Common use of Subsequent Renovation Fund Clause in Contracts

Subsequent Renovation Fund. Commencing with the first January 15 that is at least five (5) years after the earlier of the CO Date or the Required Construction Completion Date, and continuing until the completion of the Subsequent Renovation, Lessee shall establish and maintain a reserve fund (the “Subsequent Renovation Fund”) in accordance with the provisions of this Section 5.12 for the purpose of funding the cost of the Subsequent Renovation; provided, however, that Lessee’s obligation to perform the Subsequent Renovation shall not be limited to the funds available in the Subsequent Renovation Fund. The Subsequent Renovation Fund shall be held in an account established with a reputable financial institution reasonably acceptable to Director (which shall include Lessee’s Encumbrance Holder) into which deposits shall be made by Lessee pursuant to this Section 5.12. On or before each January 15 of the period during which the Subsequent Renovation Fund is required to be maintained by Lessee hereunder, Lessee shall make an annual deposit to the Subsequent Renovation Fund in an amount equal to one and one-half percent (1.5%) of total Gross Receipts for the previous calendar year from the operation of the Landside Improvements. All interest and earnings on the Subsequent Renovation Fund shall be added to the Subsequent Renovation Fund, but shall not be treated as a credit against the Subsequent Renovation Fund deposits required to be made by Lessee pursuant to this Section 5.12. On or before January 15 of each year (and at any other time within thirty (30) days prior written notice from Director to Lessee) Xxxxxx shall deliver to Director evidence reasonably satisfactory to Director of the account in which the Subsequent Renovation Fund exists and a report that details all deposits to, earnings on, withdrawals from and the balance of the Subsequent Renovation Fund. In lieu of annual deposits to the Subsequent Renovation Fund, Xxxxxx and Director may mutually agree upon substitute arrangements satisfactory to Director for the establishment of an adequate security source for the performance of the Subsequent Renovation, such as a bonding mechanism or a letter of credit. Disbursements shall be made from the Subsequent Renovation Fund only for costs for the design, permitting, entitlements and construction of the Subsequent Renovation which have been reasonably approved by Director; provided, however, if funds remain in the Subsequent Renovation Fund after the Subsequent Renovation has been completed and all costs for the Subsequent Renovation paid in full, then any such excess funds shall be released promptly to Lessee. Prior to the disbursement of any amounts from the Subsequent Renovation Fund, Lessee shall furnish to Director applicable invoices, evidence of payment and other back- up materials reasonably acceptable to Director concerning the use of amounts from the Subsequent Renovation Fund. Director shall have no obligation to approve the disbursement of amounts from the Subsequent Renovation Fund unless and until Director has approved Xxxxxx’s Subsequent Renovation Plan and Xxxxxx has furnished to Director evidence reasonably satisfactory to Director that Lessee has sufficient financial resources (taking into consideration the Subsequent Renovation Fund) to pay for all costs of such Subsequent Renovation.

Subsequent Renovation Fund. Commencing with the first January 15 that is at least five ten (510) years after the earlier of the CO Date or the Required Construction Completion Date, and continuing until the completion of the Subsequent Renovation, Lessee shall establish and maintain a reserve fund (the “Subsequent Renovation Fund”) in accordance with the provisions of this Section 5.12 Subsection 5.15.3 for the purpose of funding the cost of the Subsequent Renovation; provided, however, that Lessee’s obligation to perform the Subsequent Renovation shall not be limited to the funds available in the Subsequent Renovation Fund. The Subsequent Subsequent‌ Renovation Fund shall be held in an account established with a reputable financial institution reasonably acceptable to Director Chief Real Estate Officer (which shall include Lessee’s Encumbrance Holder) into which deposits shall be made by Lessee pursuant to this Section 5.12Subsection 5.15.3. On or before each Commencing on the first January 15 set forth hereinabove, and continuing on the 15th of each month thereafter during the period during which the Subsequent Renovation Fund is required to be maintained by Lessee hereunder, Lessee shall make an annual a monthly deposit to the Subsequent Renovation Fund in an amount equal to one and the following amount: one-half of one percent (1.50.5%) of total Gross Receipts derived from the Property for the previous calendar year from the operation of the Landside Improvementsimmediately preceding month. All interest and earnings on the Subsequent Renovation Fund shall be added to the Subsequent Renovation Fund, but shall not be treated as a credit against the Subsequent Renovation Fund deposits required to be made by Lessee pursuant to this Section 5.12Subsection 5.15.3. On or before January 15 of each year (and at any other time within Upon thirty (30) days days’ prior written notice from Director