Common use of Annual Capital Expenditure Budget Clause in Contracts

Annual Capital Expenditure Budget. On or prior to January 31 of each calendar year, Tenant shall deliver to Landlord, at Tenant’s expense, a budget (the “Annual Capital Expenditure Budget”) setting forth Tenant’s reasonable estimate of the capital repairs, replacements and improvements to the Premises that Tenant anticipates will be necessary in such calendar year to comply with the maintenance, repair and replacement obligations contained in Section 9 hereof and maintain the Leased Properties in a high quality condition, and, on or prior to the December 15 preceding the commencement of such calendar year, Tenant shall deliver to Landlord, at Tenant’s expense, a preliminary draft of the aforesaid Annual Capital Expenditure Budget for such calendar year. Tenant shall perform any and all capital repairs, replacements or improvements contemplated by the Annual Capital Expenditure Budget within twenty-four (24) months after the commencement of the calendar year to which such Annual Capital Expenditure Budget relates. If Tenant has not completed such capital repairs, replacements or improvements within such twenty-four (24) month period, Landlord may, but shall not be obligated to, complete such capital repairs, replacements or improvements, in which case Landlord may reimburse itself for the cost of any such work by withdrawing funds from the Capital Expenditures Account sufficient to pay for such capital repairs, replacements or improvements, and Tenant shall, within ten (10) days following demand therefor by Landlord, (i) restore to the Capital Expenditures Account any amount so withdrawn therefrom and paid to Landlord and (ii) to the extent there were insufficient funds in the Capital Expenditures Account fully to reimburse Landlord for the cost of such work, pay to Landlord any remaining unreimbursed amount. In the event of any payment by Tenant pursuant to subsection (i) and/or (ii) above, Tenant shall be entitled to include the amount thereof in its next Capital Expenditures Report.

Annual Capital Expenditure Budget. On or before the Commencement Date and thereafter within 90 days prior to January 31 the commencement of each calendar year, Tenant shall deliver to Landlord, at Tenant’s expense, a budget (the “Annual Capital Expenditure Budget”) setting forth Tenant’s reasonable estimate of the capital repairs, replacements and improvements to the Premises that Tenant anticipates will be necessary in such calendar year to comply with the maintenance, repair and replacement obligations contained in Section 9 hereof and maintain the Leased Properties in a high quality condition, and, condition at least as good as their respective condition on or prior to the December 15 preceding the commencement of such calendar year, Tenant shall deliver to Landlord, at Tenant’s expense, a preliminary draft of the aforesaid Commencement Date. The Annual Capital Expenditure Budget shall be subject to Landlord’s approval (which approval shall not be unreasonably withheld or delayed) for purposes of determining and confirming that the capital repairs, replacements and improvements are sufficient to satisfy Tenant’s obligations pursuant to Section 9 hereof; provided, however, that the grant by Landlord of its approval to any Annual Capital Expenditure Budget shall not be deemed a consent, acknowledgement or agreement on Landlord’s part that such calendar yearcapital repairs, replacements or improvements are sufficient to satisfy Tenant’s obligations pursuant to Section 9 hereunder. Tenant shall perform any and all capital repairs, replacements or improvements contemplated by the Annual Capital Expenditure Budget within twenty-four (24) 24 months after the commencement of the calendar year to which such Annual Capital Expenditure Budget relates. If Tenant has not completed such capital repairs, replacements or improvements within such twenty-four (24) 24 month period, Landlord may, but shall not be obligated to, complete such capital repairs, replacements or improvements, in which case Landlord may reimburse itself for the cost of any such work by withdrawing funds from the Capital Expenditures Account sufficient to pay for such capital repairs, replacements or improvements, and Tenant shall, within ten (10) days 10 Business Days following demand therefor by Landlord, (i) restore to the Capital Expenditures Account any amount so withdrawn therefrom and paid to Landlord and (ii) to the extent there were insufficient funds in the Capital Expenditures Account fully to reimburse Landlord for the cost of such work, pay to Landlord any remaining unreimbursed amount. In the event of any payment by Tenant pursuant to subsection (i) and/or (ii) above, Tenant shall be entitled to include the amount thereof in its next Capital Expenditures Report.

