Significant Alterations definition
Examples of Significant Alterations in a sentence
Any alterations by Tenant, at Tenant's expense, the cost of which (per alteration or group of related alterations) exceeds One Hundred Thousand and No/100 Dollars ($100,000.00) shall be deemed a "Significant Alteration." All Significant Alterations shall require Landlord's prior written consent.
With respect to Significant Alterations required under the Franchise Agreement or any Lease entered into by Borrower in accordance with this Loan Agreement for which Borrower’s or Property Owner’s consent is not required, the foregoing clause (a) shall not apply.
Tenant may make alterations other than Significant Alterations or alterations that would not diminish the value of the Leased Premises without the prior written consent of Landlord.
In addition, the Mortgagors shall not be permitted to commence or continue more than three Significant Alterations at any given time unless, prior to commencing each such additional Significant Alteration the Mortgagors shall have obtained Rating Confirmation.
Prior to making any Significant Alterations, Tenant shall submit written plans and specifications for such work to Landlord and shall obtain Landlord's prior written consent to the same.