Common use of Capital Improvement Fund Clause in Contracts

Capital Improvement Fund. During every twelve (12) month period commencing January 1, 2015, Tenant shall complete at least $48,400 of capital improvements at the Premises; provided however, commencing January 1, 2016 and annually thereafter, said amount shall be increased by the increase in CPI, but in no event less than 3%, compounded annually (the “Capital Improvement Amount”). On or before January 1, 2016 and annually thereafter, Tenant shall deliver to Landlord: (i) a schedule with detailed descriptions and documentation (including, but not limited to, contracts, invoices, lien releases and cancelled checks) reasonably satisfactory to Landlord evidencing the amount of capital improvements completed in the prior 12-month period commencing January 1; (ii) if such amount is less than the then required Capital Improvement Amount, cash equal to the difference between the then required Capital Improvement Amount and the total of the documented, completed capital improvements; and (iii) requests (if any) for disbursement from the Capital Improvement Fund in accordance with the terms and provisions of this Section 13.4. Such funds shall be held by Landlord in a “Capital Improvement Fund”, which shall not bear interest for the benefit of Tenant. If Tenant completes more than the then required Capital Improvement Amount of capital improvements at the Premises during a 12-month period commencing January 1, Tenant shall be entitled, upon prior written request to Landlord and subject to Landlord=s reasonable approval, to either: (1) withdraw funds (to the extent such funds have been deposited by Tenant in prior years) from the Capital Improvement Fund to cover the costs in excess of the then required Capital Improvement Amount incurred by Tenant for capital improvements to the Premises; provided, further each such withdrawal request shall be for a minimum of $5,000 and each item comprising such request shall be for a minimum of $1,000, or (2) to the extent insufficient funds exist in the Capital Improvement Funds, Tenant shall be entitled to a “Capital Improvement Credit”, which may be carried forward and applied against the required Capital Improvement Amount to be completed in a subsequent 12-month period.

Capital Improvement Fund. During every twelve (12) month period commencing January 1, 2015, Tenant shall complete at least $48,400 58,300 of capital improvements at the Premises; provided however, commencing January 1, 2016 and annually thereafter, said amount shall be increased by the increase in CPI, but in no event less than 3%, compounded annually (the “Capital Improvement Amount”). On or before January 1, 2016 and annually thereafter, Tenant shall deliver to Landlord: (i) a schedule with detailed descriptions and documentation (including, but not limited to, contracts, invoices, lien releases and cancelled checks) reasonably satisfactory to Landlord evidencing the amount of capital improvements completed in the prior 12-month period commencing January 1; (ii) if such amount is less than the then required Capital Improvement Amount, cash equal to the difference between the then required Capital Improvement Amount and the total of the documented, completed capital improvements; and (iii) requests (if any) for disbursement from the Capital Improvement Fund in accordance with the terms and provisions of this Section 13.4. Such funds shall be held by Landlord in a “Capital Improvement Fund”, which shall not bear interest for the benefit of Tenant. If Tenant completes more than the then required Capital Improvement Amount of capital improvements at the Premises during a 12-month period commencing January 1, Tenant shall be entitled, upon prior written request to Landlord and subject to Landlord=s reasonable approval, to either: (1) withdraw funds (to the extent such funds have been deposited by Tenant in prior years) from the Capital Improvement Fund to cover the costs in excess of the then required Capital Improvement Amount incurred by Tenant for capital improvements to the Premises; provided, further each such withdrawal request shall be for a minimum of $5,000 and each item comprising such request shall be for a minimum of $1,000, or (2) to the extent insufficient funds exist in the Capital Improvement Funds, Tenant shall be entitled to a “Capital Improvement Credit”, which may be carried forward and applied against the required Capital Improvement Amount to be completed in a subsequent 12-month period.

Capital Improvement Fund. During every twelve (12) month period commencing January 1, 2015, Tenant shall complete at least $48,400 96,800 of capital improvements at the Premises; provided however, commencing January 1, 2016 and annually thereafter, said amount shall be increased by the increase in CPI, but in no event less than 3%, compounded annually (the “Capital Improvement Amount”). On or before January 1, 2016 and annually thereafter, Tenant shall deliver to Landlord: (i) a schedule with detailed descriptions and documentation (including, but not limited to, contracts, invoices, lien releases and cancelled checks) reasonably satisfactory to Landlord evidencing the amount of capital improvements completed in the prior 12-month period commencing January 1; (ii) if such amount is less than the then required Capital Improvement Amount, cash equal to the difference between the then required Capital Improvement Amount and the total of the documented, completed capital improvements; and (iii) requests (if any) for disbursement from the Capital Improvement Fund in accordance with the terms and provisions of this Section 13.4. Such funds shall be held by Landlord in a “Capital Improvement Fund”, which shall not bear interest for the benefit of Tenant. If Tenant completes more than the then required Capital Improvement Amount of capital improvements at the Premises during a 12-month period commencing January 1, Tenant shall be entitled, upon prior written request to Landlord and subject to Landlord=s reasonable approval, to either: (1) withdraw funds (to the extent such funds have been deposited by Tenant in prior years) from the Capital Improvement Fund to cover the costs in excess of the then required Capital Improvement Amount incurred by Tenant for capital improvements to the Premises; provided, further each such withdrawal request shall be for a minimum of $5,000 and each item comprising such request shall be for a minimum of $1,000, or (2) to the extent insufficient funds exist in the Capital Improvement Funds, Tenant shall be entitled to a “Capital Improvement Credit”, which may be carried forward and applied against the required Capital Improvement Amount to be completed in a subsequent 12-month period.

Capital Improvement Fund. During every twelve (12) month period commencing January May 1, 20152005, Tenant shall complete at least $48,400 40,000 of capital improvements at the Premises; provided however, commencing January 1, 2016 and annually thereafter, said amount shall be increased by the increase in CPI, but in no event less than 3%, compounded annually (the “Capital Improvement Amount”). On or before January May 1, 2016 2006 and annually thereafter, Tenant shall deliver to Landlord: (i) a schedule with detailed descriptions and documentation (including, but not limited to, contracts, invoices, lien releases and cancelled checks) reasonably satisfactory to Landlord evidencing the amount of capital improvements completed in the prior 12-month period commencing January May 1; (ii) if such amount is less than the then required Capital Improvement Amount$40,000, cash equal to the difference between the then required Capital Improvement Amount $40,000 and the total of the documented, completed capital improvements; and (iii) requests (if any) for disbursement from the Capital Improvement Fund in accordance with the terms and provisions of this Section 13.412.3. Such funds shall be held by Landlord in a “"Capital Improvement Fund”", which shall not bear interest for the benefit of Tenant. If Tenant completes more than the then required Capital Improvement Amount $40,000 of capital improvements at the Premises during a 12-month period commencing January May 1, Tenant shall be entitled, upon prior written request to Landlord and subject to Landlord=s 's reasonable approval, to either: either (1) withdraw funds (to the extent such funds have been deposited by Tenant in prior years) from the Capital Improvement Fund to cover the costs in excess of the then required Capital Improvement Amount $40,000 incurred by Tenant for capital improvements to the Premises; provided, further each such withdrawal request shall be for a minimum of $5,000 and each item comprising such request shall be for a minimum of $1,000, or (2) to the extent insufficient funds exist in the Capital Improvement Funds, Tenant shall be entitled to a “"Capital Improvement Credit”", which may be carried forward and applied against the required Capital Improvement Amount $40,000 of capital improvements to be completed in a subsequent 12-month period.