Building Alterations, Improvements, Renewals and Replacements. A. Management Company shall prepare an annual estimate (“Capital Expenditures Estimate”) of the expenses necessary for major repairs, alterations, improvements, renewals, and replacements (which repairs, alterations, improvements, renewals, and replacements are not routine maintenance, repairs, and alterations charged to the Reserve in accordance with the Uniform System of Accounts) to the structural, mechanical, electrical, heating, ventilating, air conditioning, plumbing, and vertical transportation elements of the Hotel building (“TRS-Funded Capital Expenditures”) and shall submit such Capital Expenditures Estimate to TRS for its approval at the same time the Preliminary Annual Operating Projection described in Section 9.03 is submitted. Management Company shall not make any TRS-Funded Capital Expenditures without the prior written consent of TRS except to the extent such expenditures are: (i) required by any law (including, without limitation, any law, ordinance, code, or regulation of any governmental authority or agency having jurisdiction over the business or operation of the Hotel); or (ii) required under the Franchise Agreement; or (iii) otherwise required to avoid the risk of harm or further damage to persons or property.
Building Alterations, Improvements, Renewals and Replacements. A. Operator shall prepare an annual estimate (the "Building Estimate") of the expenditures necessary for major repairs, alterations, improvements, renewals and replacements to the structure or exterior facade of the Retirement Community, or to the mechanical, electrical, heating, ventilating, air conditioning, plumbing, or vertical transportation elements of the Retirement Community (the foregoing expenditures, together with all other repair and maintenance expenditures which are classified as capital expenditures under GAAP, shall be collectively referred to as "Capital Expenditures"). Operator shall submit each such Building Estimate to Owner for its approval at the same time the Annual Operating Projection is submitted. Except with respect to the items described in Section 8.02A2, Operator shall not make any Capital Expenditures without the prior written consent of Owner. Owner shall not unreasonably withhold its consent with respect to Capital Expenditures which are required by reason of any Legal Requirement, or required under Operator's current life-safety standards (provided that, in order for any such life-safety standards to be "required" within the meaning of this Section 8.03A, such standards must be both required and in the process of being implemented at a majority of the retirement communities which are comparable to the Retirement Community then either owned or operated by Operator), or otherwise required for the continued safety of residents or prevention of material damage to property, including the removal of Hazardous Materials in compliance with all Environmental Laws pursuant to Section 19.09. All Capital Expenditures which are described in the preceding sentence shall be referred to in this Agreement as "Required Capital Expenditures".
Building Alterations, Improvements, Renewals and Replacements. The -------------------------------------------------------------- Manager shall not make any expenditures for major repairs, alterations, improvements, renewals or replacements to the Properties without the prior written consent of the Owner. The cost of all such major repairs, alterations, improvements, renewals or replacements shall be included in Operating Expenses.
Building Alterations, Improvements, Renewals and Replacements. A. Management Company shall prepare a rolling ten (10) year estimate (“Building Estimate”) of the expenses necessary for major repairs, alterations, improvements, renewals and replacements (which repairs, alterations, improvements and renewals are not routine maintenance, repairs and alterations referred to in Section 8.02) to the structural, mechanical, electrical, heating, ventilating, air conditioning, plumbing and vertical transportation elements of each of the Facilities ("Owner-Funded Capital Expenditures") and shall submit such Building Estimate to Owners for their approval at the same time the Revised Annual Operating Projection described in Section 9.03 B is submitted. Owner-Funded Capital Expenditures shall be paid by the Owner of the Hotel Facility with respect to such expenditures respecting the Hotel Facility and 75% of such expenditures with respect to Shared Facilities. Owner-Funded Capital Expenditures shall be paid by the Owner of the Conference Center Facility with respect to such expenditures respecting the Conference Center Facility and 25% of such expenditures with respect to Shared Facilities. As of the Management Commencement Date, Management Company and Owners do not anticipate Owner-Funded Capital Expenditures with respect to the physical structure of the Facilities during the initial ten (10) Fiscal Years following the Management Commencement Date, assuming no construction-related deficiencies or unforeseen circumstances or emergencies occur; provided, that nothing herein shall relieve an Owner of its obligation to provide funding for any Owner-Funded Capital Expenditures that may be required under this Section 8.03 during such 10-year period. Management Company shall not make any Owner-Funded Capital Expenditures without the prior written consent of the respective Owner or Owners, as the case may be, except to the extent such expenditures are (i) required by any law (including, without limitation, any law, ordinance, code or regulation of any governmental authority or agency having jurisdiction over the business or operation of the Hotel & Conference Center), or (ii) otherwise required to avoid the risk of harm or further damage to persons or property.
Building Alterations, Improvements, Renewals and Replacements. (a) The Capital Budget contains Manager’s estimate of the expenses necessary for major repairs, alterations, improvements, renewals and replacements (which repairs, alterations, improvements, renewals and replacements are not among those referred to in Section 10.02(c)) to the structure or exterior facade of the Facility, or to the mechanical, electrical, heating, ventilating, air conditioning, plumbing, or vertical transportation elements of the Facility buildings which expenditures, together with all other repair, maintenance and replacement expenditures to the Facility which are classified as capital expenditures under GAAP and are not among those referred to in Section 10.02(d), are collectively referred to as “Non-Routine Capital Expenditures”.
