Required Replacements definition

Required Replacements are the replacements to worn-out equipment, fixtures, and improvements that a commercially reasonable owner-user would make. All of the following shall be in Good Condition and Repair: (i) the interior walls and floors of all offices and other interior areas, (ii) all suspended ceilings and any carpeting shall be clean and in good condition, (iii) all windows, doors and door closures and glazing and plate glass if not covered by insurance, and (iv) all electrical systems, including light fixtures and ballasts, plumbing, and temperature control systems. Lessee, on or before the end of the Lease Term or sooner termination of this Lease, shall remove all its personal property and trade fixtures from the Premises, and all such property not so removed shall be deemed to be abandoned by Lessee. Lessee shall reimburse Lessor for all disposition costs incurred by Lessor relative to Lessee's abandoned property. If the Premises are not surrendered at the end of the Lease Term or earlier termination of this Lease, Lessee shall indemnify Lessor against loss or liability resulting from any delay caused by Lessee in surrendering the Premises including, without limitation, any claims made by any succeeding Lessee founded on such delay. Notwithstanding the provisions of the preceding sentence, Lessor shall provide Lessee with 30 days prior written notice of any damages that will be due Lessor as a result of Lessee's delay in surrendering the Premises and Lessee shall have no obligation for these damages if Lessee surrenders the Premises within the subject 30 days.
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Required Replacements means those items listed on the Required Replacement Schedule.
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Required Replacements means the Required Replacements as defined in Section 7(a).
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Examples of Required Replacements in a sentence

  • Replacements and Repairs Other than Required Replacements or Required Repairs.

  • Lessee agrees on the last day of the Lease Term, or on the sooner termination of this Lease, to surrender the Premises to Lessor in Good Condition and Repair “Good Condition and Repair” shall generally mean that the Premises are in the condition that one would expect the Premises to be in, if throughout the Lease Term Lessee (i) uses and maintains the Premises in a commercially reasonable manner and in an accordance with the requirements of this Lease and (ii) makes all Required Replacements.

  • As used herein the phrase “Good Condition and Repair” shall mean that the Leased Premises are in the condition that one would expect the Leased Premises to be in, if throughout the Term Tenant (y) uses and maintains the Leased Premises and Equipment in a commercially reasonable manner and in an accordance with the requirements of this Lease and (z) makes all Required Replacements.

  • Instead, "Good Condition and Repair" shall generally mean that the Premises are in the condition that one would expect the Premises (as Substantially Completed by Lessor) to be in, if throughout the Lease Term Lessee (i) uses and maintains the Premises in a commercially reasonable manner and in accordance with the requirements of this Lease and (ii) makes all Required Replacements.

  • Notwithstanding the foregoing, Seller shall be entitled to a credit at Closing for the cost of reimbursable Required Replacements (as defined in the Assumed Loan documents) made to the Hotel but for which Seller has not been reimbursed by the Lender from the Replacement Reserve Account.

  • Lessee acknowledges that it accepts the existing FF&E in “as is where is” condition, and Lessee is solely responsible for all maintenance, repairs and Required Replacements as defined herein.

  • Notwithstanding anything to the contrary contained above in this Section 7.3, “Heat and Air Conditioning.”, or elsewhere in this Lease, the following relating to the condition of HVAC Systems upon delivery and Required Replacements (as defined below) shall apply with respect to HVAC Systems.

  • Seller shall provide Buyer with supporting documentation that in Buyer’s reasonable discretion evidences such non-reimbursed Required Replacements.

  • Landlords obligations with respect to Required Replacements also shall be subject to all of the following.

  • Subtenant shall, at its sole cost and expense keep, repair and maintain the interior of the Sublease Premises in Good Condition and Repair, including, but not limited to, the interior walls and floors of all offices and other interior areas, doors and door closures, all lighting systems, temperature control systems, plumbing systems, and the existing approximately 20,000 square foot clean room, including any Required Replacements.