Annual Capital Expenditure Budget. On or Within thirty (30) days prior to January 31 the commencement of each calendar year, Tenant shall deliver to Landlord, at Tenant’s expense, a budget (the “Annual Capital Expenditure Budget”) setting forth Tenant’s reasonable estimate of the capital repairs, replacements and improvements to the Premises that Tenant anticipates will be necessary in such calendar year to comply with the maintenance, repair and replacement obligations contained in Section 9 hereof and maintain the Leased Properties in a high quality condition, and, on or prior to the December 15 preceding the commencement of such calendar year, Tenant shall deliver to Landlord, at Tenant’s expense, a preliminary draft of the aforesaid Required Condition. The Annual Capital Expenditure Budget shall be subject to Landlord’s approval (which approval shall not be unreasonably withheld) for purposes of determining and confirming that the capital repairs, replacements and improvements are sufficient to satisfy Tenant’s obligations pursuant to Section 9 hereof; provided, however, that the grant by Landlord of its approval to any Annual Capital Expenditure Budget shall not be deemed a consent, acknowledgement or agreement on Landlord’s part that such calendar yearcapital repairs, replacements or improvements are sufficient to satisfy Tenant’s obligations pursuant to Section 9 hereunder. Tenant shall perform any and all capital repairs, replacements or improvements contemplated by the Annual Capital Expenditure Budget within twenty-four (24) months after the commencement of the calendar year Lease Year to which such Annual Capital Expenditure Budget relates. If Tenant has not completed such capital repairs, replacements or improvements within such twenty-four (24) month period, Landlord may, but shall not be obligated to, complete such capital repairs, replacements or improvements, in which case Landlord may reimburse itself for the cost of any such work by withdrawing funds from the Capital Expenditures Account sufficient to pay for such capital repairs, replacements or improvements, and Tenant shall, within ten (10) days following demand therefor by Landlord, (i) restore to the Capital Expenditures Account any amount so withdrawn therefrom and paid to Landlord and (ii) to the extent there were insufficient funds in the Capital Expenditures Account fully to reimburse Landlord for the cost of such work, pay to Landlord any remaining unreimbursed amount. In the event of any payment by Tenant pursuant to subsection (i) and/or (ii) above, Tenant shall be entitled to include the amount thereof in its next Capital Expenditures Report.

Annual Capital Expenditure Budget. On or Within ninety (90) days prior to January 31 the commencement of each calendar year, Tenant shall deliver to Landlord, at Tenant’s 's expense, a budget (the “"Annual Capital Expenditure Budget”") setting forth Tenant’s 's reasonable estimate of the capital repairs, replacements and capital improvements to the Premises that Tenant anticipates will be necessary in such calendar year to comply with the maintenance, repair and replacement obligations contained in Section 9 hereof 8 hereto and maintain the Leased Properties in a high quality first class condition, and, on or prior to the December 15 preceding the commencement of such calendar year, Tenant . The Capital Expenditure Budget shall deliver be subject to Landlord's review and approval (which approval shall not be unreasonably withheld) for purposes of determining and confirming that the repairs, at replacements and capital improvements are sufficient to satisfy Tenant’s expense's obligations pursuant to Section 8 hereof; provided, a preliminary draft however, that the grant by Landlord of the aforesaid its approval to any Annual Capital Expenditure Budget for shall not be deemed a consent, acknowledgement or agreement on Landlord's part that such calendar yearrepairs, replacements or capital improvements are sufficient to satisfy Tenant's obligations pursuant to Section 8 hereunder. Tenant shall perform any and all capital repairs, replacements or capital improvements contemplated by the Annual Capital Expenditure Budget within twenty-four (24) months after the commencement of the calendar year Lease Year to which such Annual Capital Expenditure Budget relates. If Tenant has not completed such capital repairs, replacements or capital improvements within such twenty-four (24) month period, Landlord may, but shall not be obligated to, complete such capital repairs, replacements or capital improvements, in which case case, Landlord may reimburse itself for the cost of any such work by withdrawing disburse funds from the Capital Expenditures Expenditure Account sufficient to pay for such capital repairs, replacements or improvements, capital improvements and Tenant shall, within ten (10) days following demand therefor by Landlord, (i) restore to the Capital Expenditures Account any amount so withdrawn therefrom and paid to Landlord and (ii) to the extent there were insufficient funds in the Capital Expenditures Account fully to reimburse Landlord for shall pay the cost of such work, pay to Landlord any remaining unreimbursed amount. In the event of any payment by Tenant pursuant to subsection (i) and/or (ii) above, Tenant shall be entitled to include the amount thereof in its next Capital Expenditures Reportdeficiency.