Examples of Mandatory Capital Addition in a sentence
All Mandatory Capital Addition Allowances made by PSLT-ALS Holdings pursuant to this Paragraph 5 shall be added to the Lease Basis under the related Property Lease for the applicable Facility such that the Base Rent under such Property Lease shall be adjusted in accordance with its terms (each such term as defined in the Property Lease).
ALS Holdings agrees that, in connection with any Mandatory Capital Addition Allowance, ALS Holdings shall, or shall cause the applicable Alterra Lessee to, provide PSLT-ALS Holdings or the applicable Provident Lessor with the information required to be provided pursuant to Paragraph 11(c) of the Property Leases relating to Landlord Capital Additions.
Notwithstanding the foregoing, if an Event of Default arises under the applicable Property Lease (as defined thereunder) as a result of the failure by ALS Holdings or the applicable Alterra Lessee to make any Mandatory Capital Addition described in clause (i) of the immediately preceding sentence, then PSLT-ALS Holdings and the applicable Provident Lessor shall have all rights and remedies available to such party under this Agreement or the applicable Property Lease, as applicable, to perform such work.
Notwithstanding the foregoing, if an Event of Default arises under the applicable Property Lease (as defined thereunder) as a result of the failure by BLC Holdings or the applicable Brookdale Lessee to make any Mandatory Capital Addition described in clause (i) of the immediately preceding sentence, then PSLT-BLC Holdings and the applicable Provident Lessor shall have all rights and remedies available to such party under this Agreement or the applicable Property Lease, as applicable, to perform such work.
All Mandatory Capital Addition Allowances made by PSLT-BLC Holdings pursuant to this Paragraph 5 shall be added to the Lease Basis under the related Property Lease for the applicable Facility such that the Base Rent under such Property Lease shall be adjusted in accordance with its terms (each such term as defined in the Property Lease).
BLC Holdings agrees that, in connection with any Mandatory Capital Addition Allowance, BLC Holdings shall, or shall cause the applicable Brookdale Lessee to, provide PSLT-BLC Holdings or the applicable Provident Lessor with the information required to be provided pursuant to Paragraph 11(c) of the Property Leases relating to Landlord Capital Additions.
The provisions of Paragraph 11(d) of the Property Leases shall govern the disbursement of Mandatory Capital Addition Allowances, provided that PSLT-BLC Holdings shall have no obligation to make any Mandatory Capital Addition Allowance pursuant to this Paragraph 5(a) if, at the time of a disbursement of any Mandatory Capital Addition Allowance, an Event of Default shall have occurred and is continuing.
The provisions of Paragraph 11(d) of the Property Leases shall govern the disbursement of Mandatory Capital Addition Allowances, provided that PSLT-ALS Holdings shall have no obligation to make any Mandatory Capital Addition Allowance pursuant to this Paragraph 5(a), if at the time of a disbursement of any Mandatory Capital Addition Allowance, an Event of Default shall have occurred and is continuing.
The parties hereto acknowledge and agree that the terms of Paragraph 5 of the Agreement addressing Mandatory Capital Additions and Mandatory Capital Addition Allowances shall not apply to the Westbury Lease or the Westbury Facility and any Capital Additions (and Non-Capital Additions, as defined in the Westbury Lease) made to the Westbury Facility shall be governed by Paragraph 11 of the Westbury Lease (and any other applicable provisions of the Westbury Lease), only.