More Definitions of Required Replacements

Required Replacements are the replacements to nonfunctioning equipment, fixtures, and improvements that a commercially reasonable owner-user would make. Good Condition and Repair shall not require the replacement of functioning but obsolete Equipment or Improvements. Notwithstanding the foregoing, Tenant shall not be obligated to pay any portion of the following items:
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Required Replacements are the replacements to worn-out (non-repairable) equipment, fixtures, and improvements, including the Capital Replacements that a commercially reasonable owner-user would make. All of the following shall be in Good Condition and Repair: (i) the interior walls and floors (new carpet will not be required at the end of the Sublease Term) of all offices and other interior areas; (ii) all suspended ceilings and any carpeting shall be clean and in good condition; (iii) all glazing, windows, doors and door closures, plate glass, (iv) all electrical systems, including light fixtures and ballasts, plumbing, and temperature control systems; and (v) the existing approximately 20,000 square foot clean room. Subtenant, on or before the end of the Sublease Term or sooner termination of this Sublease, shall remove all of its personal property and trade fixtures from the Sublease Premises (subject to Section 8.2 hereof), and all such property not so removed shall be deemed abandoned by Subtenant. Subtenant shall reimburse Tenant for all disposition costs incurred by Tenant relative to Subtenant’s abandoned property. Subtenant agrees that time shall be of the essence with respect to Subtenant’s obligation to surrender possession of the Sublease Premises to Tenant upon the termination of the Sublease Term, and further agrees that in the event Subtenant does not promptly surrender possession of the Sublease Premises to Tenant upon such termination, Tenant, in addition to any other rights and remedies Tenant may have against Subtenant for such holding over, shall be entitled to bring summary proceedings against Subtenant, and Subtenant agrees to reimburse Tenant for all Tenant’s damages sustained by reason of such holding over, including without limitation, Tenant’s consequential damages related to any holdover rent under the Master Lease, reasonable attorneys’ fees and disbursements incurred in connection with the exercise by Tenant of its remedies against Subtenant. Subtenant understands that any holdover rent imposed by the Master Lease for a holdover in the Sublease Premises is not limited to the Rent for the Sublease Premises.
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Required Replacements are the repairs or replacements to any equipment, fixtures, and improvements that a commercially reasonable tenant would make with the exception of (i) any reasonable wear and tear and (ii) the repair or replacement of the heating, ventilation and air conditioning system ("HVAC") or the roof of the Premises, each of which shall be the responsibility of Lessor. Lessee, on or before the end of the Lease Term or sooner termination of this Lease, shall remove all of its personal property, equipment and trade fixtures from the Premises, and all such property not so removed shall be deemed to be abandoned by Lessee. Lessee shall reimburse Lessor for all storage and disposition costs incurred by Lessor relative to Lessee's abandoned property. If the Premises are not surrendered at the end of the Lease Term or earlier termination of this Lease, Lessee shall indemnify Lessor against any loss or liability resulting from any delay caused by Lessee in surrendering the Premises including, without limitation, any claims made by any succeeding tenant caused by such delay.
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Related to Required Replacements

  • Required Repairs shall have the meaning set forth in Section 7.1.1 hereof.

  • Approved Replacement means, with respect to a Market Quotation, an entity making such Market Quotation, which entity would satisfy conditions (a), (b), (c) and (d) of the definition of Permitted Transfer (as determined by Party B in its sole discretion, acting in a commercially reasonable manner) if such entity were a Transferee, as defined in the definition of Permitted Transfer.

  • Required Repair Fund shall have the meaning set forth in Section 7.1.1 hereof.

  • Required Repair Account shall have the meaning set forth in Section 7.1.1 hereof.

  • Qualified Replacement Mortgage A Home Equity Loan substituted for another pursuant to Section 3.04, 3.05(b) or 3.06(b) hereof, which (i) has a Coupon Rate at least equal to the Coupon Rate of the Home Equity Loan being replaced, (ii) is secured by Property that is of the same or better property type as, or is a single family dwelling and the same or better occupancy status as, the Property securing the Home Equity Loan being replaced or is a primary residence, (iii) shall mature no later than the latest Final Scheduled Distribution Date with respect to the related Home Equity Loan Group, (iv) has a Loan-to-Value Ratio as of the Replacement Cut-Off Date no higher than the Loan-to-Value Ratio of the replaced Home Equity Loan at such time, (v) shall be of the same or higher credit quality classification (determined in accordance with the Seller’s credit underwriting guidelines set forth in the Seller’s underwriting manual) as the Home Equity Loan which such Qualified Replacement Mortgage replaces, (vi) shall be a First Mortgage Loan if the Home Equity Loan which such Qualified Replacement Mortgage replaces was a First Mortgage Loan and shall be a First Mortgage Loan or Second Mortgage Loan if the Home Equity Loan which such Qualified Replacement Mortgage replaces was a Second Mortgage Loan, (vii) has an outstanding principal balance as of the related Replacement Cut-Off Date equal to or less than the outstanding principal balance of the replaced Home Equity Loan as of such Replacement Cut-Off Date, (viii) shall not provide for a “balloon” payment if the related Home Equity Loan did not provide for a “balloon” payment (and if such related Home Equity Loan provided for a “balloon” payment, such Qualified Replacement Mortgage shall have an original maturity of not less than the original maturity of such related Home Equity Loan), (ix) shall be a fixed rate Home Equity Loan if the Home Equity Loan being replaced is in Group I or an adjustable rate Home Equity Loan if the Home Equity Loan being replaced is in Group II, (x) satisfies the criteria set forth from time to time in the definition thereof at Section 860G(a)(4) of the Code (or any successor statute thereto) and applicable to the Trust, (xi) satisfies the representations and warranties set forth in Section 3.04(b) hereof, (xii) shall not be 30 days or more Delinquent and (xiii) if such Home Equity Loan being replaced is in Group II, shall adjust based on the same index as, have no lower margin than, have the same interval between adjustment dates as and have a maximum Coupon Rate no lower than, and a minimum Coupon Rate no lower than, the Home Equity Loan being replaced.