Building Alterations, Improvements, Renewals and Replacements. A. Manager shall prepare an annual estimate of the expenses necessary for major repairs, alterations, improvements, renewals and replacements (which repairs, alterations, improvements, renewals and replacements are not among those referred to in Section 7.02.A.2) to the structural, mechanical, electrical, heating, ventilating, air conditioning, plumbing or vertical transportation elements of each of the Buildings ("Building Estimate") and shall submit such Building Estimate to Lessee for its approval at the same time the Annual Operating Projection is submitted. The Building Estimate shall be prepared on a consolidating basis showing proposed expenditures as to each Inn. Additionally, with respect to major repairs, alterations, improvements, renewals, or replacements in excess of $500,000 at an Inn, Lessee shall have the right to designate a contractor that Manager must allow to bid on such project and whose bid Manager must consider in good faith in selecting the contractor. Manager shall not make any expenditures for such purposes without the prior written consent of Lessee. However, if major repairs, alterations, improvements, renewals or replacements to any Inn are required by reason of any law, ordinance, regulation or order of a competent government authority, or are otherwise required for the continued safe and orderly operation of such Inn, Manager shall immediately give Lessee notice thereof and shall be authorized (but not obligated) to take appropriate remedial action without such approval if Lessee does not act; provided that Manager shall in no event act without obtaining Lessee's prior consent if the cost of such remedial action exceeds, for any given Inn, four percent (4%) of such Inn's annual Gross Revenues for the immediately preceding full Fiscal Year. Lessee shall bear the cost of all such alterations, improvements, renewals or replacements by either:
Building Alterations, Improvements, Renewals and Replacements. (i) Manager shall prepare an annual estimate in the Capital Budget of the expenses necessary for major repairs, alterations, improvements, renewals and replacements (which repairs, alterations, improvements, renewals and replacements are not among those referred to in Section 10.02(c)) to the structure or exterior facade of the Facility, or to the mechanical, electrical, heating, ventilating, air conditioning, plumbing, or vertical transportation elements of the Facility buildings which expenditures, together with all other repair, maintenance and replacement expenditures to the Facility which are classified as capital expenditures under GAAP and are not among those referred to in Section 10.02(d), are, to the extent approved by Licensee and Tenant in the Capital Budget, collectively referred to as “Non-Routine Capital Expenditures”. Manager shall submit such Capital Budget to Licensee and Tenant as part of the proposed Annual Operating Budget for Licensee’s and Tenant’s approval pursuant to Section 7.01 above.
Building Alterations, Improvements, Renewals and Replacements. (a) Manager shall prepare an annual estimate (the "Capital Budget") of the expenses necessary for major repairs, alterations, improvements, renewals and replacements to the structure or exterior facade of the Facility, or to the mechanical, electrical, heating, ventilating, air conditioning, plumbing, or vertical transportation elements of the Facility building, which expenditures, together with all other repair, maintenance and replacement expenditures which are classified as capital expenditures under GAAP and are not among those referred to in Section 10.02(a)(ii) are collectively referred to as "Non-Routine Capital Expenditures." Manager shall submit such Capital Budget to Owner for Owner's approval at the same time the Annual Operating Budget is submitted. Manager shall not make any Non-Routine Capital Expenditure without the prior written consent of Owner. Owner shall not unreasonably withhold its consent with respect to such Non-Routine Capital Expenditures as are reasonably required to achieve material compliance with any Legal Requirements or otherwise reasonably required for the continued safe operation of the Facility.
Building Alterations, Improvements, Renewals and Replacements. A. Tenant shall prepare an annual estimate of aggregate expenditures necessary for alterations (including major repairs), improvements, renewals, and replacements (which alterations, improvements, renewals, and replacements are not among those referred to in Section 8.02.A.2) to the structural, mechanical, electrical, heating, ventilating, air conditioning, plumbing, and vertical transportation elements of the Hotel (the "Building Estimate") and shall submit such Building Estimate to Landlord for its approval at the same time the Annual Operating Projection is submitted. Tenant shall not make any expenditures for such purposes until Landlord approves the Building Estimate; provided, however, that if such alterations, improvements, renewals, or replacements to the Hotel (whether included in the Building Estimate or the need for which arises at any time during any Fiscal Year) are required by reason of any law, ordinance, regulation, or order of a competent governmental authority, or are otherwise required for the continued orderly operation of the Hotels, Tenant shall give Landlord notice thereof and shall be authorized, on Landlord's behalf and as Landlord's agent, to take appropriate remedial action without such approval if Landlord does not act. Tenant shall, on Landlord's behalf and as Landlord's agent, make such alterations, improvements, renewals, and replacements in accordance with the provisions hereof; and the cost of all such alterations, improvements, renewals, or replacements shall be borne solely by Landlord.
Building Alterations, Improvements, Renewals and Replacements. A. Management Company shall prepare an annual estimate (“Building Estimate”) of the expenses necessary for major repairs, alterations, improvements, renewals and replacements (which repairs, alterations, improvements and renewals are not routine maintenance, repairs and alterations referred to in Section 8.02) to the structural, mechanical, electrical, heating, ventilating, air conditioning, plumbing and vertical transportation elements of the Hotel building (“Owner-Funded Capital Expenditures”) and shall submit such Building Estimate to Owner for its approval at the same time the Annual Operating Projection described in Section 9.03 is submitted. Management Company shall not make any Owner-Funded Capital Expenditures without the prior written consent of Owner except to the extent such expenditures are: (i) required by any law (including, without limitation, any law, ordinance, code or regulation of any governmental authority or agency having jurisdiction over the business or operation of the Hotel), or (ii) otherwise required to avoid the risk of harm or further damage to persons or property.
