Elevator Renovation definition
Examples of Elevator Renovation in a sentence
At Closing, Purchaser shall receive a credit against the Cash Balance in an amount equal to the difference between (i) $997,000 and (ii) the amount previously spent by Seller (whether to consultants or otherwise) on the Elevator Renovation.
Section 2.1, Scope of Services, is amended to include the following Additional Services: (i) additional Electrical, Structural, and Civil Engineering Design and CA professional services necessary to replace exterior street light pole fixtures adjacent to new north drive and north building entrance provided by Project at Brown ▇▇▇▇▇▇ State Office Building (hereinafter referred to as “BHB”); and (ii) to provide load analysis of existing structure necessary for Project's Elevator Renovation work at ▇▇▇▇▇▇ ▇.
Seller shall assign to Purchaser at Closing, and Purchaser shall accept and assume, the contracts previously or hereafter entered into by or on behalf of Seller which pertain to the Elevator Renovation and Garage Repairs ("Construction Contracts"); provided, however, that from and after the date hereof, Seller shall not enter into any Construction Contract unless it has been approved in writing by Purchaser.
The parties acknowledge, however, that Seller and ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ & Co. ("▇▇▇▇▇▇▇▇") have entered into a separate agreement whereby ▇▇▇▇▇▇▇▇ is obligated to reimburse Seller for a portion of the cost of the Elevator Renovation over a twenty year period.
For the avoidance of doubt, Seller shall not be obligated hereunder to perform or commence any work related to the Elevator Renovation.
Seller shall receive a credit from Purchaser at Closing in the amount of $234,000, which represents a discounted portion of the amount payable under such agreement with ▇▇▇▇▇▇▇▇ and a discounted portion of amounts payable by other tenants with respect to the Elevator Renovation), and Seller shall assign its rights under such agreement with ▇▇▇▇▇▇▇▇ to Purchaser at Closing.
Notwithstanding the foregoing, Seller shall continue (in accordance with the terms of the Construction Contracts defined below) with its scheduled elevator renovation ("Elevator Renovation") and garage repairs ("Garage Repairs"), if any, in the Building until the Closing.
Purchaser shall receive a credit against the Purchase Price payable at Closing with respect to the Elevator Renovation and Garage Repairs, as is more particularly described in Sections 9.H and 9.I below.