which such Seller has complied in all material respects.
Required Capital Improvements. The Concessionaire will be solely responsible for all capital improvements related to the System (the “Facilities”) that are required to be completed during the Term in accordance with the terms of the Concession Agreement, including all capital improvements required by the Operating Standards and by Changes in Law. The Concessionaire, in accordance with all other requirements of the Agreement, will fully fund and complete the design and preparation of all construction documents and construction work for the demolition, reconstruction, structural repairs and restoration of any and all of the Facilities at its sole cost and expense.