Chief Real Estate Officer to Lessee) Xxxxxx Lessee no more often than quarterly, Lessee shall deliver to Director the CREO Office evidence reasonably satisfactory to Director Chief Real Estate Officer of the account in which the Subsequent Renovation Fund exists and a report that details all deposits to, earnings on, withdrawals from and the balance of the Subsequent Renovation Fund. In lieu of annual monthly deposits to the Subsequent Renovation Fund, Xxxxxx Lessee and Director Chief Real Estate Officer may mutually agree upon substitute arrangements satisfactory to Director Chief Real Estate Officer, in its sole discretion, for the establishment of an adequate security source for the performance of the Subsequent Renovation, such as a bonding mechanism or a letter of credit. Disbursements shall be made from the Subsequent Renovation Fund only for costs for the design, permitting, entitlements and construction of the Subsequent Renovation which have been reasonably approved by Director; provided, however, if funds remain in the Subsequent Renovation Fund after the Subsequent Renovation has been completed and all costs for the Subsequent Renovation paid in full, then any such excess funds shall be released promptly to Lessee. Prior to the disbursement of any amounts from the Subsequent Renovation Fund, Lessee shall furnish to Director applicable invoices, evidence of payment and other back- up materials reasonably acceptable to Director concerning the use of amounts from the Subsequent Renovation Fund. Director shall have no obligation to approve the disbursement of amounts from the Subsequent Renovation Fund unless and until Director has approved Xxxxxx’s Subsequent Renovation Plan and Xxxxxx has furnished to Director evidence reasonably satisfactory to Director that Lessee has sufficient financial resources (taking into consideration the Subsequent Renovation Fund) to pay for all costs of such Subsequent Renovation.

Subsequent Renovation Fund. Commencing with the first January 15 that is at least five (5) years after the earlier of the CO Date or the Required Construction Completion Date, and continuing until the completion of the Subsequent Renovation, Lessee shall establish and maintain a reserve fund (the “Subsequent Renovation Fund”) in accordance with the provisions of this Section 5.12 for the purpose of funding the cost of the Subsequent Renovation; provided, however, that Lessee’s obligation to perform the Subsequent Renovation shall not be limited to the funds available in the Subsequent Renovation Fund. The Subsequent Renovation Fund shall be held in an account established with a reputable financial institution reasonably acceptable to Director (which shall include Lessee’s Encumbrance Holder) into which deposits shall be made by Lessee pursuant to this Section 5.12. On or before each January 15 of the period during which the Subsequent Renovation Fund is required to be maintained by Lessee hereunder, Lessee shall make an annual deposit to the Subsequent Renovation Fund in an amount equal to one and one-half percent (1.5%) of total Gross Receipts for the previous calendar year from the operation of the Landside Improvements. All interest and earnings on the Subsequent Renovation Fund shall be added to the Subsequent Renovation Fund, but shall not be treated as a credit against the Subsequent Renovation Fund deposits required to be made by Lessee pursuant to this Section 5.12. On or before January 15 of each year (and at any other time within thirty (30) days prior written notice from Director to Lessee) Xxxxxx Lessee shall deliver to Director evidence reasonably satisfactory to Director of the account in which the Subsequent Renovation Fund exists and a report that details all deposits to, earnings on, withdrawals from and the balance of the Subsequent Renovation Fund. In lieu of annual deposits to the Subsequent Renovation Fund, Xxxxxx Lessee and Director may mutually agree upon substitute arrangements satisfactory to Director for the establishment of an adequate security source for the performance of the Subsequent Renovation, such as a bonding mechanism or a letter of credit. Disbursements shall be made from the Subsequent Renovation Fund only for costs for the design, permitting, entitlements and construction of the Subsequent Renovation which have been reasonably approved by Director; provided, however, if funds remain in the Subsequent Renovation Fund after the Subsequent Renovation has been completed and all costs for the Subsequent Renovation paid in full, then any such excess funds shall be released promptly to Lessee. Prior to the disbursement of any amounts from the Subsequent Renovation Fund, Lessee shall furnish to Director applicable invoices, evidence of payment and other back- up materials reasonably acceptable to Director concerning the use of amounts from the Subsequent Renovation Fund. Director shall have no obligation to approve the disbursement of amounts from the Subsequent Renovation Fund unless and until Director has approved XxxxxxLessee’s Subsequent Renovation Plan and Xxxxxx Lessee has furnished to Director evidence reasonably satisfactory to Director that Lessee has sufficient financial resources (taking into consideration the Subsequent Renovation Fund) to pay for all costs of such Subsequent Renovation.

