Common use of Building Alterations, Improvements, Renewals and Replacements Clause in Contracts

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. B. The cost of all TRS-Funded Capital Expenditures shall be borne solely by TRS and shall not be paid from Gross Revenues or from the Reserve. The failure of TRS to provide funding for any TRS-Funded Capital Expenditure described in clause (i), (ii), or (iii) of Section 8.03 A shall be a Default by TRS, and Management Company shall be entitled to terminate this Agreement (along with other remedies it may have under this Agreement).

Building Alterations, Improvements, Renewals and Replacements. A. Management Company shall prepare an annual estimate (“Capital Expenditures Building Estimate”) of the expenses necessary for major repairs, alterations, improvements, renewals, renewals and replacements (which repairs, alterations, improvements, renewals, improvements and replacements renewals are not routine maintenance, repairs, repairs and alterations charged referred to the Reserve in accordance with the Uniform System of AccountsSection 8.02) to the structural, mechanical, electrical, heating, ventilating, air conditioning, plumbing, plumbing and vertical transportation elements of the Hotel building building, including any such Owner-Funded Capital Expenditures required under the Franchise Agreement (“TRSOwner-Funded Capital Expenditures”) and shall submit such Capital Expenditures Building Estimate to TRS Owner 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 TRSOwner-Funded Capital Expenditures without the prior written consent of TRS Owner except to the extent such expenditures are: (i) required by any law (including, without limitation, any law, ordinance, code, 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. B. The cost of all TRSOwner-Funded Capital Expenditures shall be borne solely by TRS Owner and shall not be paid from Gross Revenues or from the Reserve. The failure of TRS Owner to provide funding for any TRSOwner-Funded Capital Expenditure described in clause (i), ) or (ii), or (iii) of Section 8.03 A shall be a Default by TRS, Owner and Management Company shall be entitled to terminate this Agreement (along with other remedies it may have under this Agreement).

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. B. The cost of all TRS-Funded Capital Expenditures shall be borne solely by TRS and shall not be paid from Gross Revenues or from the Reserve. The failure of TRS to provide funding for any TRS-Funded Capital Expenditure described in clause (i), (ii), or (iii) of Section 8.03 A shall be a Default by TRS, and Management Company shall be entitled to terminate this Agreement (along with other remedies it may have under this Agreement).

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"Owner-Funded Capital Expenditures”") and shall submit such Capital Expenditures Estimate to TRS Owner 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 TRSOwner-Funded Capital Expenditures without the prior written consent of TRS 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) required under the Franchise Agreement; or (iii) otherwise required to avoid the risk of harm or further damage to persons or property. B. The cost of all TRSOwner-Funded Capital Expenditures shall be borne solely by TRS Owner and shall not be paid from Gross Revenues or from the Reserve. The failure of TRS Owner to provide funding for any TRSOwner-Funded Capital Expenditure described in clause (i), (ii), or (iii) of Section 8.03 A shall be a Default by TRSOwner, and Management Company shall be entitled to terminate this Agreement (along with other remedies it may have under this Agreement).