Subsequent Renovation Fund. Commencing with the month during which the first January 15 that is at least five (51st) years after anniversary of the earlier of the CO Completion Date or the Required Construction Completion DateDate occurs, and continuing each month thereafter until the completion of the Subsequent Renovation, Lessee shall establish and maintain a reserve fund (the “Subsequent Renovation Fund”) in accordance with the provisions of this Section 5.12 for the purpose of funding the cost of the Subsequent Renovation; provided, however, that Lessee’s obligation to perform the Subsequent Renovation shall not be limited to the funds available in the Subsequent Renovation Fund. The Subsequent Renovation Fund shall be held in an account established with a reputable financial institution reasonably acceptable to Director (which shall include Lessee’s Encumbrance Holder) into which deposits shall be made by Lessee pursuant to this Section 5.12. On or before the fifteenth (15th) day of each January 15 of month during the period during which the Subsequent Renovation Fund is required to be maintained by Lessee hereunder, Lessee shall make an annual a monthly deposit to the Subsequent Renovation Fund in an amount equal to one and one-half quarter of one percent (1.50.25%) of total Gross Receipts and Gross Revenues for the previous calendar year from the operation of the Landside Improvementsmonth. All interest and earnings on the Subsequent Renovation Fund shall be added to the Subsequent Renovation Fund, but shall not be treated as a credit against the Subsequent Renovation Fund deposits required to be made by Lessee pursuant to this Section 5.12. On or before January 15 of each year (and at any other time within thirty (30) days prior written notice from Director to Lessee) Xxxxxx shall deliver to Director evidence reasonably satisfactory to Director of the account in which the Subsequent Renovation Fund exists and a report that details all deposits to, earnings on, withdrawals from and the balance of the Subsequent Renovation Fund. In lieu of annual deposits to the Subsequent Renovation Fund, Xxxxxx and Director may mutually agree upon substitute arrangements satisfactory to Director for the establishment of an adequate security source for the performance of the Subsequent Renovation, such as a bonding mechanism or a letter of credit. Disbursements shall be made from the Subsequent Renovation Fund only for costs for the design, permitting, entitlements and construction of the Subsequent Renovation which have been reasonably approved by Director; provided, however, if funds remain in . The Renovation Fund shall be used only for the purposes of the Subsequent Renovation Fund after set forth in Section 5.11 above and for expenditures required under the approved Subsequent Renovation has been completed Plan. To the extent set forth in the approved Subsequent Renovation Plan, the Renovation Fund may be used for expenditures for yard area renovation, including concrete, utility, drainage, environmental clarifiers, fencing, gates, vaults, dockside renovation, building façade renovation, signage, hardscaping renovation, and all costs cosmetic and design improvements for the Subsequent Renovation paid in full, then any such excess funds shall be released promptly to Lesseepurpose of renovating the overall condition and appearance of the facility. Prior to the disbursement of any amounts from the Subsequent Renovation Fund, Lessee shall furnish to Director applicable invoices, evidence of payment and other back- back-up materials reasonably acceptable to Director concerning the use of amounts from the Subsequent Renovation Fund. Director shall have no obligation to approve the disbursement of amounts from the Subsequent Renovation Fund unless and until Director has approved XxxxxxLessee’s Subsequent Renovation Plan for such Subsequent Renovation and Xxxxxx Lessee has furnished to Director evidence reasonably satisfactory to Director that Lessee has sufficient financial resources (taking into consideration the Subsequent Renovation Fund) to pay for all costs of such Subsequent Renovation. In lieu of making Renovation Fund deposits, Lessee shall have the right to provide substitute funding arrangements satisfactory to Director, such as a bonding mechanism, letter of credit or other approved security mechanism, in the same amounts and timing, as the Renovation Fund deposits.